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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, December 14, 2022

December 14, 2022

By FedACTion Task Force

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Major Developments

Committee on Financial Services

Hearing: Investigating the Collapse of FTX, Part I

December 13, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "Investigating the Collapse of FTX, Part I."

State Bank Supervisors Appoint New York Superintendent Adrienne A. Harris to FSOC

December 13, 2022

State bank supervisors have appointed New York State Department of Financial Services Superintendent Adrienne A. Harris to serve as the state banking supervisor's representative on the Financial Stability Oversight Council, succeeding Texas Banking Commissioner Charles G. Cooper who will conclude his service on December 31, 2022.

Federal Agencies

U.S. Department of the Treasury

Remarks by Assistant Secretary for Economic Policy Ben Harris at the Brookings Institution's Retirement Security Project Event

December 13, 2022

Assistant Secretary for Economic Policy Ben Harris gave remarks at the Brookings Intuition's Retirement Security Project Event.

Treasury's Office of Cybersecurity and Critical Infrastructure Protection Issues Consumer Advisory to Protect Against Cyber Fraud During the Holiday Shopping Season

December 13, 2022

The U.S. Department of the Treasury's Office of Cybersecurity and Critical Infrastructure Protection released an advisory highlighting tips consumers can take to avoid becoming the victim of cyber or online scams during the holiday season.

Federal Reserve Bank of Boston

New paper, 'Dollar Funding Stresses in China,' weighs implications of China's use of dollar debt

December 13, 2022

China's increasing reliance on debt issued in U.S. dollars poses an often-overlooked risk to global financial stability that policymakers must better understand, according to a working paper published Federal Reserve Bank of Boston economist Leslie Shen.

Federal Deposit Insurance Corporation

FDIC Issues A Proposed Rule To Modernize the Use of the FDIC Official Sign and Advertising Statement and to Clarify its Regulations Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC's Name or Logo

December 13, 2022

The Federal Deposit Insurance Corporation Board of Directors issued for public comment a proposed rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC sign and advertising statements and clarify the FDIC's regulations regarding misrepresentations of deposit insurance coverage.

Guidelines for Appeals of Material Supervisory Determinations

December 13, 2022

The Federal Deposit Insurance Corporation Board of Directors adopted the revised Guidelines for Appeals of Material Supervisory Determinations.

Consumer Financial Protection Bureau
Federal Housing Finance Agency

CFPB and FHFA Publish Updated Data from the National Survey of Mortgage Originations for Public Use

December 13, 2022

The Consumer Financial Protection Bureau and the Federal Housing Finance Agency published updated loan-level data for public use collected through the National Survey of Mortgage Originations.

FINRA

Regulatory Notice: FINRA Adopts Amendments to Require Reporting of Transactions in U.S. Dollar-Denominated Foreign Sovereign Debt Securities to TRACE

December 13, 2022

FINRA released a regulatory notice announcing it has adopted amendments to require reporting of transactions in U.S. dollar-denominated foreign sovereign debt securities to TRACE.

\State Agencies

California Department of Financial Protection and Innovation

DFPI Issues FAQs and Investor Tips on Crypto

December 12, 2022

The California Department of Financial Protection and Innovation posted guidance containing customer Frequently Asked Questions and tips for investors on the current state of the crypto market.

International

European Banking Authority

The EBA publishes its roadmap on sustainable finance

December 13, 2022

The European Banking Authority published its roadmap outlining the objectives and timeline for delivering mandates and tasks in the area of sustainable finance and environmental, social and governance risks.

Bank of England

Financial Stability Report - December 2022

December 13, 2022

The Bank of England Financial Policy Committee released the Financial Stability Report for December 2022.

Response to the remit for the Financial Policy Committee - December 2022

December 13, 2022

Bank of England Governor Andrew Bailey sent a letter to Chancellor of the Exchequer Jeremy Hunt in response to the remit for the Financial Policy Committee.

UK Financial Conduct Authority

FCA sets out ideas to improve information provided to retail investors

December 13, 2022

The UK Financial Conduct Authority published a discussion paper seeking views on how to ensure investors get clear, helpful information.

FCA announces ESG Advisory Committee to its Board

December 13, 2022

The UK Financial Conduct Authority (FCA) has established a new advisory committee to the FCA's Board to work on Environmental, Social and Governance issues.

Mortgage lending statistics - December 2022

December 13, 2022

The UK Financial Conduct Authority released the mortgage lending statistics for Q3 2022.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
  • 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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