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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, October 25, 2022

October 25, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at the Securities Industry and Financial Markets Association's Annual Meeting

October 24, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the Securities Industry and Financial Markets Association's Annual Meeting concerning, among other things, regulators' actions to address high inflation and energy costs.

Securities and Exchange Commission

Remarks: Competition and the Two SECs

October 24, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks at the Securities Industry and Financial Markets Association's Annual Meeting entitled, "Competition and the Two SECs."

Federal Housing Finance Agency

FHFA Announces Targeted Pricing Changes to Enterprise Pricing Framework

October 24, 2022

The Federal Housing Finance Agency announced targeted changes to Fannie Mae and Freddie Mac's guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.

FHFA Publishes New Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File

October 24, 2022

The Federal Housing Finance Agency published its new Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File.

FHFA Announces Validation of FICO 10T and VantageScore 4.0 for Use by Fannie Mae and Freddie Mac

October 24, 2022

The Federal Housing Finance Agency announced the validation and approval of both the FICO 10T credit score model and the VantageScore 4.0 credit score model for use by Fannie Mae and Freddie Mac.

Remarks of Sandra L. Thompson, Director, FHFA, at the 2022 Mortgage Bankers Association Annual Convention

October 24, 2022

Federal Housing Finance Agency Director Sandra L. Thompson gave remarks at the 2022 Mortgage Bankers Association Annual Convention.

Ginnie Mae

Ginnie Mae Announces Plans to Change its Re-Pooling Requirements

 

October 24, 2022

Ginnie Mae President Alanna McCargo announced policy changes to strengthen the mortgage sector by increasing issuer liquidity.

International

European Banking Authority

EBA publishes Report on the integration of ESG risks in the supervision of investment firms

October 24, 2022

The European Banking Authority published a Report on how to incorporate ESG risks in the supervision of investment firms.

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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