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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, October 12, 2022

October 12, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

FSB proposes framework for the international regulation of crypto-asset activities including Stablecoin Arrangements

October 11, 2022

The Financial Stability Board (FSB) today published a proposed framework for the international regulation of crypto-asset activities. The core components of this framework are proposals for:

  1. recommendations that promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets and strengthen international cooperation, coordination and information sharing; and
  2. revised high-level recommendations for the regulation, supervision, and oversight of "global stablecoin" arrangements to address associated financial stability risks more effectively.

Acting Comptroller Discusses Identifying Crypto Risks

October 11, 2022

Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of identifying and monitoring crypto risks to protect consumers and the financial system in remarks at DC Fintech Week 2022. His comments included discussion of skeuomorphisms, commingling, and data gaps to help risk identification.

Acting Comptroller Discusses Crypto and the Regulatory Perimeter

October 11, 2022

Acting Comptroller of the Currency Michael J. Hsu today discussed cryptocurrency and the regulatory perimeter in remarks to the Harvard Law School and Program on International Financial Systems' Roundtable on Institutional Investors and Crypto Assets. His comments discussed the need to clarify supervisory expectations related to crypto activities and the role of regulators to ensure safety and soundness while promoting responsible innovation.

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Ukraine Minister of Finance Sergii Marchenko

October 11, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the bilateral meeting with Ukraine Minister of Finance Sergii Marchenko.

Federal Reserve Bank of New York

Survey: Inflation Expectations Decline in the Short Term; Tick Up in the Longer Term

October 11, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data today released the September 2022 Survey of Consumer Expectations, which shows that inflation expectations continued to decline in the short term, but increased slightly in the medium and longer terms.

Securities and Exchange Commission

Statement: The Auditor's Responsibility for Fraud Detection

October 11, 2022

Securities and Exchange Commission Acting Chief Accountant Paul Munter issued a statement entitled, "The Auditor's Responsibility for Fraud Detection."

Bank Policy Institute

Comment Letter: FDIC Rate Hike Proposal Fails the Test of Time

October 11, 2022

The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Independent Community Bankers of America, Mid-Size Bank Coalition of America, and National Bankers Association sent a supplementary letter to the Federal Deposit Insurance Corporation (FDIC) stating that the FDIC's proposal to raise deposit insurance assessment rates would hurt lending and credit access.

International

European Commission

European Commission raises a further €11 billion for NextGenerationEU and to support Ukraine

October 11, 2022

The European Commission has issued €11 billion in a dual tranche transaction, the proceeds of which will be used to support Ukraine under the EU's MFA program and Europe's recovery under the flagship NextGenerationEU program.

Bank of England
UK Financial Conduct Authority

Survey: Machine learning in UK financial services

October 11, 2022

The Bank of England and Financial Conduct Authority released the results of a second survey into the state of machine learning in UK financial services.

Bank of England

Bank of England widens gilt purchase operations to include index-linked gilts

October 11, 2022

The Bank of England announced that it will widen the scope of its daily gilt purchase operations to also include purchases of index-linked gilts.

Discussion Paper: Artificial Intelligence and Machine Learning

October 11, 2022

The Bank of England published a discussion paper entitled, "Artificial Intelligence and Machine Learning."

Bank of England Prudential Regulation Authority

Results of the firm feedback survey 2021

October 11, 2022

The Bank of England Prudential Regulation Authority released the results for the 2021 firm feedback survey.

Letter: Thematic feedback from the 2021/2022 round of written auditor reporting

October 11, 2022

The Bank of England Prudential Regulation Authority Executive Director Victoria Saporta sent a letter to chief financial officers of selected PRA-regulated deposit-takers which provides thematic feedback from the PRA's review of written auditor reports received in 2022.

UK Financial Conduct Authority

FCA updates guidance for branch closures

October 11, 2022

The Financial Conduct Authority has set additional expectations for banks that are considering branch or ATM closures.

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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