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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, August 9, 2022

August 09, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Senate Passes Inflation Reduction Act

August 7, 2022

The U.S. Senate passed the Inflation Reduction Act of 2022.

Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Sanctions Virtual Currency Mixer Tornado Cash

August 8, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control sanctioned virtual currency mixer Tornado Cash, which was used to launder more than $7 billion worth of virtual currency since its creation in 2019.

Federal Reserve Board

Paper: Financial Failure and Depositor Quality: Evidence from Building and Loan Associations in California

August 8, 2022

The Federal Reserve Board published a paper entitled, "Financial Failure and Depositor Quality: Evidence from Building and Loan Associations in California."

Paper: Loan Modifications and the Commercial Real Estate Market

August 8, 2022

The Federal Reserve Board published a paper entitled, "Loan Modifications and the Commercial Real Estate Market."

Speech: Fighting Inflation in Challenging Times

August 6, 2022

Federal Reserve Board Governor Michelle W. Bowman gave a speech at the 2022 CEO & Senior Management Summit entitled, "Fighting Inflation in Challenging Times."

Federal Reserve Bank of New York

Survey: July 2022 Survey of Consumer Expectations: Inflation Expectations Decline Across All Horizons

August 8, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data released the July 2022 Survey of Consumer Expectations, which shows substantial declines in short-, medium- and longer-term inflation expectations.

Federal Deposit Insurance Corporation

Consumer News: The Importance of Deposit Insurance and Understanding Your Coverage

The Federal Deposit Insurance Corporation published a Consumer News article entitled, "The Importance of Deposit Insurance and Understanding Your Coverage."

Securities and Exchange Commission

SEC Proposes Rules to Improve Clearing Agency Governance and to Mitigate Conflicts of Interest

August 8, 2022

The Securities and Exchange Commission proposed new rules to help improve governance arrangements across all registered clearing agencies by reducing the likelihood that conflicts of interest may influence the board of directors or equivalent governing body of a registered clearing agency.

Fannie Mae

Consumer Sentiment Toward Housing at Lowest Level in Decade

August 8, 2022

The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 2.0 points in July to 62.8, its lowest level since 2011 and well below the all-time high set in 2019.

International

Bank of England

Market Notice: Change to the eligibility criteria for Short-term non-sterling liquidity facilities

August 8, 2022

The Bank of England (BoE) is updating the eligibility criteria for access to its short-term non-sterling liquidity facilities, to better align eligibility with the BoE's other lending tools.

Bank of England Prudential Regulation Authority

Policy Statement: Responses to Occasional Consultation Paper

August 8, 2022

The Bank of England Prudential Regulation Authority published a policy statement entitled, "Responses to Occasional Consultation Paper."

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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