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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, October 19, 2022

October 19, 2022

By FedACTion Task Force

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Major Developments

Federal Deposit Insurance Corporation

FDIC Board of Directors Adopts Final Rule on Assessments, Revised Deposit Insurance Assessment Rates; Maintains the Designated Reserve Ratio for 2023

October 18, 2022

The Federal Deposit Insurance Corporation adopted a final rule to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning in the first quarterly assessment period of 2023.

Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for August

October 18, 2022

The U.S. Department of the Treasury released Treasury International Capital (TIC) data for August 2022.

Treasury's Federal Insurance Office Takes Important Step to Assess Climate-related Financial Risk – Seeks Comment on Proposed Data Call

October 18, 2022

The U.S. Department of the Treasury's Federal Insurance Office issued a proposed data collection from insurers to assess climate-related financial risk across the United States.

Federal Reserve Board

Paper: Geopolitics and the U.S. Dollar's Future as a Reserve Currency

October 18, 2022

The Federal Reserve Board published a paper entitled, "Geopolitics and the U.S. Dollar's Future as a Reserve Currency."

Paper: How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions

October 18, 2022

The Federal Reserve Board published a paper entitled, "How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions."

Data: G.17 Industrial Production and Capacity Utilization – October 2022

October 18, 2022

The Federal Reserve Board released the G.17 Industrial Production and Capacity Utilization data for October 2022.

Minutes of the Board's discount rate meetings on August 22 through September 21, 2022

October 18, 2022

The Federal Reserve Board released the minutes of its interest rate meetings from August 22 through September 21, 2022.

Federal Reserve Bank of New York

Business Leaders Survey – October 2022

October 18, 2022

The Federal Reserve Bank of New York published the results of the October 2022 Business Leaders Survey.

Blog: What Have Workers Done with the Time Freed up by Commuting Less?

October 18, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Have Workers Done with the Time Freed up by Commuting Less?"

Federal Deposit Insurance Corporation

FDIC Board of Directors Approves Advance Notice of Proposed Rulemaking Regarding Resolution–Related Resource Requirements for Large Banking Organizations

October 18, 2022

The Federal Deposit Insurance Corporation's Board of Directors approved the publication of an Advance Notice of Proposed Rulemaking (ANPR) concerning potential new resolution-related resource requirements for large banking organizations to improve the prospects for the orderly resolution of large banks in the United States should they fail. The ANPR is being proposed jointly by the FDIC and the Board of Governors of the Federal Reserve System.

Proposed Amendments to Guidelines for Appeals of Material Supervisory Determinations

October 18, 2022

The Federal Deposit Insurance Corporation is soliciting further comment on proposed amendments to its "Guidelines for Appeals of Material Supervisory Determinations."

Final Rule on Assessments, Amendments to Incorporate Troubled Debt Restructuring Accounting Standards Update

October 18, 2022

The Federal Deposit Insurance Corporation issued a final rule to incorporate updated accounting standards in the risk-based deposit insurance assessment system applicable to all large and highly complex insured depository institutions.

U.S. Small Business Administration

Administrator Guzman Advances New Small Business Investment Company Reforms to Expand Access, Strengthen and Diversify SBA's Public-Private Investment Partnership Program

October 18, 2022

Small Business Administrator Isabella Casillas Guzman announced proposed reforms to the Small Business Investment Company program designed to reduce financial barriers and increase access and diversity in the U.S. small business investment ecosystem.

International

Bank of England

Bank of England confirms APF gilts sales for Q4 2022

October 18, 2022

The Bank of England confirms the first Asset Purchase Facility gilt sale operation will take place on November 1, 2022.

Exchange of letters regarding the Energy Markets Financing Scheme

October 18, 2022

Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt exchanged letters regarding the Energy Markets Financing Scheme.

Bank of England Prudential Regulation Authority

PRA publishes a statement under the Energy Markets Financing Scheme

October 18, 2022

The Bank of England Prudential Regulation Authority issued a statement on credit risk mitigation eligibility, risk-based capital treatment, and leverage ratio treatment of guarantees under the Energy Markets Financing Scheme.

UK Financial Conduct Authority

FCA places restrictions on twice as many consumer investment firms this year

October 18, 2022

The Financial Conduct Authority has placed restrictions on twice as many firms in the investment market compared to last year, as part of its strategy designed to prevent harm in the consumer investment market.

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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