PH FedACTion: Financial Regulatory Updates
Major Developments
CFPB Proposes Registry to for Nonbanks Subjected to Consumer Protection Orders
December 12, 2022
The Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency or court orders.
Federal Agencies
U.S. Department of the Treasury
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the U.S. Trade and Development Agency (USTDA) at Thirty Breakfast
December 12, 2022
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the U.S. Trade and Development Agency at Thirty breakfast.
Federal Reserve Board
OIG Report: The Board Can Enhance Certain Governance Processes Related to Reviewing and Approving Supervisory Proposals
December 12, 2022
The Federal Reserve Board Office of Inspector General published a report entitled, “The Board Can Enhance Certain Governance Processes Related to Reviewing and Approving Supervisory Proposals.”
OIG Report: The Board Can Enhance the Effectiveness of Certain Aspects of Its Model Risk Management Processes for the SR/HC-SABR and BETR Models
December 12, 2022
The Federal Reserve Board Office of Inspector General published a report entitled, “The Board Can Enhance the Effectiveness of Certain Aspects of Its Model Risk Management Processes for the SR/HC-SABR and BETR Models.”
Federal Reserve Bank of New York
Inflation Expectations Decline Across All Horizons; Income and Labor Market Expectations Strengthen
December 12, 2022
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the November 2022 Survey of Consumer Expectations, which shows that inflation expectations decreased in November at the short, medium, and longer terms.
Office of the Comptroller of the Currency
OCC Reports Third Quarter 2022 Bank Trading Revenue
December 12, 2022
The Office of the Comptroller of the Currency published the Quarterly Report on Bank Trading and Derivatives Activities showing cumulative trading revenue of U.S. commercial banks and savings associations of $12.7 billion in the third quarter of 2022.
International
European Banking Authority
ESAs publish joint advice to the EU Commission on the review of the securitisation prudential framework
December 12, 2022
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a joint advice in response to the European Commission’s October 2021 call for advice on the review of the securitisation prudential framework.
EBA issues revised list of ITS validation rules
December 12, 2022
The European Banking Authority issued a revised list of validation rules for its reporting standards, highlighting those which have been deactivated either for incorrectness or for triggering IT problems.
UK Financial Conduct Authority
Research: Understanding approaches to D&I in financial services
December 12, 2022
The UK Financial Conduct Authority published research entitled, “Understanding approaches to D&I in financial services.”
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
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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