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PH FedACTion: Financial Regulatory Updates

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

December 07, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Introduce Bill to Ensure a Fair Banking System

December 6, 2022

Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), introduced the Close the Shadow Banking Loophole Act.

U.S. House of Representatives

Committee on Financial Services

Committee Announces Update to December Committee Schedule

December 6, 2022

The U.S. House Committee on Financial Services announced the following update to the schedule for the month of December:

  • RESCHEDULED - Thursday, December 8 at 9 a.m. ET: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a hybrid hearing entitled, "E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data."
  • Press Release

Hearing: Unfinished Business: A Review of Progress Made and a Plan to Achieve Full Economic Inclusion for Every American

December 6, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "Unfinished Business: A Review of Progress Made and a Plan to Achieve Full Economic Inclusion for Every American."

Federal Agencies

U.S. Department of the Treasury

Remarks by Assistant Secretary Elizabeth Rosenberg at the ACI Annual Conference on Economic Sanctions

December 6, 2022

Elizabeth Rosenberg, the U.S. Department of Treasury Assistant Secretary for Terrorist Financing and Financial Crimes, gave remarks at the ACI Annual Conference on Economic Sanctions.

Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg ABA-ABA Financial Crimes Enforcement Conference

December 5, 2022

Elizabeth Rosenberg, the U.S. Department of the Treasury Assistant Secretary for Terrorist Financial and Financial Crimes, gave remarks at the ABA-ABA Financial Crimes Enforcement Conference.

Remarks by Secretary of the Treasury Janet L. Yellen at Inaugural Meeting of Treasury Advisory Committee on Racial Equity

December 5, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the inaugural meeting of the Treasury Advisory Committee on Racial Equity.

Federal Reserve Bank of New York

Article: The New York Fed's Governance and Culture Reform Initiative: An Overview

December 6, 2022

The Federal Reserve Bank of New York published an article on The Teller Window entitled, "The New York Fed's Governance and Culture Reform Initiative: An Overview."

Federal Reserve Bank of Boston

Paper: Government Transfers and Consumer Spending among Households with Children during COVID-19

December 6, 2022

The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Government Transfers and Consumer Spending among Households with Children during COVID-19."

Consumer Financial Protection Bureau

CFPB Presents Semi-Annual Report of the Consumer Financial Protection Bureau

December 6, 2022

The Consumer Financial Protection Bureau presented its Semi-Annual Report to Congress for the period beginning October 1, 2021 and ending March 31, 2022.

Blog: Changes to HMDA's closed-end loan reporting threshold

December 6, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Changes to HMDA's closed-end loan reporting threshold."

International

European Banking Authority

EBA consults on new Guidelines to tackle de-risking

December 6, 2022

The European Banking Authority launched a public consultation on new Guidelines on the effective management of money laundering and terrorist financing risks when providing access to financial services.

UK Financial Conduct Authority

FCA outlines stronger rules to protect consumers from rogue financial promotions

December 6, 2022

The UK Financial Conduct Authority has proposed new measures to clamp down on illegal, unfair or misleading financial marketing.

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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