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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, October 28, 2022

October 28, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Stakeholder Roundtable on Climate Impact, Equity, and the Inflation Reduction Act

October 27, 2022

U.S. Deputy Secretary of the Treasury Wally Adeyemo participated in a virtual roundtable with key stakeholders on climate impact, equity and the Inflation Reduction Act.

Remarks by Secretary of the Treasury Janet L. Yellen at Stakeholder Roundtable on Clean Power Generation

October 26, 2022

U.S. Secretary of the Treasury gave remarks at a stakeholder roundtable on clean power generation.

Federal Reserve Bank of New York

Speech: Things That Have Never Happened Before Happen All the Time

October 27, 2022

Federal Reserve Bank of New York Executive Vice President and Chief Risk Officer Joshua Rosenberg gave a speech entitled, "Things That Have Never Happened Before Happen All the Time."

Federal Deposit Insurance Corporation

Remarks by Martin J. Gruenberg, Acting Chairman, 21st Annual General Meeting International Association of Deposit Insurers; Buenos Aires, Argentina

October 27, 2022

Federal Deposit Insurance Corporation Acting Chair Martin J. Gruenberg gave remarks at the 21st Annual General Meeting International Association of Deposit Insurers.

Money Smart Newsletter – October 2022

October 27, 2022

The Federal Deposit Insurance Corporation published the Money Smart Newsletter for October 2022.

Office of the Comptroller of the Currency

OCC Announces Office of Financial Technology

October 27, 2022

The Office of the Comptroller of the Currency announced it will establish an Office of Financial Technology early next year to bolster the agency's expertise and ability to adapt to a rapidly changing banking landscape.

Commodity Futures Trading Commission

Remarks of CFTC Commissioner Christy Goldsmith Romero before the International Swaps and Derivatives Association's Crypto Forum 2022, New York

October 27, 2022

Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave remarks before the International Swaps and Derivatives Association's Crypto Forum 2022.

Consumer Financial Protection Bureau

CFPB Kicks Off Personal Financial Data Rights Rulemaking

October 27, 2022

The Consumer Financial Protection Bureau outlined options to strengthen consumers' access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act.

Financial Crimes Enforcement Network

FinCEN Renews and Expands Real Estate Geographic Targeting Orders

October 26, 2022

The Financial Crimes Enforcement Network announced the renewal and expansion of its Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate.

FINRA

Frequently Asked Questions (FAQ) about Short Interest Reporting

October 27, 2022

FINRA released FAQs guidance about short interest reporting.

International

European Banking Authority

The EBA sets examination program priorities for prudential supervisors for 2023

October 27, 2022

The European Banking Authority published the European Supervisory Examination Program for 2023, which identifies key topics for supervisory attention across the European Union.

The EBA sets examination program priorities for resolution authorities for 2023

October 27, 2022

The European Banking Authority published the European Resolution Examination Program for 2023, which identifies key topics for resolution attention across the European Union.

Bank of England

BIS Triennial Survey of Foreign Exchange and Over-The-Counter Interest Rate Derivatives Markets in April 2022 – UK data

October 27, 2022

The Bank of England released the UK data for the Bank for International Settlements Triennial Central Bank Survey of Foreign Exchange and Over-The-Counter Interest Rate Derivatives Markets taken in April 2022.

Statistics: Capital Issuance - September 2022

October 27, 2022

The Bank of England released the capital issuance statistics for September 2022.

Bank of England Prudential Regulation Authority

Speech: Growth and competitiveness

October 27, 2022

Bank of England Prudential Regulation Authority Chief Executive Officer Sam Woods gave a speech entitled, "Growth and competitiveness."

UK Financial Conduct Authority

Speech: The role of the FCA in a changing regulatory landscape

October 27, 2022

Financial Conduct Authority CEO Nikhil Rathi gave a speech entitled, "The role of the FCA in a changing regulatory landscape."

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.