left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, October 26, 2022

October 26, 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

Brown Sends Chair Powell Letter on Employment

October 25, 2022

Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Jerome Powell, Chair of the Board of Governors of the Federal Reserve, on employment.

Federal Agencies

Federal Deposit Insurance Corporation

Survey: Despite COVID-19 Pandemic, Record 96% of U.S. Households Were Banked in 2021

October 25, 2022

The Federal Deposit Insurance Corporation released the 2021 National Survey of Unbanked and Underbanked Households which found that nearly 96% of U.S. households were banked in 2021 and an estimated 4.5% of U.S. households (representing 5.9 million households) lacked a bank or credit union account, the lowest national unbanked rate since the survey began in 2009.

Consumer Financial Protection Bureau

Director Chopra's Prepared Remarks at Money 20/20

October 25, 2022

Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at Money 20/20.

U.S. Department of Education

Education Department Announces Permanent Improvements to the Public Service Loan Forgiveness Program and One-time payment Count Adjustment to Bring Borrowers Closer to Forgiveness

October 25, 2022

The U.S. Department of Education announced one-time executive actions that will bring most loans managed by the Department closer to forgiveness, including credit toward the Public Service Loan Forgiveness Program for borrowers who have qualifying employment.

Bank Policy Institute

Blog: "There You Go Again": Setting the Record Straight on Large Banks' Branch Presence in LMI and Minority Neighborhoods

October 25, 2022

The Bank Policy Institute published a blog post entitled, "'There You Go Again': Setting the Record Straight on Large Banks' Branch Presence in LMI and Minority Neighborhoods."

International

UK Financial Conduct Authority

FCA proposes new rules to tackle greenwashing

October 25, 2022

The Financial Conduct Authority is proposing a package of new measures including investment product sustainability labels and restrictions on how terms like 'ESG', 'green' or 'sustainable' can be used.

FCA launches discussion on competition impacts of Big Tech on financial services industry

October 25, 2022

The Financial Conduct Authority is seeking views on the potential competition benefits and harms from Big Tech firms' entry into a range of retail financial services sectors.

Paper: Matter of fact-sheets: improving consumer comprehension of financial sustainability disclosures

October 25, 2022

The Financial Conduct Authority published a paper entitled, "Matter of fact-sheets: improving consumer comprehension of financial sustainability disclosures."

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.

Get In Touch With Us

Contact Us