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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, December 1, 2022

December 01, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Brown to Treasury: We Need to Work Together on Crypto Legislation

November 30, 2022

U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, wrote to U.S. Treasury Secretary and Chair of the Financial Stability Oversight Committee (FSOC) Janet Yellen about the need to address risks in the crypto asset markets.

Nomination Hearing

November 30, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the nomination of Martin Gruenberg for Member and Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC), Travis Hill for Member and Vice Chairperson of the Board of Directors of the FDIC, Jonathan McKernan for Member of the Board of Directors of the FDIC, and Dr. Kimberly Ann McClain for Assistant Secretary of Housing and Urban Development.

Federal Agencies

U.S. Department of the Treasury

Statement by Under Secretary Brian Nelson on the FATF Report on Money Laundering from Fentanyl and Synthetic Opioids

November 30, 2022

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson released a statement on the Financial Action Task Force's report on money laundering from fentanyl and synthetic opioids with recommendations for countering financial flows from the illicit drug trade.

Federal Reserve Board

Beige Book - November 30, 2022

November 30, 2022

The Federal Reserve Board released the Beige Book for November 2022.

Speech: Inflation and the Labor Market

November 30, 2022

Federal Reserve Board Chair Jerome H. Powell gave a speech entitled, "Inflation and the Labor Market."

Speech: The Economic Outlook and U.S. Productivity

November 30, 2022

Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "The Economic Outlook and U.S. Productivity."

Paper: "The Great Retirement Boom": The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation

November 30, 2022

The Federal Reserve Board published a paper entitled, "'The Great Retirement Boom': The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation."

Federal Reserve Bank of New York

Blog: How Is the Corporate Bond Market Functioning as Interest Rates Increase?

November 30, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Is the Corporate Bond Market Functioning as Interest Rates Increase?"

Federal Reserve Bank of Boston

Paper: The Impact of the Age Distribution on Unemployment: Evidence from US States

November 30, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "The Impact of the Age Distribution on Unemployment: Evidence from US States."

Securities and Exchange Commission

Remarks at the ICI Global Asset Management Asia Forum

November 30, 2022

Commissioner Mark T. Uyeda of the Securities and Exchange Commission gave remarks at the ICI global Asset Management Asia Forum.

Commodity Futures Trading Commission

Keynote Remarks of Commissioner Christy Goldsmith Romero at the Futures Industry Association, Asia Derivatives Conference, Singapore

November 30, 2022

Commissioner Christy Goldsmith Romero of the Commodity Futures Trading Commission gave the keynote remarks at the Futures Industry Association Asia Derivatives Conference.

Consumer Financial Protection Bureau

Blog: Higher interest rates leading to higher debt burdens for mortgage borrowers

November 30, 2022

The Consumer Financial Protection Bureau Office of Research published a blog post entitled, "Higher interest rates leading to higher debt burdens for mortgage borrowers."

Blog: Protecting borrowers' control over their money

November 30, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Protecting borrowers' control over their money."

U.S. Small Business Administration

SBA OIG Fall 2022 Semiannual Report to Congress

November 29, 2022

The U.S. Small Business Administration Office of Inspector General released its Fall 2022 Semiannual Report to Congress.

International

Bank of England

Blog: How has the increase in the cost of living affected UK households and what does that mean for the economy?

November 30, 2022

The Bank of England published a Bank Overground blog post entitled, "How has the increase in the cost of living affected UK households and what does that mean for the economy?"

Minutes of the Standards Advisory Panel - November 2022

November 30, 2022

The Bank of England released the minutes of the Standards Advisory Panel meeting held November 21, 2022.

Bank of England Prudential Regulation Authority

The PRA proposes revised criteria for determining the scope of firms that would fit in the 'strong and simple' framework

November 30, 2022

The Prudential Regulation Authority (PRA) published revised proposed criteria for determining which firms would be in scope of the "strong and simple" prudential framework that the PRA is developing.

UK Financial Conduct Authority

FCA proposes ways to make financial advice more accessible

November 30, 2022

The Financial Conduct Authority set forth new proposals to improve retail investor's access to financial advice so they can invest with confidence.

Statement on Liability Driven Investment (LDI)

November 30, 2022

The UK Financial Conduct Authority released a statement on the resilience of Liability Driven Investment portfolios and the operational governance of pensions schemes using Liability Driven Investment strategies.

Report: Credit rating agency UK market share

November 30, 2022

The UK Financial Conduct Authority released a report on the credit rating agency UK market share.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
  • Vice Chairman – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 2022)

Office of the Comptroller of the Currency

  • Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

Financial Crimes Enforcement Network

National Credit Union Administration – Todd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)

U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Client Alerts

Click here to read more from our Coronavirus series.

Legislation/Legislative Updates

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), Enacted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.

Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.

Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.

Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.

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