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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, November 1, 2022

November 01, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Securities and Exchange Commission

Speech: Moving Forward in Our Lane

October 31, 2022

Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave remarks at the inaugural ECGI Responsible Capitalism Summit entitled, "Moving Forward in Our Lane."

Consumer Financial Protection Bureau

CFPB seeks further public input on big tech payment platforms

October 31, 2022

The Consumer Financial Protection Bureau announced it will re-open the public comment period for 30 days seeking additional public input on tech companies' acceptable use policies and their use of fines, liquidated damages provisions, and other penalties.

Financial Crimes Enforcement Network

Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies

October 31, 2022

The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month.

Fannie Mae

Fannie Mae Releases September 2022 Monthly Summary

October 31, 2022

Fannie Mae released the September 2022 Monthly Summary.

Ginnie Mae

The Ginnie Mae Global Markets Analysis Report – October 2022

October 31, 2022

Ginnie Mae released the Global Markets Analysis Report for October 2022.

U.S. Department of Education

Education Department Releases Final Regulations to Expand and Improve Targeted Debt Relief Programs

October 31, 2022

The U.S. Department of Education released final regulations that streamline and improve the rules for major targeted debt relief programs.

International

European Commission

Digital Markets Act: rules for digital gatekeepers to ensure open markets enter into force

October 31, 2022

The EU Digital Markets Act will enter into force on November 1, 2022. The new Regulation will put an end to unfair practices by companies that act as gatekeepers in the online platform economy.

Bank of England

Money and Credit - September 2022

October 31, 2022

The Bank of England released the Money and Credit statistics for September 2022. Included in the release is commentary on the September 2022 effective interest rates.

Credit union quarterly statistics - 2022 Q2

October 31, 2022

The Bank of England released the credit union quarterly statistics for Q2 2022.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • 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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