PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, September 20, 2022

September 20, 2022

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Notice: Ensuring Responsible Development of Digital Assets

September 19, 2022

The U.S. Department of the Treasury today filed a Request for Comment to seek feedback from the American people on the illicit finance and national security risks posed by digital assets.

Federal Deposit Insurance Corporation

Remarks by FDIC Acting Chairman Martin J. Gruenberg at The 21st Annual Bank Research Conference Sponsored by the FDIC's Center for Financial Research

September 19, 2022

Chairman Martin J. Gruenberg delivered remarks at the 21st annual Bank Research Conference.

Office of the Comptroller of the Currency

Securities and Exchange Commission

Study: Office of the Investor Advocate Releases Research Study on Fund Performance Benchmarks

September 19, 2022

Researchers from the Office of the Investor Advocate released an independent research study examining the impact of mutual fund performance benchmarks on investor decision-making, and potential strategic behavior by firms in displaying benchmarks.

Risk Alert: Examinations Focused on the New Investor Adviser Marketing Rule

September 19, 2022

The Risk Alert informs SEC-registered investment advisers, including advisers to private funds, about upcoming review areas during examinations focused on the amended Advisers Act Marketing Rule.

Consumer Financial Protection Bureau

Report: CFPB Annual Report of 2021 Mortgage Market Activity Reveals an End to the Refinancing Boom and an Increase in Home Purchase Loans

September 19, 2022

The Consumer Financial Protection Bureau released its annual report on residential mortgage lending activity and trends for 2021. The report's data are submitted by thousands of the nation's lending institutions under the Home Mortgage Disclosure Act.

Blog: Market monitoring insights: Examining the potential credit impact of high vehicle costs for consumers

September 19, 2022

Consumer Financial Protection Bureau examined available data to explore the potential relationship between rising car prices and changes in auto loan characteristics and performance. This post explores how rising car prices may be leading to larger loan amounts and monthly payments, and how this may be impacting consumers.


European Commission

Crisis-proofing the Single Market: equipping Europe with a robust toolbox to preserve free movement and availability of relevant goods and services

September 19, 2022

The Commission presents the new Single Market Emergency Instrument (SMEI). This crisis governance framework aims to preserve the free movement of goods, services and persons and the availability of essential goods and services in the event of future emergencies, to the benefit of citizens and businesses across the EU.

European Banking Authority

EBA responds to the EU Parliament's 2020 Discharge report

September 19, 2022

The Opinion follows up on the observations made by European Parliament in its 2020 discharge report and elaborates on measures taken by the European Banking Authority (EBA) in response to it.

Administration Changes


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)

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.

Get In Touch With Us

Contact Us