PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, December 20, 2022
December 20, 2022
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Federal Agencies
U.S. Department of the Treasury
Treasury Announces Information Timeline for Inflation Reduction Act Tax Implementation
December 19, 2022
The U.S. Treasury Department announced a timeline for providing additional information on key tax provisions of the Inflation Reduction Act.
Federal Reserve Board
Federal Deposit Insurance Corporation
Agencies release annual asset-size thresholds under Community Reinvestment Act regulations
December 19, 2022
The Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2023 updated asset-size thresholds used to define "small bank" and "intermediate small bank" under their Community Reinvestment Act regulations.
Federal Reserve Bank of New York
SCE Labor Market Survey – November 2022
December 19, 2022
The Federal Reserve Bank of New York released the November 2022 results of the SCE Labor Market Survey.
Blog: Highlights from the Fifth Bi-annual Global Research Forum on International Macroeconomics and Finance
December 19, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Highlights from the Fifth Bi-annual Global Research Forum on International Macroeconomics and Finance."
Federal Reserve Bank of Boston
Paper: Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees
December 19, 2022
The Federal Reserve Bank of Boston published a working paper entitled, "Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees."
National Credit Union Administration
NCUA Releases Q3 2022 State-Level Data Report
December 19, 2022
Federally insured credit unions experienced continued asset and deposit growth over the year ending in the third quarter of 2022, while loan growth was the strongest in at least two decades, according to the latest NCUA Quarterly U.S. Map Review.
Fannie Mae
Economy Expected to End 2022 on Positive Note Ahead of Modest Recession in New Year
December 19, 2022
The Fannie Mae Economic and Strategic Research Group released their December 2022 commentary predicting that following an upward revision to third quarter 2022 real gross domestic product and stronger-than-expected incoming personal consumption data to begin the fourth quarter, the economy is now expected to eke out positive growth of 0.4% in 2022 before entering a modest recession in the new year.
International
European Banking Authority
EBA updates list of CET1 instruments
December 19, 2022
The European Banking Authority published an updated list of capital instruments that Competent Authorities across the European Union and for the first time the European Economic Area have classified as Common Equity Tier 1 (CET1).
Bank of England
The Bank of England's Supervision of Financial Market Infrastructures Annual Report
December 19, 2022
The Bank of England published the 2022 Annual Report on the Bank's supervision of financial market infrastructures.
Paper: Measuring the effects of bank remuneration rules: evidence from the UK
December 19, 2022
The Bank of England published a staff working paper entitled, "Measuring the effects of bank remuneration rules: evidence from the UK."
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
Consultation Paper: Remuneration: Ratio between fixed and variable components of total remuneration ('bonus cap')
December 19, 2022
The Bank of England Prudential Regulation Authority and the UK Financial Conduct Authority published a joint consultation paper entitled, "Remuneration: Ratio between fixed and variable components of total remuneration ('bonus cap')."
Administration Changes
Vacancies
Federal Deposit Insurance Corporation
- Chair –Martin Gruenberg Senate confirmed December 13, 2022
- Vice Chairman – Travis Hill Senate confirmed December 13, 2022
- Member – Jonathan McKernan Senate confirmed December 13, 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)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
- Remarks by Secretary of the Treasury Janet L. Yellen at Chief Lynn Malerba's Swearing in Ceremony as the United States Treasurer (September 12, 2022)
- Remarks by Chief Lynn Malerba at Swearing in Ceremony for United States Treasurer (September 12, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)
- Marianne Lake Appointed to Federal Advisory Council for the New York Fed (August 11, 2022)
- New York Fed Names Richard Ostrander as General Counsel and Head of the Legal Group (October 3, 2022)
- New York Fed Names Sushmita Shukla as First Vice President (December 8, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
- FDIC Announces Appointments to Its Division of Finance and Division of Insurance and Research (May 18, 2022)
- Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 2022)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
- Lori H. Price Named Director of Office of Credit Ratings (August 12, 2022)
- SEC Names Jason J. Burt as Regional Director of the Denver Office (October 24, 2022)
- SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role (November 7, 2022)
- Keith E. Cassidy and Natasha Vij Greiner Appointed Deputy Directors of Division of Examinations (November 7, 2022)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
- Administrator Guzman Statement on New Appointees (October 21, 2022)
- Administrator Guzman Statement on New Appointees (November 4, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Amber Gravius Named Director, Office of Business Innovation (August 9, 2022)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
- HUD Announces Key Staff Appointments (April 11, 2022)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
- Beth Lynk Sworn in as HUD Assistant Secretary of Public Affairs (October 20, 2022)
- Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.