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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, July 21, 2022

July 21, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Housing in America: Oversight of the Federal Housing Finance Agency

July 20, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "Housing in America: Oversight of the Federal Housing Finance Agency."

Federal Agencies

U.S. Department of the Treasury

Statement by the Group of Sovereign Creditors of Ukraine

July 20, 2022

The Group of Creditors of Ukraine (Canada, France, Germany, Japan, United Kingdom, and the United States; observers to the group include Australia, Austria, Belgium, Brazil, Denmark, Finland, Ireland, Israel, Italy, Korea, the Netherlands, Norway, Spain, Sweden and Switzerland) issued a joint-statement in support of Ukraine's consent solicitation to defer the debt service due to bondholders from August 1st, 2022 and to extend payment maturities.

Joint Statement on the EU – U.S. Joint Financial Regulatory Forum

July 20, 2022

The EU and U.S. issued a joint statement on the Joint Financial Regulatory Forum held on July 13-14, 2022.

Federal Deposit Insurance Corporation

FDIC Issues Notice of Proposed Rulemaking on Assessments, Amendments to Incorporate Troubled Debt Restructuring Accounting Standards Update

July 20, 2022

The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking to incorporate updated accounting standards in the risk-based deposit insurance assessment system applicable to all large and highly complex insured depository institutions.

Consumer Financial Protection Bureau

Blog Post: Banks' overdraft/NSF fee revenues evolve along with their policies

July 20, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Banks' overdraft/NSF fee revenues evolve along with their policies."

Blog Post: Long hold times or excellent care? Tell us about the customer service at your bank or credit union!

July 20, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Long hold times or excellent care? Tell us about the customer service at your bank or credit union!"

U.S. Small Business Administration

OIG Report: SBA's COVID-19 EIDL Program Data Migration Challenges

July 20, 2022

The U.S. Small Business Administration Office of Inspector General issued a report entitled, "SBA's COVID-19 EIDL Program Data Migration Challenges."

Fannie Mae

Commentary: Economic Growth Stagnating as Record Inflation Persists

July 20, 2022

The Fannie Mae Economic Strategic Research Group released its July 2022 commentary stating that expectations for full-year 2022 and 2023 real GDP growth were downgraded in July due to softening consumer spending and a downward revision to business inventory investment data.

Freddie Mac

Quarterly Forecast: Market Slowdown will Continue as High Rates and Prices Exacerbate Affordability Challenges

July 20, 2022

Freddie Mac released its Quarterly Forecast for Q2 2022 predicting that rising mortgage rates and house price appreciation will continue driving a slowdown in the single-family purchase market.

International

European Commission

Commission amends the Temporary Crisis Framework

July 20, 2022

The European Commission adopted an amendment to the State Aid Temporary Crisis Framework, initially adopted on March 23, 2022 to support the economy in the context of Russia's invasion of Ukraine.

Bank of England

Speech: New tides

July 20, 2022

Bank of England Executive Director Nathaneal Benjamin gave a speech entitled, "New tides" addressing new economic challenges facing investment banks such as climate change and new technology.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Vacant

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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