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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, October 4, 2022

October 04, 2022

By FedACTion Task Force

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Major Developments

Financial Stability Oversight Council

Financial Stability Oversight Council Releases Report on Digital Asset Financial Stability Risks and Regulation

October 3, 2022

The Financial Stability Oversight Council held a meeting on October 3, 2022 where it unanimously approved its Report on Digital Asset Financial Stability Risks and Regulation.

Federal Agencies

U.S. Department of the Treasury

Treasury Hosts Discussion with Banks on Enhancing the Impact of Net-Zero Finance Commitments

September 30, 2022

Last Friday, the U.S. Department of the Treasury hosted a discussion with banks engaged in work on net-zero commitments.

Federal Reserve Board

Federal Reserve Board finalizes updates to the Board's rule concerning debit card transactions under the Durbin Amendment

October 3, 2022

The Federal Reserve Board finalized updates to the Board's rule concerning debit card transactions.

Paper: Effects of Monetary Policy on Household Expectations: The Role of Homeownership

October 3, 2022

The Federal Reserve Board published a paper entitled, "Effects of Monetary Policy on Household Expectations: The Role of Homeownership."

Paper: Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies

October 3, 2022

The Federal Reserve Board published a paper entitled, "Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies."

OIG Report: 2022 Audit of the Board's Information Security Program

October 3, 2022

The Federal Reserve Board Office of Inspector General released a report entitled, "2022 Audit of the Board's Information Security Program."

Federal Reserve Bank of New York

New York Fed Names Richard Ostrander as General Counsel and Head of the Legal Group

October 3, 2022

The Federal Reserve Bank of New York announced that Richard Ostrander has been named General Counsel and Head of the Legal Group.

Speech: A Bedrock Commitment to Price Stability

October 3, 2022

Federal Reserve Bank of New York President and CEO John C. Williams gave remarks at the 2022 U.S. Hispanic Chamber of Commerce National Conference entitled, "A Bedrock Commitment to Price Stability."

Federal Deposit Insurance Corporation

Remarks by FDIC Acting Chairman Martin J. Gruenberg at the American Bankers Association Annual Convention October 3, 2022

Federal Deposit Insurance Corporation Acting Chair Martin J. Gruenberg gave remarks on climate change at the American Bankers Association Annual Convention "The Financial Risks of Climate Change."

Commodity Futures Trading Commission

Remarks by Commissioner Caroline D. Pham to the National Conference of Vietnamese American Attorneys

October 3, 2022

Commodity Futures Trading Commission Commissioner Carline D. Pham gave remarks to the National Conference of Vietnamese American Attorneys.

Consumer Financial Protection Bureau

OIG Report: 2022 Audit of the CFPB's Information Security Program

October 3, 2022

The Consumer Financial Protection Bureau Office of Inspector General released a report entitled, "2022 Audit of the CFPB's Information Security Program."

OIG Report: The CFPB Is Generally Prepared to Implement the OPEN Government Data Act and Can Take Additional Steps to Further Align With Related Requirements

October 3, 2022

The Consumer Financial Protection Bureau Office of Inspector General released a report entitled, "The CFPB Is Generally Prepared to Implement the OPEN Government Data Act and Can Take Additional Steps to Further Align With Related Requirements."

Financial Stability Oversight Council

Financial Stability Oversight Council Meeting – October 2022

October 3, 2022

The Financial Stability Oversight Council held a meeting on October 3, 2022.

Financial Stability Oversight Council Establishes New Climate-related Financial Risk Advisory Committee

October 3, 2022

The Financial Stability Oversight Council established the Climate-related Financial Risk Advisory Committee and named the initial slate of committee members.

U.S. Small Business Administration

OIG Report: SBA's Guaranty Purchases for Paycheck Protection Program Loans

October 3, 2022

The U.S. Small Business Administration Office of Inspector General released a report entitled, "SBA's Guaranty Purchases for Paycheck Protection Program Loans."

Freddie Mac

Freddie Mac Publishes 2021 Sustainability Accounting Standards Board Report

October 3, 2022

Freddie Mac today published its annual sustainability disclosure in accordance with standards issued by the Sustainability Accounting Standards Board

Bank Policy Institute

BPI supports calls for CFPB to regulate data aggregators, ensure sensitive customer data remains private and secure

October 3, 2022

The Bank Policy Institute expressed support for a petition to the Consumer Financial Protection Bureau (CFPB) calling on the CFPB to exercise its authority to supervise and examine data aggregators.

State Agencies

New York State Department of Financial Services

Superintendent Adrienne A. Harris Relaunches Consumer Protection Advisory Council with Expanded Membership

October 3, 2022

Superintendent Adrienne A. Harris announced the relaunch of the New York State Department of Financial Services Consumer Protection Advisory Council.

International

European Commission

Competition: Commission adopts a more flexible antitrust Informal Guidance Notice; withdraws Antitrust COVID Temporary Framework

October 3, 2022

The European Commission has today adopted a revised Informal Guidance Notice that allows businesses to seek informal guidance on the application of EU competition rules to novel or unresolved questions.

European Banking Authority

EBA assesses the market share of non-EU entities in the EU banking system and the dependency of EU banks on funding in foreign currencies

October 3, 2022

The European Banking Authority published a report on the reliance of the EU financial sector on counterparties, operators and financing originating from outside the single market.

Bank of England

Market Notice: Gilt Market Operations

October 3, 2022

The Bank of England released a market notice on gilt market operations that supplements the September 28 notice.

Minutes of the Standards Advisory Panel - September 2022

October 3, 2022

The Bank of England released the minutes of the Standards Advisory Panel meeting held on September 1, 2022.

UK Financial Conduct Authority

Consultation Paper: Creation of a baseline financial resilience regulatory return

October 3, 2022

The UK Financial Conduct Authority published a consultation paper entitled, "Creation of a baseline financial resilience regulatory return."

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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