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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, December 28, 2022

December 28, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Issues Initial Guidance on Corporate Alternative Minimum Tax, Stock Buybacks Tax

December 27, 2022

The U.S. Department of the Treasury released initial guidance on two key tax provisions of the Inflation Reduction Act, the Corporate Alternative Minimum Tax and the excise tax on stock buybacks.

Federal Reserve Bank of New York

Report: The Dollar's Imperial Circle

December 27, 2022

The Federal Reserve Bank of New York published a staff report entitled, "The Dollar's Imperial Circle."

Federal Reserve Bank of Boston

Paper: What Do 25 Million Records of Small Businesses Say about the Effects of the PPP?

December 27, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "What Do 25 Million Records of Small Businesses Say about the Effects of the PPP?"

Federal Housing Finance Agency

Plain Writing Compliance Report – 2021

December 27, 2022

The Federal Housing Finance Agency released the "Plain Writing Compliance Report – 2021."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair –Martin Gruenberg Senate confirmed December 19, 2022
  • Vice Chairman – Travis Hill Senate confirmed December 19, 2022
  • Member – Jonathan McKernan Senate confirmed December 19, 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 (confirmed December 19, 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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