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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, September 15, 2022

September 15, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Chair Waters Delivers Opening Statement at Full Committee Hearing on the Impacts of De-Risking on the Caribbean

September 14, 2022

U.S. House Committee on Financial Services Chair Maxine Waters delivered the opening statement at the full committee hearing entitled, "When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access."

Federal Agencies

U.S. Department of the Treasury

Statement by Group of Creditors of Ukraine

September 14, 2022

The representatives of the Group of creditors of Ukraine and the government of Ukraine released a statement related to their meeting on September 14, 2022 to conclude a Memorandum of Understanding in order to implement the debt service suspension announced on July 20, 2022.

Treasury Sanctions IRGC-Affiliated Cyber Actors for Roles in Ransomware Activity

September 14, 2022

The Department of the Treasury's Office of Foreign Assets Control sanctioned ten individuals and two entities for their roles in conducting malicious cyber acts, including ransomware activity.

Federal Deposit Insurance Corporation

Working Paper: Quick on the Draw: Line Adjustment and Draw Behavior in Failing Banks

September 14, 2022

The Federal Deposit Insurance Corporation published a working paper entitled, "Quick on the Draw: Line Adjustment and Draw Behavior in Failing Banks."

FDIC Released State Profiles for Second Quarter 2022

September 14, 2022

The Federal Deposit Insurance Corporation released the updated State Profiles for Q2 2022.

Securities and Exchange Commission

SEC Proposes Rules to Improve Risk Management in Clearance and Settlement and to Facilitate Additional Central Clearing for the U.S. Treasury Market

September 14, 2022

The Securities and Exchange Commission proposed rule changes that would enhance risk management practices for central counterparties in the U.S. Treasury market and facilitate additional clearing of U.S. Treasury securities transactions.

Consumer Financial Protection Bureau

Blog: Furnishers have an obligation to investigate consumer disputes

September 14, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Furnishers have an obligation to investigate consumer disputes."

National Credit Union Administration

NCUA Releases Simplified CECL Tool for Small Credit Unions

September 14, 2022

The National Credit Union Administration released a new tool to help small credit unions comply with the Financial Accounting Standards Board's accounting standard on current expected credit loss, or CECL, which goes into effect for most credit unions at the start of 2023.

NCUA Chairman Todd M. Harper Remarks at the NAFCU Congressional Caucus

September 14, 2022

National Credit Union Administration Chairman Todd M. Harper gave remarks at the NAFCU Congressional Caucus.

Bank Policy Institute

Blog: Assessing the Decline in Bank Lending to Businesses

September 14, 2022

The Bank Policy Institute published a blog post entitled, "Assessing the Decline in Bank Lending to Businesses."

International

UK Financial Conduct Authority

Consultation Paper: Calculating redress for non-compliant pension transfer advice

September 14, 2022

UK Financial Conduct Authority published a consultation paper entitled, "Calculating redress for non-compliant pension transfer advice."

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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