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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, October 14, 2022

October 14, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Addresses Leadership in Financial Technology Space, Promoting Financial Inclusion

October 13, 2022

Chairwoman of the House Committee on Financial Services, joined Professor Chris Brummer, Professor at Georgetown University Law Center and founder of DC Fintech Week, at DC Fintech Week to discuss financial technology and the future of finance.

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with European Commission Executive Vice-President and Trade Commissioner Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni

October 13, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at a bilateral meeting with European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni.

Joint IMFC and Development Committee Statement by Secretary of the Treasury Janet L. Yellen

October 13, 2022

Secretary of the Treasury Janet L. Yellen issued a joint statement on behalf of the IMFC and Development Committee.

Remarks by Secretary of the Treasury Janet L. Yellen at Bretton Woods Committee's International Council

October 12, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at Bretton Woods Committee's International Council.

Federal Reserve Board
Consumer Financial Protection Bureau

Office of the Comptroller of the Currency

Agencies announce threshold for smaller loan exemption from appraisal requirements for higher-priced mortgage loans

October 13, 2022

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.

Agencies announce dollar thresholds in Regulation Z and Regulation M for exempt consumer credit and lease transactions

October 13, 2022

The Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Federal Reserve Board

Paper: Climate Change and Double Materiality in a Micro- and Macroprudential Context

October 13, 2022

The Federal Reserve Board published a paper entitled, "Climate Change and Double Materiality in a Micro- and Macroprudential Context."

Speech: Forward Guidance as a Monetary Policy Tool: Considerations for the Current Economic Environment

October 12, 2022

The Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Forward Guidance as a Monetary Policy Tool: Considerations for the Current Economic Environment."

Federal Reserve Bank of New York

Underlying Inflation Gauge (UIG) – October 2022

October 13, 2022

The Federal Reserve Bank of New York released the October 2022 Underlying Inflation Gauge (UIG) with data from September 2022.

Report: Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance

October 13, 2022

The Federal Reserve Bank of New York published a report entitled, "Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance."

New York Fed to Release White Paper on Strategies for Financing a Clean Energy Transition for New York's Affordable Housing on October 19

October 13, 2022

The Federal Reserve Bank of New York will release "Sustainable Affordable Housing: Strategies for Financing an Inclusive Energy Transition" on Wednesday, October 19, 2022 at 10 AM EDT.

Federal Reserve Bank of Boston

Paper: Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?

October 13, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?"

Federal Deposit Insurance Corporation

Paper: The Effect of Job Loss on Bank Account Ownership

October 13, 2022

The Federal Deposit Insurance Corporation published a working paper entitled, "The Effect of Job Loss on Bank Account Ownership."

Securities and Exchange Commission

Staff FAQ Relating to Investment Adviser Consideration of DEI Factors

October 13, 2022

The Securities and Exchange Commission staff released an FAQ on an adviser's fiduciary duty when considering factors relating to diversity, equity, and inclusion (DEI) in the selection or recommendation of other investment advisers.

Small Business Capital Formation Advisory Committee Remarks

October 13, 2022

Securities and Exchange Commission Chair Gary Gensler and Commissioner Hester M. Peirce gave remarks before the Small Business Capital Formation Advisory Committee.

Speech: Raising the Bar on Diversity, Equity and Inclusion

October 13, 2022

Securities and Exchange Commission Commissioner Jaime Lizarraga gave a speech entitled, "Raising the Bar on Diversity, Equity and Inclusion."

Sus and Yeet: Remarks before the University of California Irvine Audit Committee Summit

October 7, 2022

Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks before the University of California Irvine Audit Committee Summit entitled, "Sus and Yeet."

Statement on Financial Stability Oversight Council's Report on Digital Asset Financial Stability Risks and Regulation Before the Financial Stability Oversight Council Open Meeting

October 3, 2022

Securities and Exchange Commission Chair Gary Gensler gave a statement before the Financial Stability Oversight Councils open meeting on the FSOC's "Report on Digital Asset Financial Stability Risks and Regulation."

Consumer Financial Protection Bureau

CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges

October 13, 2022

The Consumer Financial Protection Bureau published a report on terms and fees associated with banking products marketed in partnership with colleges to students.

Bank Policy Institute

Blog: Two Important Fed Programs that Should Be Mutually Reinforcing Are in Conflict. Why?

October 13, 2022

The Bank Policy Institute published a blog post entitled, "Two Important Fed Programs that Should Be Mutually Reinforcing Are in Conflict. Why?"

Blog: Banks' Ability to Scale is a Benefit, Not an Inherent Problem

October 13, 2022

The Bank Policy Institute published a blog post entitled, "Banks' Ability to Scale is a Benefit, Not an Inherent Problem."

International

European Commission

Eurobarometer survey highlights how Europeans interact with the financial services world

October 13, 2022

The European Commission has published a Eurobarometer survey on how Europeans interact with the financial services world, in particular given its ever-increasing digitalization and the development of sustainable finance.

Bank of England

Results of the Bank of England 2021-22 central counterparty supervisory stress-test published

October 13, 2022

The Bank of England published a report on the 2021-22 CCP Supervisory Stress Test results.

Bank Liabilities Survey - 2022 Q3

October 13, 2022

The Bank of England released the Bank Liabilities Survey results for Q3 2022.

Credit Conditions Survey - 2022 Q3

October 13, 2022

The Bank of England released the Credit Conditions Survey results for Q3 2022.

Program Update: Transforming data collection communication to firms – 13 October 2022

The Bank of England published an update on the joint transformation program on transforming data collection communication to firms.

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.