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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, December 9, 2022

December 09, 2022

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Brown, Toomey Statement on Sam Bankman-Fried Testimony

December 8, 2022

U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released a statement regarding the Committee's request that Sam Bankman-Fried testify on FTX's collapse.

U.S. House of Representatives

Committee on Financial Services

Hearing: E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data

December 8, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data."

Committee on Small Business

Statements on SBA Actions in Response to House Report on Fraud in the Paycheck Protection Program

December 8, 2022

The U.S. Small Business Administration and U.S. House Small Business Committee Chairwoman Nydia M. Velázquez released statements on the suspension of certain non-lenders from agency programs and investigation of banks involved in alleged fraud outlined in a recent report issued by the House Select Subcommittee on the Coronavirus Crisis.

Federal Agencies

U.S. Department of the Treasury

G7 Cyber Expert Group Releases New Reports on Ransomware and Third-Party Risk

December 8, 2022

The G7 Cyber Expert Group – which U.S. Department of the Treasury's Office of Cybersecurity and Critical Infrastructure co-chairs alongside the Bank of England – recently released two reports addressing ransomware and third-party risk within the financial sector.

Remarks by Secretary of the Treasury Janet L. Yellen at the Bureau of Engraving and Printing Facility in Fort Worth, Texas

December 8, 2022

U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the Bureau of Engraving and Printing Facility in Fort Worth, Texas.

Secretary of the Treasury Janet L. Yellen Meets with the Global Business Alliance

December 8, 2022

U.S. Secretary of the Treasury Janet L. Yellen met with members of the Global Business Alliance to discuss the economic recovery, both domestically and across the world.

Federal Reserve Bank of New York

Article: Seeking Solutions for the Costs and Challenges of Food Insecurity

December 8, 2022

The Federal Reserve Bank of New York published a Teller Window article entitled, "Seeking Solutions for the Costs and Challenges of Food Insecurity."

Federal Deposit Insurance Corporation

FDIC State Profiles – Third Quarter 2022

December 8, 2022

The Federal Deposit Insurance Corporation released the FDIC State Profiles for the third quarter 2022.

Office of the Comptroller of the Currency

OCC Reports on Key Risks Facing Federal Banking System

December 8, 2022

The Office of the Comptroller of the Currency reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2022.

Securities and Exchange Commission

Sample Letter to Companies Regarding Disclosure Obligations Concerning Recent Developments in Crypto Asset Markets

December 8, 2022

The Securities and Exchange Commission Division of Corporation Finance has posted a sample letter to companies regarding recent developments in crypto asset markets.

Meeting: Investor Advisory Committee

December 8, 2022

The Securities and Exchange Commission held a meeting of the Investor Advisory Committee.

National Credit Union Administration

NCUA Releases Credit Union System Performance Data for the Third Quarter of 2022

December 8, 2022

The National Credit Union Administration released the system performance data for the third quarter 2022, showing that total loans outstanding in federally insured credit unions increased $235 billion, or 19.2%, over the year ending in the third quarter of 2022, to $1.46 trillion.

Bank Policy Institute

BPI Welcomes House Passage of Second-Chance Hiring Legislation

December 8, 2022

The Bank Policy Institute expressed support for legislation enabling banks to hire more rehabilitated people with prior minor criminal records.

International

European Commission

Taxation: New transparency rules require service providers to report crypto-asset transactions

December 8, 2022

The European Commission proposed new tax transparency rules for all service providers facilitating transactions in crypto-assets for customers resident in the European Union.

Taxation: Embracing the digital transition to help fight VAT fraud and support EU businesses

December 8, 2022

The European Commission proposed a series of measures to modernize and make the EU's Value-Added Tax (VAT) system work better for businesses and more resilient to fraud by embracing and promoting digitalization.

European Banking Authority

EBA launches consultation to amend the data collection for the benchmarking exercise in 2024

December 8, 2022

The European Banking Authority published a consultation paper to amend the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2024 exercise.

UK Financial Conduct Authority

Report: Insights from the 2021 Cyber Coordination Groups

December 8, 2022

The UK Financial Conduct Authority published a report entitled, "Insights from the 2021 Cyber Coordination Groups."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
  • 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.