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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, August 24, 2022

August 24, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Board

Minutes of the Board's discount rate meetings on July 18, 2022 and July 27, 2022

August 23, 2022

The Federal Reserve Board released the minutes of its interest rate meetings held on July 18, 2022 and July 27, 2022.

Federal Reserve Bank of New York

Blog: Pass-Through of Wages and Import Prices Has Increased in the Post-COVID Period

August 23, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Pass-Through of Wages and Import Prices Has Increased in the Post-COVID Period."

Federal Reserve Bank of Boston

Article: A victimless crime? Hardly

August 23, 2022

The Federal Reserve Bank of Boston published an article entitled, "A victimless crime? Hardly," examining the impacts of synthetic identity fraud.

Federal Deposit Insurance Corporation

Working Paper: The Procyclicality of FDIC Deposit Insurance Premiums

August 23, 2022

The Federal Deposit Insurance Corporation published a working paper entitled, "The Procyclicality of FDIC Deposit Insurance Premiums."

Federal Housing Finance Agency

FHFA Announces Intent to Establish a Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing

August 23, 2022

The Federal Housing Finance Agency announced its intent to establish a Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing. The Committee's activities will focus on FHFA's regulated entities – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks – and their respective roles in providing a reliable source of liquidity and funding to support housing finance in the single-family and multifamily housing markets.

International

UK Financial Conduct Authority

FCA looks for external experts to help shape its work on ESG issues

August 23, 2022

The Financial Conduct Authority announced it is establishing a new advisory committee to the FCA's Board to work on Environmental, Social and Governance issues, and is looking for expressions of interest from stakeholders to join.

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.

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