left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, December 22, 2022

December 22, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Toomey Introduces Legislation to Guide Future Stablecoin Regulation

December 21, 2022

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) introduced legislation that would establish the first federal regulatory framework for payment stablecoins and guide Congress towards a path for sensible regulation of cryptocurrencies.

Federal Agencies

Federal Reserve Board

Federal Reserve Board issues technical updates to its policy governing the provision of intraday credit in accounts at Federal Reserve Banks

December 21, 2022

The Federal Reserve Board issued technical updates to its policy governing the provision of intraday credit in accounts at the Federal Reserve Banks.

Paper: Passive Ownership and Short Selling

December 21, 2022

The Federal Reserve Board published a paper entitled, "Passive Ownership and Short Selling."

Paper: Financing Repeat Borrowers: Designing Credible Incentives for Today and Tomorrow

December 21, 2022

The Federal Reserve Board published a paper entitled, "Financing Repeat Borrowers: Designing Credible Incentives for Today and Tomorrow."

Paper: Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers

December 21, 2022

The Federal Reserve Board published a paper entitled, "Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers."

Federal Reserve Bank of New York

Report: Bank Funding Risk, Reference Rates, and Credit Supply

December 21, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Bank Funding Risk, Reference Rates, and Credit Supply."

Article: Community Development at the Fed: Doing the Research, Bringing Disparate Voices to the Table

December 21, 2022

The Federal Reserve Bank of New York published a The Teller Window article entitled, "Community Development at the Fed: Doing the Research, Bringing Disparate Voices to the Table."

Blog: Can Decentralized Finance Provide More Protection for Crypto Investors?

December 21, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Can Decentralized Finance Provide More Protection for Crypto Investors?"

Federal Reserve Bank of Boston

Paper: Government Banks and Interventions in Credit Markets

December 21, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Government Banks and Interventions in Credit Markets."

Paper: The Effects of Weather on Massachusetts Municipal Expenditures: Implications of Climate Change for Local Governments in New England

December 21, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "The Effects of Weather on Massachusetts Municipal Expenditures: Implications of Climate Change for Local Governments in New England."

Paper: The Impact of Weather on Local Government Spending

December 21, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "The Impact of Weather on Local Government Spending."

Consumer Financial Protection Bureau

CFPB Report Finds Household Financial Health is Declining after Several Years of Increased Savings

December 21, 2022

The Consumer Financial Protection Bureau released a new Making Ends Meet report covering the financial health of American households.

Blog: Mortgage financing options in a higher interest rate environment

December 21, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Mortgage financing options in a higher interest rate environment."

U.S. Small Business Administration

Statement from SBA Administrator Guzman on President Biden's Signing of the Disaster Assistance for Rural Communities Act

December 21, 2022

U.S. Small Business Administrator Isabella Casillas Guzman issued a statement following President Joe Biden's signing of the Disaster Assistance for Rural Communities Act.

Federal Housing Finance Agency

FHFA Releases Latest Report on Non-Performing Loan Sales

December 21, 2022

The Federal Housing Finance Agency released the latest report on the sale of non-performing loans by Fannie Mae and Freddie Mac.

Freddie Mac

Freddie Mac Outlook Shows Multifamily Market to Moderate but With Positive Rent Growth Expected in 2023

December 21, 2022

Freddie Mac released its Multifamily 2023 Outlook predicting that the market will continue to cool off in 2023, with rent growth moderating, vacancies ticking up and loan originations slowing for the year.

State Agencies

New York State Department of Financial Services

DFS Superintendent Harris Proposes Guidance for New York State-Regulated Banking And Mortgage Institutions Relating to Management of Safety & Soundness Risks From Climate Change

December 21, 2022

New York State Department of Financial Services Superintendent Adrienne A. Harris announced new proposed guidance for New York State-regulated banking and mortgage institutions to help them manage safety and soundness risks related to climate change.

International

European Banking Authority

EBA publishes final technical standards on the identification of a group of connected clients

December 21, 2022

The European Banking Authority published its final draft Regulatory Technical Standards on the identification of a group of connected clients under the Capital Requirements Regulation.

EBA updates list of diversified indices

December 21, 2022

The European Banking Authority updated the list of diversified indices, originally published in 2013 and previously updated in 2019.

Bank of England

Randall Kroszner appointed to the Financial Policy Committee

December 21, 2022

Randall Kroszner has been appointed as an external member of the Financial Policy Committee.

Minutes of UK Money Markets Committee meeting – October 2022

December 21, 2022

The Bank of England released the minutes of the UK Money Markets Committee meeting held on October 12, 2022.

Blog: If a blockchain became more critical to the financial system, how should it be governed?

December 21, 2022

The Bank of England published a Bank Overground post blog entitled "If a blockchain became more critical to the financial system, how should it be governed?"

UK Financial Conduct Authority

Highlights of the FCA's approach in 2022

December 21, 2022

The UK Financial Conduct Authority released a highlight of its strategy and actions taken in 2022.

FCA Enterprise Act Annual Report 2021/22

December 21, 2022

The UK Financial Conduct Authority released the Enterprise Act Annual Report for 2021/22.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair –Martin Gruenberg Senate confirmed December 19, 2022
  • Vice Chairman – Travis Hill Senate confirmed December 19, 2022
  • Member – Jonathan McKernan Senate confirmed December 19, 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 (confirmed December 19, 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.

Get In Touch With Us

Contact Us