PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, August 23, 2022

August 23, 2022

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Federal Agencies

Federal Reserve Bank of New York

July 2022 SCE Labor Market Survey:

August 22, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data released the July 2022 SCE Labor Market Survey, which shows, among other things, a decline in transitions to a different employer, compared to a year ago, as well as a deterioration in wage compensation at current jobs.

Securities and Exchange Commission

Risk Alert: Recent Observations from Municipal Advisor Examinations

August 22, 2022

The Securities and Exchange Commission Division of Examinations released a Risk Alert entitled, "Recent Observations from Municipal Advisor Examinations."

Fannie Mae

Commentary: Economy Constrained by Competing Effects of Elevated Inflation and Strong Labor Market

August 22, 2022

The Fannie Mae Economic and Strategic Research Group released its August 2022 commentary stating that tightening monetary policy and elevated inflation remain the primary causes of a stagnating economy despite strong job growth.

Bank Policy Institute

Banks Challenge CFPB Authority to Regulate Customer Service and Object to Unfair Characterization of Banks' Commitment to Serve Customers

August 22, 2022

The American Bankers Association, Bank Policy Institute and Consumer Bankers Association jointly responded today to the Consumer Financial Protection Bureau's request for information about customer service practices at large financial institutions.

Administration Changes


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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