left-caret

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, August 11, 2022

August 11, 2022

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Consumer Financial Protection Bureau

CFPB Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections

August 10, 2022

The Consumer Financial Protection Bureau issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law.

Federal Agencies

Federal Reserve Bank of New York

Underlying Inflation Gauge – August 2022

August 10, 2022

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

Securities and Exchange Commission

SEC Proposes to Enhance Private Fund Reporting

August 10, 2022

The Securities and Exchange Commission voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds.

Commodity Futures Trading Commission

CFTC Staff Extends Temporary No-Action Letter Regarding Certain Position Aggregation Requirements

August 10, 2022

The Commodity Futures Trading Commission's Division of Market Oversight announced it has issued a no-action letter temporarily extending CFTC Staff Letter No. 19-19, regarding certain position aggregation requirements, which expires August 12.

Consumer Financial Protection Bureau

Director Chopra's Remarks at the 2022 National Association of Attorneys General Presidential Summit

August 10, 2022

Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at the 2022 National Association of Attorneys General Presidential Summit.

FINRA

Investor Insight: Smart Beta—What You Need to Know

August 9, 2022

FINRA published an Investor Insight entitled, "Smart Beta—What You Need to Know."

Federal Housing Finance Agency

FHFA Announces Update for Servicers to Maintain Fair Lending Data

August 10, 2022

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will require servicers to obtain and maintain fair lending data on their loans, and for this data to transfer with servicing throughout the mortgage term.

Freddie Mac

Research Note: Freddie Mac First-Time Homebuyer Affordability Map: A Novel Approach to Measure Affordability for Future Borrowers

August 10, 2022

Freddie Mac published a research note entitled, "Freddie Mac First-Time Homebuyer Affordability Map: A Novel Approach to Measure Affordability for Future Borrowers."

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.