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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, September 8, 2022

September 08, 2022

By FedACTion Task Force

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Major Developments

Speech: Making the Financial System Safer and Fairer

September 7, 2022

Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "Making the Financial System Safer and Fairer" addressing a variety of topics including stablecoins

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Committee Hosts Consumers for Listening Session on New Financial Products

September 7, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs, hosted a listening session with consumers from around the country.

Federal Agencies

U.S. Department of the Treasury

Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at The Brookings Institution

September 7, 2022

Assistant Secretary of Terrorist Financing and Financial Crimes Elizabeth Rosenberg gave remarks at the Brookings Institution.

Federal Reserve Board

Beige Book – September 2022

September 7, 2022

The Federal Reserve Board released the Beige Book for September 2022.

Speech: Bringing Inflation Down

September 7, 2022

Federal Reserve Board Vice Chair Lael Brainard gave a speech at the Clearing House and Bank Policy Institute 2022 Annual Conference entitled, "Bringing Inflation Down."

Office of the Comptroller of the Currency

Acting Comptroller Discusses Safeguarding Trust in Banking

September 7, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed the long-term threats to trust in banking in remarks at the TCH + BPI Annual Conference in New York.

Information Security Bulletin: Expectations for Protecting Non-public OCC Information on Institution- or Other Non-OCC-Owned or Managed Video Teleconferencing Services

September 7, 2022

The Office of the Comptroller of the Currency issued bulletin on information security entitled, "Expectations for Protecting Non-public OCC Information on Institution- or Other Non-OCC-Owned or Managed Video Teleconferencing Services."

Commodity Futures Trading Commission

Statement of Commissioner Kristin N. Johnson Regarding Trader's Misconduct and Financial Intermediary's Failure to Supervise

September 7, 2022

Commodity Futures Trading Commissioner Kristin N. Johnson issued a statement regarding two recent CFTC orders issued relating to mismarking of swap positions.

National Credit Union Administration

NCUA Releases Second Quarter Credit Union System Performance Data

September 7, 2022

According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $194 billion, or 16.2%, over the year ending in the second quarter of 2022, to $1.39 trillion.

U.S. Small Business Administration

SBA, DOL, NLRB, and FMCS Launch New Digital Toolkit to Promote Equitable Labor-Management Partnerships

September 7, 2022

The U.S. Small Business Administration, U.S. Department of Labor, National Labor Relations Board, and U.S. Federal Mediation and Conciliation Service released a digital toolkit for employers seeking guidance on responding to their employees who are interested in exercising their right to form or join a union.

Fannie Mae

Fannie Mae Releases August 2022 Home Price Sentiment Index

September 7, 2022

Fannie Mae released the Home Price Sentiment Index (HPSI) for August 2022.

International

Bank of England

Annual Reports for the Treasury Select Committee

September 7, 2022

Monetary Policy Committee members Silvana Tenreyro and Catherine L. Mann published annual reports for the Treasury Select Committee meeting held on September 7, 2022.

Speech: Household indebtedness and financial stability

September 7, 2022

Bank of England Financial Policy Committee member Dame Collette Bowe gave a speech entitled, "Household indebtedness and financial stability."

UK Financial Conduct Authority

Speech: Fighting financial crime – the force multiplier effect

September 7, 2022

Financial Conduct Authority Executive Director Sarah Pritchard gave a speech entitled, "Fighting financial crime – the force multiplier effect."

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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