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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, August 31, 2022

August 31, 2022

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Major Developments

Department of Justice

Department of Justice's Office of Legal Counsel Issues Opinion on FDIC Corporate Governance

August 30, 2022

The Department of Justice's Office of Legal Counsel issued an opinion providing that the Chairperson of the Federal Deposit Insurance Corporation does not have the authority to prevent a majority of the FDIC Board from presenting items to the Board for a vote and decision.

Federal Agencies

Federal Reserve Board

Paper: Market Effects of Central Bank Credit Markets Support Programs in Europe

August 30, 2022

The Federal Reserve Board published a paper entitled, "Market Effects of Central Bank Credit Markets Support Programs in Europe."

Paper: Decentralized Finance (DeFi): Transformative Potential & Associated Risks

August 30, 2022

The Federal Reserve Board published a paper entitled, "Decentralized Finance (DeFi): Transformative Potential & Associated Risks."

Federal Reserve Bank of New York

Statement Regarding Repurchase Agreement Small Value Exercise

August 30, 2022

The New York Fed's Open Market Trading Desk announce it intends to conduct a small value overnight repo operation with Primary Dealers and Standing Repo Facility counterparties to test its contingency operation infrastructure.

Federal Housing Finance Agency

Report: U.S. House Prices Rise 17.7 Percent over the Last Year; Up 4.0 Percent from the First Quarter

August 30, 2022

The Federal Housing Finance Agency released the FHFA House Price Index Report for Q2 2022 showing that U.S. house prices rose 17.7 percent from the second quarter of 2021 to the second quarter of 2022.

International

Bank of England

Statistics: Money and Credit - July 2022

The Bank of England released the Money and Credit statistics for July 2022.

UK Financial Conduct Authority

Paper: Robo-Advice for Borrower Repayment Decisions

August 30, 2022

The UK Financial Conduct Authority published a paper entitled, "Robo-Advice for Borrower Repayment Decisions."

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.