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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, October 13, 2022

October 13, 2022

By FedACTion Task Force

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Major Developments

Federal Reserve Board

Speech: Managing the Promise and Risk of Financial Innovation

October 12, 2022

Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech at D.C. Fintech Week entitled, "Managing the Promise and Risk of Financial Innovation," including remarks addressing banks engaging in crypto-asset-related activities.

Federal Agencies

U.S. Department of the Treasury

G7 Finance Ministers and Central Bank Governors´ Statement on the global economic impact of Russia´s war of aggression against Ukraine and G7 support to Ukraine

October 12, 2022

The G7 Finance Ministers and Central Bank Governors, met in Washington D.C. on October 12, 2022, where they issued a statement on the global impact of Russia's war against Ukraine and offering support to Ukraine.

Remarks by Secretary of the Treasury Janet L. Yellen at the Second Ministerial Roundtable Discussion for Support to Ukraine

October 12, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the Second Ministerial Roundtable Discussion for Support to Ukraine.

G7 Finance Ministers and Central Bank Governors´ Statement on Climate Issues

October 12, 2022

The G7 Finance Ministers and Central Bank Governors released a statement following their meeting on climate economics.

Secretary of the Treasury Janet L. Yellen Attended the Coalition of Finance Ministers for Climate Action 8th Ministerial

October 12, 2022

Secretary of the Treasury Janet L. Yellen attended the 8th Ministerial meeting of the Coalition of Finance Ministers for Climate Action.

Federal Reserve Board

Minutes of the Federal Open Market Committee, September 20–21, 2022

October 12, 2022

The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on September 20–21, 2022.

Federal Reserve Bank of New York

Blog: With Abundant Reserves, Do Banks Adjust Reserve Balances to Accommodate Payment Flows?

October 12, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "With Abundant Reserves, Do Banks Adjust Reserve Balances to Accommodate Payment Flows?"

Securities and Exchange Commission

SEC Adopts Rule Amendments to Modernize How Broker-Dealers Preserve Electronic Records and Enhance the Electronic Recordkeeping Requirements for Security-Based Swap Entities

October 12, 2022

The Securities and Exchange Commission today voted to adopt amendments to the electronic recordkeeping, prompt production of records, and third-party recordkeeping service requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs).

Financial Crimes Enforcement Network

Remarks of FinCEN Acting Director Himamauli Das During the ACAMS AML Conference

October 12, 2022

Financial Crimes Enforcement Network Acting Director Himamauli Das gave remarks during the ACAMS AML Conference, including remarks on the recently adopted Beneficial Ownership Regulations

Fannie Mae

Commentary: Economy Expected to Contract Further in 2023, as the Fed Appears Resolved to Tame Inflation

October 12, 2022

The Fannie Mae Economic and Strategic Research Group released its October 2022 commentary predicting the combination of high inflation, monetary policy tightening, and a slowing housing market is still projected to tip the economy into a modest recession in the first quarter of 2023.

Bank Policy Institute

Blog: U.K. Pension Fund Debacle Illustrates How Government-Created Moral Hazard Can Lead to Systemic Risk

October 12, 2022

The Bank Policy Institute published a blog post entitled, "U.K. Pension Fund Debacle Illustrates How Government-Created Moral Hazard Can Lead to Systemic Risk."

International

European Banking Authority

EBA clarifies the status of several disclosure guidelines, and ensures continuous transparency of credit quality of exposures by all types of credit institutions

October 12, 2022

The European Banking Authority is providing clarity on the applicability of several EBA disclosure guidelines which are replaced totally or partially by the Implementing Technical Standards (ITS) on Pillar 3 disclosure.

Bank of England

Financial Policy Summary and Record - October 2022

October 12, 2022

The Bank of England Financial Policy Committee released the summary and record of its October 2022 meeting.

Consultation Paper: Risks from contingent leverage

October 12, 2022

The Bank of England published a consultation paper entitled, "Risks from contingent leverage."

Systemic Risk Survey Results - 2022 H2

October 12, 2022

The Bank of England released the Systemic Risk Survey results for H2 2022.

Speech: Monetary policy: an anchor in challenging times

October 12, 2022

Bank of England Chief Economist Huw Pill gave a speech entitled, "Monetary policy: an anchor in challenging times."

UK Financial Conduct Authority

FCA 2022 Annual Meeting

October 12, 2022

Financial Conduct Authority Chief Executive Officer Nikhil Rathi and Interim Chair Richard Lloyd gave remarks at the FCA 2022 Annual Meeting.

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.

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