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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, December 13, 2022

December 13, 2022

By FedACTion Task Force

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Major Developments

CFPB Proposes Registry to for Nonbanks Subjected to Consumer Protection Orders

December 12, 2022

The Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency or court orders.

Federal Agencies

U.S. Department of the Treasury

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the U.S. Trade and Development Agency (USTDA) at Thirty Breakfast

December 12, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the U.S. Trade and Development Agency at Thirty breakfast.

Federal Reserve Board

OIG Report: The Board Can Enhance Certain Governance Processes Related to Reviewing and Approving Supervisory Proposals

December 12, 2022

The Federal Reserve Board Office of Inspector General published a report entitled, "The Board Can Enhance Certain Governance Processes Related to Reviewing and Approving Supervisory Proposals."

OIG Report: The Board Can Enhance the Effectiveness of Certain Aspects of Its Model Risk Management Processes for the SR/HC-SABR and BETR Models

December 12, 2022

The Federal Reserve Board Office of Inspector General published a report entitled, "The Board Can Enhance the Effectiveness of Certain Aspects of Its Model Risk Management Processes for the SR/HC-SABR and BETR Models."

Federal Reserve Bank of New York

Inflation Expectations Decline Across All Horizons; Income and Labor Market Expectations Strengthen

December 12, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data released the November 2022 Survey of Consumer Expectations, which shows that inflation expectations decreased in November at the short, medium, and longer terms.

Office of the Comptroller of the Currency

OCC Reports Third Quarter 2022 Bank Trading Revenue

December 12, 2022

The Office of the Comptroller of the Currency published the Quarterly Report on Bank Trading and Derivatives Activities showing cumulative trading revenue of U.S. commercial banks and savings associations of $12.7 billion in the third quarter of 2022.

International

European Banking Authority

ESAs publish joint advice to the EU Commission on the review of the securitisation prudential framework

December 12, 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a joint advice in response to the European Commission's October 2021 call for advice on the review of the securitisation prudential framework.

EBA issues revised list of ITS validation rules

December 12, 2022

The European Banking Authority issued a revised list of validation rules for its reporting standards, highlighting those which have been deactivated either for incorrectness or for triggering IT problems.

UK Financial Conduct Authority

Research: Understanding approaches to D&I in financial services

December 12, 2022

The UK Financial Conduct Authority published research entitled, "Understanding approaches to D&I in financial services."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
  • Vice Chairman – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 2022)

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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