Daily Financial Regulation Update — Thursday, November 10, 2022

PH FedACTion: Financial Regulatory Updates

Federal Agencies

Federal Reserve Bank of New York

Blog: A Closer Look at Chinese Overseas Lending

November 9, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “A Closer Look at Chinese Overseas Lending.”

Speech: A Steady Anchor in a Stormy Sea

November 9, 2022

Federal Reserve Bank of New York President and Chief Executive Officer John C. Williams gave a speech entitled, “A Steady Anchor in a Stormy Sea.”

Securities and Exchange Commission

Investor Alert: Investment Adviser Advertisements

November 8, 2022

The Securities and Exchange Commission released an Investor Alert entitled, “Investment Adviser Advertisements.”

Commodity Futures Trading Commission

CFTC Staff Extends No-Action Position for Certain Types of Package Transactions from the Trade Execution Requirement for Swaps

November 9, 2022

The Commodity Futures Trading Commission’s Division of Market Oversight extended its no-action position for swaps executed as part of a package transaction in the categories described below.

Consumer Financial Protection Bureau

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, at the FDIC Systemic Resolution Advisory Committee

November 9, 2022

Consumer Financial Protection Bureau Director Rohit Chopra gave a statement at the Federal Deposit Insurance Corporation Systemic Resolution Advisory Committee.

National Credit Union Administration

NCUA Board Member Rodney E. Hood Remarks at the VentureTech Fintech Showcase for Credit Unions

November 9, 2022

National Credit Union Administration Board Member Rodney E. Hood gave remarks at the VentureTech Fintech Showcase for Credit Unions.

State Agencies

New York State Department of Financial Services

DFS Announces Updated Cybersecurity Regulation

November 9, 2022

The New York State Department of Financial Services proposed an notice of proposed rulemaking addressing Part 500, its cybersecurity regulation.

International

European Commission

Commission Adopts Orientations to Reform EU Economic Governance

November 9, 2022

The European Commission has adopted a Communication setting out orientations for a reformed EU economic governance framework.

European Banking Authority

EBA reasserts its commitment to contribute to a more resilient and sustainable financial system

November 9, 2022

The European Banking Authority published its environmental statement in the context of the 2022 United Nations Climate Change Conference (COP27).

UK Financial Conduct Authority

Defined benefit pension redress calculations

November 9, 2022

The UK Financial Conduct Authority released a statement on defined benefit pension redress calculations.

Speech: AI: Moving from fear to trust

November 9, 2022

UK Financial Conduct Authority Chief Data, Information and Intelligence Officer Jessica Rusu gave a speech entitled, “AI: Moving from fear to trust.”

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.