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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, December 29, 2022

December 29, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of Boston

Paper: The Main Street Lending Program: Who Borrowed and How Have They Benefited?

December 28, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "The Main Street Lending Program: Who Borrowed and How Have They Benefited?"

Consumer Financial Protection Bureau

CFPB announces asset-size threshold adjustments under HMDA (Regulation C), TILA (Regulation Z), and Federal Civil Penalties Inflation

December 28, 2022

The Bureau has issued three annual threshold adjustment final rules reflecting the 8.6 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the 12-month period ending in November 2022. Based on such increase, the:

i. asset-size exemption thresholds for depository institutions under Regulation C, effective January 1, 2023 will increase to $54 million from $50 million.

ii. asset-size exemption thresholds for certain creditors under the escrow requirements and small creditor portfolio and balloon-payment qualified mortgage requirements, and the small creditor exemption from the prohibition against balloon-payment high-cost mortgages under Regulation Z, effective January 1, 2023, will increase to $2.537 billion from $2.336 billion for creditors and their affiliates that regularly extended covered transactions secured by first liens and and the exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less is adjusted to $11.374 billion from $10.473 billion; and

iii. annual adjustments for inflation for inflation to the Bureau's civil penalty amounts, as required by the Federal Civil Penalties Inflation Adjustment Act, effective January 15, 2023.

Fannie Mae

Fannie Mae Releases November 2022 Monthly Summary

December 28, 2022

Fannie Mae released its monthly summary report for November 2022.

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.

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