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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, January 31, 2023

January 31, 2023

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Federal Agencies

U.S. Department of the Treasury

Statement from Deputy Secretary of the Treasury Wally Adeyemo on Implementation of Strong Inflation Reduction Act Worker Protections

January 29, 2023

Deputy Secretary Wally Adeyemo released a statement on the Inflation Reduction Act's strong labor protections' going into effect.

Federal Deposit Insurance Corporation

FDIC Announces 45-Day Extension of Comment Period for Proposed Changes to its Regulation Regarding the FDIC Official Sign, Advertising Statement, and Misrepresentations of Deposit Insurance

January 30, 2023

The Federal Deposit Insurance Corporation (FDIC) announced a 45-day extension to the public comment period for proposed changes to its regulations relating to the FDIC's official sign, the FDIC's official advertising statement, misrepresentations of deposit insurance coverage, and misuse of the FDIC's name or logo. Comments must be received by the FDIC no later than April 7, 2023.

Securities and Exchange Commission

Speech: Big "Issues" in the Small Business Safe Harbor

January 30, 2023

Caroline A Crenshaw, Commissioner of the Securities and Exchange Commission, gave remarks at the 50th Annual Securities Regulation Institute entitled, "Big "Issues" in the Small Business Safe Harbor."

Risk Alert: Observations from Broker-Dealer Examinations Related to Regulation Best Interest

January 30, 2023

The Securities and Exchange Commission Division of Examinations published a Risk Alert to highlight observations from examinations related to Regulation Best Interest.

SEC Updates Disclosure Guidance for Exchange Act Rules, Section 12H.

January 29, 2023

The Securities and Exchange Commission Division of Corporation Finance has updated the disclosure guidance Q&A 121H.01 through 121H.04 for Exchange Act Rules, Section 121H, "Requirements Under Section 10D: Rule 10D-1 – Listing standards relating to recovery of erroneously awarded compensation."

Speech: ESG: Everything Everywhere All at Once

January 27, 2023

Mark T. Uyeda, Commissioner of the Securities and Exchange Commission, gave a speech entitled, "ESG: Everything Everywhere All at Once."

National Credit Union Administration

NCUA Releases New Updated FAQs on CECL, Simplified CECL Tool

January 30, 2023

The NCUA has released updates to its frequently asked questions on the current expected credit losses (CECL) accounting standard and its Simplified CECL Tool.

U.S. Department of Housing and Urban Development/Federal Housing Administration

Federal Housing Administration Expands Assistance Options for Borrowers Struggling to Make Mortgage Payments

January 30, 2023

The Federal Housing Administration (FHA) is announcing that it is expanding and enhancing its set of loss mitigation options used to help borrowers struggling to make mortgage payments on their FHA-insured mortgages.

Administration Changes

Vacancies

Office of the Comptroller of the Currency

  • Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)

Financial Crimes Enforcement Network

  • Director – Vacant (Himamauli Das serves as Acting Director)

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)

  • Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
  • Vice Chair Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)

Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

National Credit Union Administration – Todd M. Harper (effective January 20, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 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.