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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, September 16, 2022

September 16, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Oversight of the U.S. Securities and Exchange Commission

September 15, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of the U.S. Securities and Exchange Commission."

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Introduces Legislation to Amend the Community Reinvestment Act

September 15, 2022

U.S. House Committee on Financial Services Chair Maxine Waters (D-CA) introduced H.R. 8833, the "Making Communities Stronger Through the Community Reinvestment Act."

Committee on Small Business

Hearing: Back to School, Back to Startups: Supporting Youth Apprenticeship, Entrepreneurship, and Workforce Development

September 15, 2022

The U.S. House Committee on Small Business held a hearing entitled, "Back to School, Back to Startups: Supporting Youth Apprenticeship, Entrepreneurship, and Workforce Development."

Federal Agencies

U.S. Department of the Treasury

Statement by Secretary of the Treasury Janet L. Yellen on President Biden's Executive Order on the Committee on Foreign Investment in the United States

September 15, 2022

Secretary of the Treasury Janet L. Yellen issued a statement on President Biden's Executive Order defining additional national security factors for the Committee on Foreign Investment in the United States to consider when evaluation transactions.

Treasury Targets Additional Facilitators of Russia's Aggression in Ukraine

September 15, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control designated 22 individuals and 2 entities, including multiple individuals who have furthered the Government of the Russian Federation's objectives in Ukraine both prior to and during Russia's further invasion of Ukraine in 2022.

Blog: Racial Differences in Economic Security: The Racial Wealth Gap

September 15, 2022

The U.S. Department of the Treasury published a blog post entitled, "Racial Differences in Economic Security: The Racial Wealth Gap."

Remarks by Secretary of the Treasury Janet L. Yellen at the IRS facility in New Carrollton, Maryland

September 15, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the IRS facility in New Carrollton, Maryland.

Federal Reserve Bank of New York

Empire State Manufacturing Survey – September 2022

September 15, 2022

The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for September 2022.

Federal Reserve Bank of Boston

Paper: Loan Terms and Collateral: Evidence from the Bilateral Repo Market

September 15, 2022

The Federal Reserve Bank of Boston published a research paper entitled, "Loan Terms and Collateral: Evidence from the Bilateral Repo Market."

Conference of State Bank Supervisors

Texas Banking Commissioner Re-appointed to FSOC

September 15, 2022

State bank supervisors have re-appointed Texas Department of Banking Commissioner Charles G. Cooper to serve as the state banking representative on the Financial Stability Oversight Council.

Office of the Comptroller of the Currency

OCC Reports Improvement in Overall Mortgage Performance in Q2 2022

September 15, 2022

The Office of the Comptroller of the Currency released the OCC Mortgage Metrics Report, Second Quarter 2022, which showed that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2022.

Securities and Exchange Commission

Investor Bulletin: Performance Claims

September 15, 2022

The Securities and Exchange Commission's Office of Investor Education and Advocacy issued and Investor Bulletin to educate investors about investment performance claims.

Statement by Commissioner Peirce Regarding Recent Pay-to-Play Rule Settlements

September 15, 2022

Securities and Exchange Commissioner Hester M. Peirce released a statement regarding the SEC's recent pay-to-play rule settlements.

Commodity Futures Trading Commission

CFTC's Division of Data Announces Limited Modifications to the Technical Specification for Parts 43 and 45

September 15, 2022

The Commodity Futures Trading Commission's Division of Data today announced it has published limited modifications to Version 3.0 of the CFTC Technical Specification, issued in September 2021. The Technical Specification provides detailed instructions for swap data reporting and public dissemination requirements under Parts 43 and 45 of the CFTC's regulations.

Chairman Behnam Testifies before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry

September 15, 2022

Commodity Futures Trading Commission Chair Rostin Behnam testified before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry hearing to review the Digital Commodities Consumer Protection Act.

Speech: An Appropriate Regulatory Regime for Evolving Markets

September 15, 2022

Commodity Futures Trading Commissioner Summer K. Mersinger gave the keynote address at the American University Web3 Summit entitled, "An Appropriate Regulatory Regime for Evolving Markets."

Consumer Financial Protection Bureau

Report: Buy Now, Pay Later: Market trends and consumer impacts

September 15, 2022

The Consumer Financial Protection Bureau released a report entitled, "Buy Now, Pay Later: Market trends and consumer impacts."

National Credit Union Administration

NCUA Releases Q2 2022 State-Level Credit Union Data Report

September 15, 2022

The National Credit Union Administration released the NCUA Quarterly U.S. Map Review for Q2 2022 which showed that federally insured credit unions experienced continued growth in assets, shares and deposits, and loans outstanding over the year ending in the second quarter of 2022.

Bank Policy Institute

Blog: How the Overnight Reverse Repurchase Agreement Facility Could Derail the Fed's Path to Getting Smaller

September 15, 2022

The Bank Policy Institute published a blog post entitled, "How the Overnight Reverse Repurchase Agreement Facility Could Derail the Fed's Path to Getting Smaller."

Blog: Missing Factors in the CFPB's Analysis of Rising Credit Card Interest Rates

September 15, 2022

The Bank Policy Institute published a blog post entitled, "Missing Factors in the CFPB's Analysis of Rising Credit Card Interest Rates."

State Agencies

New York State Department of Financial Services

Governor Hochul Signs Legislation to Expand Public Servants' Access to Student Loan Forgiveness

September 15, 2022

Governor Kathy Hochul signed legislation to expand and simplify access to the federal Public Service Loan Forgiveness program statewide.

International

European Commission

EIB Group starts disbursements from €1.59 bn EIB Ukraine Solidarity Urgent Response package

September 15, 2022

The European Investment Bank, the EU bank, disbursed the first tranches of the €1.59 billion package of the Ukraine Solidarity Urgent Response, supported by an EU guarantee.

Bank of England

Bank of England/Ipsos Inflation Attitudes Survey - August 2022

September 15, 2022

The Bank of England published the quarterly Inflation Attitudes Survey for August 2022 conducted by Ipsos.

UK Financial Conduct Authority

Consumer Guidance: Defined benefit pension transfers redress calculations

September 15, 2022

The UK Financial Conduct Authority released consumer guidance on defined benefit pension transfers redress calculations.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Vacant

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.