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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, October 5, 2022

October 05, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Department Announces Inaugural Members of Formal Advisory Committee on Racial Equity

October 4, 2022

U.S. Secretary of the Treasury Janet L. Yellen announced the 25 inaugural members of the Treasury Advisory Committee on Racial Equity.

Remarks by Vice President Harris and Secretary of the Treasury Janet Yellen at the 2022 Freedman's Bank Forum

October 4, 2022

Vice President Kamala Harris and U.S. Secretary of the Treasury Janet Yellen gave remarks at the 2022 Freedman's Bank Forum.

Federal Reserve Board

Speech: Technology's Impact on the Post-Pandemic Economy

October 4, 2022

Federal Reserve Board Governor Philip N. Jefferson gave a speech entitled, "Technology's Impact on the Post-Pandemic Economy."

Federal Reserve Bank of New York

Blog: Eviction Expectations in the Post-Pandemic Housing Market

October 4, 2022

The Federal Reserve Bank of New York published a blog post entitled, "Eviction Expectations in the Post-Pandemic Housing Market."

Conference of State Bank Supervisors

Community Bankers' Economic Outlook: Still Gloomy but Slightly Improved

October 4, 2022

The Conference of State Bank Supervisors released Community Bank Sentiment Index for Q3 2022 which showed community bankers nationwide continue to have a fairly pessimistic view of the economy, but their outlook ticked up slightly in the third quarter.

International

UK Financial Conduct Authority

FCA publishes review of business interruption insurance claims handling

October 4, 2022

The Financial Conduct Authority published a review of business interruption claims handling which welcomes insurers quickly paying out interim payments, reallocating resources quickly and proactively communicating with policyholders to help them with claims following the test case judgment handed down by the Supreme Court last year.

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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