PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, June 14, 2022

June 14, 2022

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Federal Agencies

Federal Reserve Bank of New York

Survey of Consumer Expectations: Household Spending Expectations Rise Sharply; Credit Access Perceptions and Expectations Deteriorate Further

June 13, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data today released the May 2022 Survey of Consumer Expectations, which shows that inflation expectations increased at the one-year horizon and remained stable at the three-year horizon.

Federal Deposit Insurance Corporation

Remarks by FDIC Acting Chairman Martin Gruenberg to the National Community Reinvestment Coalition

June 13, 2022

Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg gave remarks to the National Community Reinvestment Coalition addressing the Notice of Proposed Rulemaking on the Community Reinvestment Act promulgated in May 2022 by the FDIC, Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System.

Consumer Financial Protection Bureau

CFPB Report Highlights Experiences of Military Families with Medical Billing, Credit Reporting, and Debt Collection

June 13, 2022

The Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB.

Financial Crimes Enforcement Network

FinCEN Statement Regarding U.S., U.K. Collaboration on Prize Challenges to Accelerate Development and Adoption of Privacy-Enhancing Technologies

June 13, 2022

FinCEN Acting Director Himamauli Das issued a statement on the U.S. and U.K. governments' announcement of the development of prize challenges focused on advancing the maturity of privacy-enhancing technologies to combat financial crime.


European Commission

Commission approves 500 million Finnish scheme to support companies in context of Russia's invasion of Ukraine

June 13, 2022

The European Commission has approved an €500 million scheme to aid companies adversely affected due to sanctions imposed relating to Russia's invasion of Ukraine.

European Banking Authority

ESAs propose extending temporary exemptions regime for intragroup contracts during EMIR review

June 13, 2022

The European Supervisory Authorities (EBA, EIOPA and ESMA) published a final report with draft regulatory technical standards proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for over-the-counter derivatives not cleared by a Central Clearing Counterparty under the European Market Infrastructure Regulation.

Bank of England Prudential Regulation Authority

PRA statement on removing the PRA buffer adjustment in PS15/20

June 13, 2022

The Bank of England Prudential Regulation Authority issued a statement providing an update on the PRA's approach to the PRA buffer.

UK Financial Conduct Authority

Portfolio Letter: Personal & Commercial Lines Insurance Intermediaries

June 13, 2022

The UK Financial Conduct Authority issued a portfolio letter regarding the FCA's supervisory strategy for personal & commercial lines insurance intermediaries.

Administration Changes


Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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)

Commodity Futures Commission

  • Three (3) Commissioner Vacancies

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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