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Daily Financial Regulation Update — Saturday, December 3, 2022

PH FedACTion: Financial Regulatory Updates

Major Developments

Federal Reserve Board invites public comment on proposed principles providing a high-level framework for the safe and sound management of exposures to climate-related financial risks for large banking organizations

December 2, 2022

The Federal Reserve Board invited public comment on proposed principles providing a high-level framework for the safe and sound management of exposures to climate-related financial risks for large banking organizations.

Federal Agencies

Federal Reserve Board

Federal Reserve Board finalizes clarifying and technical updates to its policy governing the provision of intraday credit to healthy depository institutions with accounts at the Federal Reserve Banks

December 2, 2022

The Federal Reserve Board finalized clarifying and technical updates to its policy governing the provision of intraday credit to healthy depository institutions with accounts at the Federal Reserve Banks.

Federal Reserve Bank of New York

Report: Banks’ Balance-Sheet Costs, Monetary Policy, and the ON RRP

December 2, 2022

The Federal Reserve Bank of New York published a staff report entitled, “Banks’ Balance-Sheet Costs, Monetary Policy, and the ON RRP.”

Blog: Does Bank Monitoring Affect Loan Repayment?

December 2, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Does Bank Monitoring Affect Loan Repayment?”

Blog: The Evolving Workplace and its Influence on Organizational Culture

December 2, 2022

The Federal Reserve Bank of New York published a Teller Window blog post entitled, “The Evolving Workplace and its Influence on Organizational Culture.”

U.S. Department of Labor

BLS Releases November 2022 Jobs Report

December 2, 2022

The U.S. Department of Labor Bureau of Labor Statistics released the jobs report for November 2022.

International

European Commission

Commission proposes to criminalize the violation of EU sanctions regarding Russian Aggression againt Ukraine

December 2, 2022

The European Commission is today putting forward a proposal to harmonize criminal offences and penalties for the violation of EU restrictive measures addressing Russian aggression against Ukraine

Bank of England

Statistics: External business of Monetary Financial Institutions operating in the UK – 2022 Q3

December 2, 2022

The Bank of England released the statistics on external business of monetary financial institutions operating in the UK in Q3 2022.

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

  • 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)

Financial Crimes Enforcement Network

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.

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