left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, November 3, 2022

November 03, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Reserve Board

Federal Reserve issues FOMC statement

November 2, 2022

The Federal Reserve Board issued a Federal Open Market Committee Statement announcing that the FOMC decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent.

Federal Agencies

U.S. Department of the Treasury

Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

November 2, 2022

The Treasury Borrowing Advisory Committee released minutes from the meeting held on November 1, 2022, and a report to the Secretary of the Treasury.

Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost

November 2, 2022

Assistant Secretary for Financial Markets Josh Frost issued the quarterly refunding statement.

Federal Deposit Insurance Corporation

FDIC Acting Chair Gruenberg Delivers Remarks at the National Association of Affordable Housing Lenders

November 2, 2022

Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg highlighted the findings of the FDIC's just-released 2021 National Survey of Unbanked and Underbanked Households during remarks to the National Association of Affordable Housing Lenders.

Securities and Exchange Commission

SEC Proposes Enhancements to Open-End Fund Liquidity Framework

November 2, 2022

The Securities and Exchange Commission voted to propose amendments to better prepare open-end funds for stressed conditions and to mitigate dilution of shareholders' interests.

SEC Adopts Rules to Enhance Proxy Voting Disclosure by Registered Investment Funds and Require Disclosure of "Say-on-Pay" Votes for Institutional Investment Managers

November 2, 2022

The Securities and Exchange Commission today adopted amendments to Form N-PX to enhance the information mutual funds, exchange-traded funds and certain other registered funds report about their proxy votes.

Speech: This Law and Its Effective Administration

November

Securities and Exchange Commission Chair Gary Gensler gave a speech before the Practising Law Institute's 54th Annual Institute on Securities Regulation entitled, "This Law and Its Effective Administration."

Consumer Financial Protection Bureau

Blog: Update on student loan borrowers during payment suspension

The Consumer Financial Protection Bureau Office of Research published a blog post entitled, "Update on student loan borrowers during payment suspension."

National Credit Union Administration

Harper Urges Credit Unions to Embrace Fair Lending and Diversity, Equity and Inclusion

November 2, 2022

National Credit Union Administration Chair Todd. M Harper gave remarks at the 2022 DEI & ACCESS Summit urging federally insured credit unions to be "all in" on diversity, equity, and inclusion.

Federal Housing Finance Agency

Blog: Exploring Appraisal Bias Using UAD Aggregate Statistics

November 2, 2022

The Federal Housing Finance Agency published a blog post entitled, "Exploring Appraisal Bias Using UAD Aggregate Statistics."

International

Bank of England

Speech: Building trust in macroprudential policy

November 2, 2022

External Financial Policy Committee member Colette Bowe gave a speech entitled, "Building trust in macroprudential policy."

UK Financial Conduct Authority

Speech: FCA's key priorities for the financial advice industry

November 2, 2022

UK Financial Conduct Authority Director of Consumer Investments Therese Chambers gave a speech entitled, "FCA's key priorities for the financial advice industry."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • 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.

Get In Touch With Us

Contact Us