left-caret

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, November 30, 2022

November 30, 2022

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Federal Reserve Board announces annual indexing of reserve requirement exemption amount and low reserve tranche for 2023

November 29, 2022

The Federal Reserve Board announced technical details related to reserve requirements for depository institutions.

Minutes of the Board's discount rate meetings

November 29, 2022

The Federal Reserve Board released the minutes of its interest rate meetings from October 3 through November 2, 2022.

Paper: Demand Shocks, Hysteresis and Monetary Policy

November 29, 2022

The Federal Reserve Board published a paper entitled, "Demand Shocks, Hysteresis and Monetary Policy."

Office of the Comptroller of the Currency

OCC Revises Civil Money Penalty Manual

November 29, 2022

The Office of the Comptroller of the Currency announced revisions to its civil money penalty (CMP) manual which the agency will begin using on January 1, 2023.

FINRA

Regulatory Notice: FINRA Requests Comment on Proposed Changes to TRACE Reporting Relating to Delayed Treasury Spot Trades

November 29, 2022

FINRA issued a regulatory notice requesting comment on proposed changes to TRACE reporting relating to delayed treasury spot trades.

International

Bank of England Prudential Regulation Authority

Statement of Policy: The PRA's approach to identifying other systemically important institutions (O-SIIs)

November 29, 2022

The Bank of England Prudential Regulation Authority released a policy statement entitled, "The PRA's approach to identifying other systemically important institutions (O-SIIs)." Alongside this statement, the PRA also released the 2022 list of UK firms designated as O-SIIs and a policy statement outlining the amendments to the PRA's approach.

PRA statement on freezing O-SII buffer rates

November 29, 2022

The Bank of England Prudential Regulation Authority released a statement confirming its decision to maintain firms' Other Systemically Important Institutions (O-SII) buffer rates for 2022.

2022 list of UK headquartered global systemically important institutions (G-SII)

November 29, 2022

The Bank of England Prudential Regulation Authority disclosed the 2022 list of UK headquartered Global Systemically Important Institutions (G-SIIs).

UK Financial Conduct Authority

Consultation Paper: Regulatory fees and levies: policy proposals for 2023/24

November 29, 2022

The UK Financial Conduct Authority released a consultation paper entitled, "Regulatory fees and levies: policy proposals for 2023/24."

Speech: From Zeroes to Heroes: How culture in financial services can change for everyone's benefit

November 29, 2022

Financial Conduct Authority COO Emily Shepard gave a speech entitled, "From Zeroes to Heroes: How culture in financial services can change for everyone's benefit."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
  • Vice Chairman – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 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 (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.