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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, December 17, 2022

December 17, 2022

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Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters, Senator Booker Send Letter to Government Accountability Office Urging Updated Study on Disparities in Asset Management

December 16, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Cory Booker (D-NJ) sent a letter to the United States Government Accountability Office (GAO) highlighting the lack of progress our nation's federally managed pension funds have made in boosting representation of diverse asset management firms over the years.

Federal Agencies

U.S. Department of the Treasury

Statement from Secretary of the Treasury Janet L. Yellen on the European Union Directive Implementing a Global Minimum Tax

December 16, 2022

U.S. Secretary of the Treasury Janet L. Yellen issued a statement following the directive of the European Union to move forward with implementing a global minimum tax on corporations.

Remarks by Secretary of the Treasury Janet L. Yellen at U.S.-Africa Leaders Summit: Heads of State Session on Food Security

December 15, 2022

U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the U.S.-Africa Leaders Summit Heads of State session on food security.

Federal Reserve Board
Federal Deposit Insurance Corporation

Agencies announce results of resolution plan review for certain domestic and foreign banks

December 16, 2022

The Federal Reserve Board and the Federal Deposit Insurance Corporation announced today the results of their joint review of the resolution plans for 71 domestic and foreign banking organizations.

Federal Reserve Board

Paper: The Monetization of Innovation

December 16, 2022

The Federal Reserve Board published a paper entitled, "The Monetization of Innovation."

Paper: Understanding Uncertainty Shocks and the Role of Black Swans

December 16, 2022

The Federal Reserve Board published a paper entitled, "Understanding Uncertainty Shocks and the Role of Black Swans."

Paper: On Monetary Policy, Model Uncertainty, and Credibility

December 16, 2022

The Bank of England published a paper entitled, "On Monetary Policy, Model Uncertainty, and Credibility."

Federal Reserve Board adopts final rule that implements Adjustable Interest Rate (LIBOR) Act

December 16, 2022

The Federal Reserve Board adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on SOFR (Secured Overnight Financing Rate) that will replace LIBOR in certain financial contracts after June 30, 2023.

Consumer Affairs Letter: Revised Federal Debt Collection Practices Act Examination Procedures

December 16, 2022

The Federal Reserve Board issued a consumer affairs letter entitled, "Revised Federal Debt Collection Practices Act Examination Procedures."

Federal Reserve Bank of New York

Business Leaders Survey – December 2022

December 16, 2022

The Federal Reserve Bank of New York released the results of the Business Leaders Survey and Supplemental Survey for December 16, 2022

Article: Tech, Tourism, and Training: Hearing Firsthand About Buffalo's Evolving Economy

December 16, 2022

The Federal Reserve Bank of New York published a The Teller Window article entitled, "Tech, Tourism, and Training: Hearing Firsthand About Buffalo's Evolving Economy."

U.S. Economy in a Snapshot – December 2022

December 16, 2022

The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for December 2022.

Underlying Inflation Gauge – December 2022

December 16, 2022

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

Blog: The New York Fed DSGE Model Forecast—December 2022

December 16, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The New York Fed DSGE Model Forecast—December 2022."

Federal Reserve Bank of Boston

Paper: Sectoral Mobility during the COVID-19 Pandemic

December 16, 2022

The Federal Reserve Bank of Boston published a paper entitled, 'Sectoral Mobility during the COVID-19 Pandemic."

Securities and Exchange Commission

SEC Small Business Advocacy Office Releases Annual Report on Capital Raising

December 16, 2022

The Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation issued its 2022 Annual Report to Congress and the Commission.

Financial Stability Oversight Council

Financial Stability Oversight Council Holds Meeting and Releases 2022 Annual Report

The Financial Stability Oversight Council unanimously approved its 2022 annual report at a meeting held December 16, 2022.

International

European Commission

Ukraine: EU agrees ninth package of sanctions against Russia

December 16, 2022

The European Commission adopted a package of sanctions against Russia for its aggression against Ukraine.

European Banking Authority

EBA standardizes information requirements to support sales and transfers of non-performing loans

December 16, 2022

The European Banking Authority published its final draft Implementing Technical Standards specifying the requirements for the information that credit institutions selling NPL shall provide to prospective buyers.

EBA publishes its closure report of Covid-19 measures and repeals its Guidelines on Covid-19 reporting and disclosure

December 16, 2022

The European Banking Authority published its closure report of Covid-19 measures, which provides an overview of the wide range of policy measures taken on the back of the pandemic, their state of play and the path out of policy support.

HM Treasury
Competition and Markets Authority
UK Financial Conduct Authority
Payment Systems Regulator

HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking

December 16, 2022

The joint regulatory oversight committee comprised of HM Treasury, Competition and Markets Authority, UK Financial Conduct Authority, and Payment Systems Regulator published a joint statement on the future of open banking.

Bank of England

Paper: Real and nominal effects of monetary shocks under time-varying disagreement

December 16, 2022

The Bank of England published a staff working paper entitled, "Real and nominal effects of monetary shocks under time-varying disagreement."

Market Notice: Asset Purchase Facility: Gilt Sales

December 16, 2022

The Bank of England released a market notice that sets out the schedule for sales in Q1 2023 of gilts held in the Asset Purchase Facility for monetary policy purposes.

Market Participants Survey results – December 2022

December 16, 2022

The Bank of England released the results of the Market Participants Survey for December 2022.

Bank of England Prudential Regulation Authority

Policy Statement: Insurance special purpose vehicles: Further updates to authorization and supervision

December 16, 2022

The Bank of England Prudential Regulation Authority released a policy statement entitled, "Insurance special purpose vehicles: Further updates to authorization and supervision."

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.