Daily Financial Regulation Update — Tuesday, November 22, 2022

PH FedACTion: Financial Regulatory Updates

Federal Agencies

Federal Reserve Bank of New York

Survey: Credit Cards Defy Slowdown in Broader Credit Demand and Access

November 21, 2022

The Federal Reserve Bank of New York’s Center for Microeconomic Data today released results from its latest Survey of Consumer Expectations Credit Access Survey, which provides information on consumers’ experiences with, and expectations about, credit demand and credit access.

Blog: How Do Deposit Rates Respond to Monetary Policy?

November 21, 2022

The Federal Reserve Bank of New York published a blog post entitled, “How Do Deposit Rates Respond to Monetary Policy?”

Federal Deposit Insurance Corporation

National Rates and Rate Caps – November 2022

November 21, 2022

The Federal Deposit Insurance Corporation released the monthly national rates and rate caps as of November 2022.

Securities and Exchange Commission

Remarks at Securities Enforcement Forum

November 21, 2022

Securities and Exchange Commission Division of Enforcement Director Gurbir S. Grewal gave remarks at the Securities Enforcement Forum.

Fannie Mae

Commentary: Economy Still Expected to Enter (and Exit) Modest Recession in 2023

November 21, 2022

The Fannie Mae Economic and Strategic Research Group released there November 2022 commentary predicting that after rebounding at a 2.6 percent annualized rate in Q3 2022 on the strength of net exports, real gross domestic product (GDP) is projected to turn negative again in the fourth quarter as the temporary boost from international trade moderates.

International

Bank of England

Speech: Reflections on DeFi, digital currencies and regulation

November 21, 2022

Bank of England Deputy Governor John Cunliffe gave a speech entitled, “Reflections on DeFi, digital currencies and regulation.”

UK Financial Conduct Authority

FCA concerned about problem behaviors linked to trading app design

November 21, 2022

The UK Financial Conduct Authority (FCA) issued a warning to stock trading app operators to review design features, including those with game-like elements, which risk prompting consumers to take actions against their own interest. Alongside its warning to app-operators, the FCA has published research that raises concerns that customers using such trading apps are exposed to high-risk investments, and that some appear to exhibit behaviors similar to problem-gambling.

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.