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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, November 2, 2022

November 02, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Today's Joint Session of the Financial and Banking Information Infrastructure Committee and Financial Services Sector Coordinating Council

November 1, 2022

Deputy Secretary of the Treasury Wally Adeyemo delivered remarks at the semi-annual Joint session of the Financial and Banking Information Infrastructure Committee andFinancial Services Sector Coordinating Council, where he discussed Treasury's unprecedented, year-long efforts that have bolstered public-private relationships to protect the Department and financial sector from cyber threats.

Secretary Yellen Participates in Stakeholder Roundtable on Investor Perspectives on Climate Change, Clean Energy, and the Inflation Reduction Act

October 31, 2022

U.S. Secretary of the Treasury Janet L. Yellen participated in a virtual roundtable with investors and stakeholders to discuss how the public and private sectors can work together to leverage incentives in the Inflation Reduction Act to mobilize the large amount of capital that is needed to build a clean energy economy.

Financial Crimes Enforcement Network

FinCEN Analysis Reveals Ransomware Reporting in BSA Filings Increased Significantly During the Second Half of 2021

November 1, 2022

The Financial Crimes Enforcement Network issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act filings for 2021, indicating that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses and the public.

FINRA

FINRA Provides Guidance on Succession Planning

November 1, 2022

FINRA released a regulatory notice with guidance on succession planning.

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Announces Availability of more than $148 Million in Supplemental Funding for Multifamily Assisted Housing Property Owners to Combat COVID-19

November 1, 2022

The U.S. Department of Housing and Urban Development's Office of Multifamily Housing Programs announced today that it is opening a new application period for COVID-19 Supplemental Payment funding.

Freddie Mac

Freddie Mac Multifamily White Paper Identifies Areas that Support Economic Opportunity

November 1, 2022

A new white paper from Freddie Mac Multifamily introduces a different approach for identifying areas that could offer residents economic opportunity.

International

UK Financial Conduct Authority

Policy Statement: Pensions Dashboards rules for pension providers

November 1, 2022

The UK Financial Conduct Authority published a policy statement entitled, "Pensions Dashboards rules for pension providers."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • 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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