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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, December 21, 2022

December 21, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Treasury Implements Humanitarian Sanctions Exceptions

December 20, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control took steps to further enable the flow of legitimate humanitarian assistance supporting the basic human needs of vulnerable populations while continuing to deny resources to malicious actors.

Federal Reserve Board

Paper: Visible Hands: Professional Asset Managers' Expectations and the Stock Market in China

December 20, 2022

The Federal Reserve Board published a paper entitled, "Visible Hands: Professional Asset Managers' Expectations and the Stock Market in China."

Paper: How sensitive is the economy to large interest rate increases? Evidence from the taper tantrum

December 20, 2022

The Federal Reserve Board published a paper entitled, "How sensitive is the economy to large interest rate increases? Evidence from the taper tantrum."

Paper: Sectoral Shocks, Reallocation, and Labor Market Policies

December 20, 2022

The Federal Reserve Board published a paper entitled, "Sectoral Shocks, Reallocation, and Labor Market Policies."

Supervision and Regulation Letter: Inactive Supervisory Guidance

December 20, 2022

The Federal Reserve Board issued a supervision and regulation letter entitled, "Inactive Supervisory Guidance."

Federal Reserve Bank of Boston

Paper: Looking Beyond the Fed: Do Central Banks Cause Information Effects?

December 20, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Looking Beyond the Fed: Do Central Banks Cause Information Effects?"

Commodity Futures Trading Commission

CFTC Staff Extends No-Action Letter Regarding Daily Reporting Requirements for Derivatives Clearing Organizations

December 20, 2022

The Commodity Futures Trading Commission's Division of Clearing and Risk announced it is extending a no-action letter regarding daily reporting requirements applicable to registered derivatives clearing organizations in CFTC Regulation 39.19.

Federal Housing Finance Agency

FHFA Releases 3rd Quarter 2022 Foreclosure Prevention and Refinance Report

December 20, 2022

The Federal Housing Finance Agency released its third quarter 2022 Foreclosure Prevention and Refinance Report.

International

Bank of England

Summary Minutes of Sub-Group and Task Force Meetings – December 2022

December 20, 2022

The Bank of England released the summary minutes of the recent Working group on Sterling Risk-Free Reference Rates Sub-Group and Task Force meetings.

King Charles III banknotes unveiled

December 20, 2022

The Bank of England has unveiled the design of the King Charles III banknotes.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair –Martin Gruenberg Senate confirmed December 19, 2022
  • Vice Chairman – Travis Hill Senate confirmed December 19, 2022
  • Member – Jonathan McKernan Senate confirmed December 19, 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 (confirmed December 19, 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.