left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, September 7, 2022

September 07, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Committee Announces Updates to September Committee Schedule

September 6, 2022

The U.S. House of Representatives Committee on Financial Services announced updates to its September schedule.

  • POSTPONED - Thursday, September 8 at 12 p.m. ET: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a virtual hearing entitled, "Accounting and Auditing Standards in the 21st Century."
  • Wednesday, September 14 at 10 a.m. ET: The full Committee will convene for a hybrid hearing entitled, "When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access."
  • Tuesday, September 20 at 10 a.m. ET: The Subcommittee on National Security, International Development, and Monetary Policy will convene for a hybrid hearing entitled, "Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth."
  • Tuesday, September 20 at 2 p.m. ET: The Subcommittee on Diversity and Inclusion will convene for a hybrid hearing entitled, "A Review of Diversity and Inclusion at America's Largest Insurance Companies."
  • Wednesday, September 21 at 10 a.m. ET: The full Committee will convene for a hybrid hearing entitled, "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks."
  • Thursday, September 22 at 9 a.m. ET: The Subcommittee on Housing, Community Development, and Insurance will convene for a hybrid hearing entitled, "State of Emergency: Examining the Impact of Growing Wildfire Risk on the Insurance Market."
  • Press Release

Federal Agencies

U.S. Department of the Treasury

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at The Clearing House and Bank Policy Institute Annual Conference

September 6, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at The Clearing House and Bank Policy Institute Annual Conference.

Federal Reserve Bank of New York

Blog: How Do Natural Disasters Affect U.S. Small Business Owners?

September 6, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Natural Disasters Affect U.S. Small Business Owners?"

Blog: Small Business Recovery after Natural Disasters

September 6, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Small Business Recovery after Natural Disasters."

Conference of State Bank Supervisors

Community Bank Sentiment Index Joins Federal Reserve Economic Data

September 6, 2022

The Conference of State Bank Supervisors announced that its Community Bank Sentiment Index has been added to the Federal Reserve Economic Data (FRED), the online database maintained by the Federal Reserve Bank of St. Louis informally known as the FRED.

Federal Deposit Insurance Corporation

Remarks by FDIC Acting Chairman Martin Gruenberg to the International Association of Deposit Insurers 20th Anniversary

September 6, 2022

Federal Deposit Insurance Corporation Acting Chair Martin Gruenberg gave remarks at the International Association of Deposit Insurers 20th Anniversary in Basel, Switzerland.

Office of the Comptroller of the Currency

OCC Releases Strategic Plan for Fiscal Years 2023-2027

September 6, 2022

The Office of the Comptroller of the Currency released its strategic plan for fiscal years 2023-2027.

Securities and Exchange Commission

Statement: Audit Quality and Investor Protection under the Holding Foreign Companies Accountable Act

September 6, 2022

Securities and Exchange Commission Acting Chief Accountant Paul Munter issued a statement entitled, "Audit Quality and Investor Protection under the Holding Foreign Companies Accountable Act."

Consumer Financial Protection Bureau

OIG Report: Fiscal Years 2020 and 2021 Risk Assessment of the Bureau's Purchase Card Program

September 6, 2022

The Consumer Financial Protection Bureau Office of Inspector General released a report entitled, "Fiscal Years 2020 and 2021 Risk Assessment of the Bureau's Purchase Card Program."

International

European Commission

Commission proposes full suspension of Visa Facilitation Agreement with Russia

September 6, 2022

The European Commission (Commission) proposed to fully suspend the EU's Visa Facilitation Agreement with Russia. The Commission also issued a proposal on the non-recognition of Russian passports issued in occupied areas of Ukraine.

Bank of England

Real-Time Gross Settlement (RTGS) system and CHAPS Annual Report 2021/22

September 6, 2022

The Bank of England published its annual report on the Real-Time Gross Settlement system and CHAPS for 2021/2022.

Speech: Inflation expectations, inflation persistence, and monetary policy strategy

September 5, 2022

Bank of England Monetary Policy Committee member Catherine L. Mann gave a speech at the 53rd Annual Conference of the Money Macro and Finance Society entitled, "Inflation expectations, inflation persistence, and monetary policy strategy."

Data: UK International Reserves - August 2022

September 5, 2022

The Bank of England released data on the UK International Reserves for August 2022.

Administration Changes

Vacancies

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