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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, October 18, 2022

October 18, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Article: Enhancing the US-UK Sanctions Partnership

October 17, 2022

U.S. Department of the Treasury Office of Foreign Assets Control Director Andrea Gacki and HM Treasury Office of Financial Sanctions Implementation Director Giles Thomson published a joint article entitled, "Enhancing the US-UK Sanctions Partnership."

Federal Reserve Bank of New York

Report: Moore's Law and Economic Growth

October 17, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Moore's Law and Economic Growth."

Survey: Empire State Manufacturing Survey – October 2022

October 17, 2022

The Federal Reserve Bank of New York released the results of the October 2022 Empire State Manufacturing Survey.

Blog: What Is the Outlook for China's External Surplus?

October 17, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Is the Outlook for China's External Surplus?"

Federal Deposit Insurance Corporation

National Rates and Rate Caps

October 17, 2022

The Federal Deposit Insurance Corporation has updated the National Rates and Rate Caps for October 2022.

Office of the Comptroller of the Currency

Interest Rate Risk Statistics Report – Fall 2022

October 17, 2022

The Office of the Comptroller of the Currency published the fall 2022 edition of the Interest Rate Risk Statistics Report.

Securities and Exchange Commission

Speech: Meeting Investor Demand for High Quality ESG Data

October 17, 2022

Securities and Exchange Commission Commissioner Jaime Lizarraga gave a speech entitled, "Meeting Investor Demand for High Quality ESG Data."

Updated Investor Bulletin: Regulation Crowdfunding for Investors

October 14, 2022

The Securities and Exchange Commission published an updated Investor Bulletin entitled, "Regulation Crowdfunding for Investors."

Updated Investor Bulletin: Crowdfunding Investment Limits Increase

October 14, 2022

The Securities and Exchange Commission published an updated Investor Bulletin entitled, "Crowdfunding Investment Limits Increase."

Updated Investor Bulletin: Investing in an IPO

October 14, 2022

The Securities and Exchange Commission published an updated Investor Bulletin entitled, "Investing in an IPO."

Fannie Mae

Home Price Index: Home Price Growth Decelerated in the Third Quarter

October 17, 2022

Fannie Mae published the Q3 Home Price Index (HPI) which shows that single-family home prices increased at a non-seasonally adjusted annual rate of 13.8% in Q3 2022, down from the previous quarter's revised 19.1%.

Freddie Mac

Freddie Mac Announces Underwriting Innovation to Help Lenders Qualify More Borrowers for a Mortgage

October 17, 2022

Freddie Mac announced it will increase homeownership opportunities by including a review of a borrower's bank account data to identify a history of positive monthly cash flow activity as part of its technology's loan purchase eligibility assessments.

Bank Policy Institute

Letter: New Federal Reserve Deposit Data Confirms Premise of FDIC Rate Hike is Wrong

October 17, 2022

The Bank Policy Institute, American Bankers Association, Consumer Bankers Association, and Mid-Size Bank Coalition of America sent a supplementary comment letter to the Federal Deposit Insurance Corporation asserting that new data from the Federal Reserve demonstrate that the FDIC's data assumptions underlying the proposed assessment rate increase are incorrect.

International

European Banking Authority

EBA issues an Opinion in response to the European Commission's proposed amendments to the EBA final draft technical standards on Pillar 3 disclosures on ESG risks

October 17, 2022

The European Banking Authority published an Opinion on the amendments proposed by the European Commission to the EBA final draft Implementing Technical Standards (ITS) on prudential disclosures of environmental, social and governance (ESG) information.

Bank of England

Bank of England statement on end of gilt market operations

October 17, 2022

The Bank of England has carried out temporary and targeted purchases of long-dated UK government bonds since 28 September.

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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