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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, December 10, 2022

December 10, 2022

FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Brown, Toomey Update on Sam Bankman-Fried Testimony

December 9, 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 Sam Bankman-Fried's counsel's failure to respond to the Committee's request that he testify on FTX's collapse.

Federal Agencies

U.S. Department of the Treasury

Statement from Secretary of the Treasury Janet L. Yellen on Adoption of Resolution Establishing Humanitarian Carveout Across UN Sanctions Regimes

December 9, 2022

Secretary of the Treasury Janet L. Yellen released a statement following the adoption of United Nations Security Council Resolution 2664, which establishes a humanitarian carveout across UN sanctions regimes.

Securities and Exchange Commission

Remarks: It's Not Just Scope 3

December 9, 2022

Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks at the American Enterprise Institute entitled, "It's Not Just Scope 3."

Financial Crimes Enforcement Network

FinCEN Further Extends FBAR Deadline for Certain Financial Professionals

December 9, 2022

The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act regarding FBARs.

International

European Banking Authority

EBA risk assessment warns about the impact of a deteriorating macroeconomic environment

December 9, 2022

The European Banking Authority published its annual risk assessment of the European banking system. The report is accompanied by the publication of the 2022 EU-wide transparency exercise, which provides detailed information, in a comparable and accessible format, for 122 banks across 26 EEA / EU countries.

Bank of England

Bank of England/Ipsos Inflation Attitudes Survey - November 2022

December 9, 2022

The Bank of England released the joint Ipsos Inflation Attitudes Survey for November 2022.

UK Financial Conduct Authority

Future Regulatory Framework (FRF) Review

December 9, 2022

The UK Financial Conduct Authority published an explanation of how it will implement the outcomes of the Treasury's Future Regulatory Framework Review.

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.