left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, November 16, 2022

November 16, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Oversight of Financial Regulators: A Strong Banking and Credit Union System for Main Street

November 15, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of Financial Regulators: A Strong Banking and Credit Union System for Main Street." The witnesses included: The Honorable Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System; The Honorable Todd M. Harper, Chair, National Credit Union Administration; The Honorable Martin J. Gruenberg, Acting Chair, Federal Deposit Insurance Corporation; and Mr. Michael J. Hsu, Acting Comptroller, Office of the Comptroller of the Currency.

U.S. House of Representatives

Committee on Financial Services

Hearing: Investing in our Rivals: Examining U.S. Capital Flows to Foreign Rivals and Adversaries Around the World

November 15, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "Investing in our Rivals: Examining U.S. Capital Flows to Foreign Rivals and Adversaries Around the World."

Hearing: Persistent Poverty in America: Addressing Chronic Disinvestment in Colonias, the Southern Black Belt, and the U.S. Territories

November 15, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "Persistent Poverty in America: Addressing Chronic Disinvestment in Colonias, the Southern Black Belt, and the U.S. Territories."

Federal Agencies

U.S. Department of the Treasury

Treasury Targets Actors Involved in Production and Transfer of Iranian Unmanned Aerial Vehicles to Russia for Use in Ukraine

November 15, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control is sanctioning firms involved in the production or ongoing transfer to Russia of Iranian unmanned aerial vehicles.

Federal Reserve Bank of New York

Total Household Debt Reaches $16.51 trillion in Q3 2022; Mortgage and Auto Loan Originations Decline

November 15, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows an increase in total household debt in the third quarter of 2022, increasing by $351 billion (2.2%) to $16.51 trillion.

New York Innovation Center to Explore Feasibility of Theoretical Payments System Designed to Facilitate and Settle Digital Asset Transactions

November 15, 2022

The Federal Reserve Bank of New York announced that its New York Innovation Center will participate in a proof-of-concept project to explore the feasibility of an interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger.

Blog: How Liquid Has the Treasury Market Been in 2022?

November 15, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Liquid Has the Treasury Market Been in 2022?"

Conference of State Bank Supervisors

Statement on FDIC Board Chair Nomination

November 15, 2022

Conference of State Bank Supervisors President and CEO James M. Cooper issued a statement on the pending nominations to the Federal Deposit Insurance Corporation and the lack of state bank supervisory experience required by law.

Securities and Exchange Commission

SEC Announces Enforcement Results for FY22

November 15, 2022

The Securities and Exchange Commission announced that it filed 760 total enforcement actions in fiscal year 2022, a 9 percent increase over the prior year.

"Good Counsellors", Remarks Before the Investment Adviser/Investment Company National Seminar: Compliance Outreach Program

November 15, 2022

Gary Gensler, Chair of the Securities and Exchange Commission, gave remarks before the Investment Adviser/Investment Company National Seminar: Compliance Outreach Program entitled, "Good Counsellors."

Consumer Financial Protection Bureau

CFPB Reports Highlight Problems with Tenant Background Checks

November 15, 2022

The Consumer Financial Protection Bureau issued a report and consumer snapshot on the tenant background check industry.

CFPB Releases Financial Report for Fiscal Year 2022

November 15, 2022

The Consumer Financial Protection Bureau has released its financial report for fiscal year 2022.

FINRA

Regulatory Notice: Settlement of Syndicate Accounts

November 15, 2022

FINRA issued a regulatory notice entitled, "Settlement of Syndicate Accounts."

Bank Policy Institute

Financial Trades Call for Accessible, Functional and Simple Cyber Incident Reporting Rules

November 15, 2022

The Bank Policy Institute, American Bankers Association, Institute of International Bankers and the Securities Industry and Financial Markets Association responded to a Cybersecurity and Infrastructure Security Agency request for information on new cyber incident reporting requirements, established by the Cyber Incident Reporting for Critical Infrastructure Act of 2022.

International

European Banking Authority

EBA consults on Guidelines to institutions and resolution authorities on resolvability testing

November 15, 2022

The European Banking Authority launched a public consultation on its draft Guidelines addressed to institutions and resolution authorities on resolvability testing.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg (currently serving as Acting Chair, but nominated 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.

Get In Touch With Us

Contact Us