Daily Financial Regulation Update — Saturday, November 5, 2022

PH FedACTion: Financial Regulatory Updates

Congress

U.S. House of Representatives

Federal Agencies

U.S. Department of the Treasury

Deputy Secretary of the Treasury Wally Adeyemo Chairs Meeting with Financial and Banking Infrastructure Committee

November 4, 2022

U.S. Deputy Secretary of the Treasury Wally Adeyemo chaired a meeting with members of the Financial and Banking Information Infrastructure Committee to discuss the group’s collective and individual cybersecurity efforts.

Blog: Racial Differences in Economic Security: Housing

November 4, 2022

The U.S. Department of Treasury published a blog post entitled, “Racial Differences in Economic Security: Housing.”

Federal Reserve Board

Financial Stability Report – November 2022

November 4, 2022

The Federal Reserve Board released the November 2022 Financial Stability Report.

Federal Reserve Board invites public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve accounts and payment services

November 4, 2022

The Federal Reserve Board invited public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve master accounts and payment services. The proposal would result in a transparent and accessible source of this information for the public.

Paper: These Caps Spilleth Over: Equilibrium Effects of Unemployment Insurance

November 4, 2022

The Federal Reserve Board published a paper entitled, “These Caps Spilleth Over: Equilibrium Effects of Unemployment Insurance.”

Paper: Do Sustainable Investment Strategies Hedge Climate Change Risks? Evidence from Germany’s Carbon Tax

November 4, 2022

The Federal Reserve Board published a paper entitled, “Do Sustainable Investment Strategies Hedge Climate Change Risks? Evidence from Germany’s Carbon Tax.”

Paper: The Welfare Effects of Bank Liquidity and Capital Requirements

November 4, 2022

The Federal Reserve Board published a paper entitled, “The Welfare Effects of Bank Liquidity and Capital Requirements.”

Paper: Demand Segmentation in the Federal Funds Market

November 4, 2022

The Federal Reserve Board published a paper entitled, “Demand Segmentation in the Federal Funds Market.”

Federal Reserve Bank of New York

New York Fed Announces Phase I Results of the New York Innovation Center’s Project Cedar

November 4, 2022

The Federal Reserve Bank of New York today issued a report on the Phase I results of Project Cedar, the inaugural project of its New York Innovation Center.

Report: Should Mothers Work? How Perceptions of the Social Norm Affect Individual Attitudes Toward Work in the U.S.

November 4, 2022

The Federal Reserve Bank of New York published a staff report entitled, “Should Mothers Work? How Perceptions of the Social Norm Affect Individual Attitudes Toward Work in the U.S.”

Speech: Advances in Digital Currency Experimentation

November 4, 2022

Federal Reserve Bank of New York Executive Vice President and Head of Markets Michelle Neal gave a speech entitled, “Advances in Digital Currency Experimentation.”

Federal Reserve Bank of Boston

Speech: Perspectives on the Economy and Monetary Policy

November 4, 2022

Federal Reserve Bank of Boston President Susan M. Collins gave a speech entitled, “Perspectives on the Economy and Monetary Policy.”

Financial Stability Oversight Council

FSOC Convenes Meeting

November 4, 2022

The Financial Stability Oversight Council convened a meeting on November 4, 2022.

National Credit Union Administration

NCUA Vice Chairman Hosts “Blockchain Helping Main Street” Panel at DEI & ACCESS Summit

November 4, 2022

At the National Credit Union Administration’s 2022 DEI & ACCESS Summit, Vice Chairman Kyle S. Hauptman hosted a panel that explored how blockchain technologies can benefit underserved and unserved consumers.

U.S. Department of Labor

BLS Releases October 2022 Jobs Report.

November 4, 2022

The U.S. Department of Labor Bureau of Labor Statistics released the employment situation report for October 2022.

International

European Banking Authority

EBA publishes methodology and draft templates for the 2023 EU-wide stress test

November 4, 2022

The European Banking Authority published the final methodology, draft templates and template guidance for the 2023 EU-wide stress test along with the milestone dates for the exercise.

Bank of England

Market Participants Survey results – November 2022

November 4, 2022

The Bank of England released the Market Participants Survey results for November 2022.

Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility – November 2022

November 4, 2022

The Bank of England published an exchange of letters between the Governor and the Chancellor on the asset purchase facility.

Speech: Thirteen days in October: how central bank balance sheets can support monetary and financial stability

November 4, 2022

Bank of England Executive Director for Markets Andrew Hauser gave a speech entitled, “Thirteen days in October: how central bank balance sheets can support monetary and financial stability.”

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

• Chair – Vacant (Martin Gruenberg serves as Acting Chair)
• 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

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.