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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, August 16, 2022

August 16, 2022

By FedACTion Task Force

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Major Developments

Federal Reserve Board

Federal Reserve Board Releases Final Guidelines for Evaluating Federal Reserve Master Account and Payment Services Requests

August 15, 2022

The Federal Reserve Board announced final guidelines that establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services.

Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for June

August 15, 2022

The U.S. Department of the Treasury released Treasury International Capital data for June 2022.

Statement by Secretary of the Treasury Janet L. Yellen on the Passage of the Inflation Reduction Act of 2022

August 12, 2022

Secretary of the Treasury Janet L. Yellen issued a statement on the final passage of the Inflation Reduction Act of 2022.

Fed survey seeks to uncover pandemic impacts in low- to moderate-income communities

August 15, 2022

The Federal Reserve Board established a survey entitled "Perspectives from Main Street: The Impact of COVID-19 on Low- to Moderate-Income Communities and the Entities Serving Them" that will remain open through August 23.

Paper: Information Externalities, Funding Liquidity, and Fire Sales

August 15, 2022

The Federal Reserve Board published a paper entitled, "Information Externalities, Funding Liquidity, and Fire Sales."

Federal Reserve Bank of New York

Empire State Manufacturing Survey

August 15, 2022

The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for August 2022.

Article: Examining the Intersection of Technology and Culture in Financial Services

August 15, 2022

The Federal Reserve Bank of New York published an article entitled, "Examining the Intersection of Technology and Culture in Financial Services."

Federal Deposit Insurance Corporation

Working Paper: Bank Monitoring in Construction Lending

August 15, 2022

The Federal Deposit Insurance Corporation published a working paper entitled, "Bank Monitoring in Construction Lending."

FDIC Updates Monthly National Rates and Rate Caps

August 15, 2022

The Federal Deposit Insurance Corporation updated the monthly National Rates and Rate Caps.

Office of the Comptroller of the Currency

Bank Accounting Advisory Series Updated

August 15, 2022

The Office of the Comptroller of the Currency released its annual update to the Bank Accounting Advisory Series.

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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