Major Developments
New York State Department of Financial Services
DFS Releases Virtual Currency Guidance for Banking Organizations
December 15, 2022
The New York State Department of Financial Services released Guidance to banking organizations regulated by the NYDFS that wish to engage in virtual currency-related activities.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: The Consumer Financial Protection Bureau's Semi-Annual Report to Congress
December 15, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress."
Senators Introduce Bill to Making CFPB Subject to Congressional Appropriations and a 5-Person Commission in Lieu of a Single Director
December 15, 2022
The CFPB Stability Act has been introduced to make the Consumer Financial Protection Bureau (CFPB) accountable to Congress by making it subject appropriations and managed by a bi-partisan commission.
Federal Agencies
U.S. Department of the Treasury
Treasury Further Constrains Russia's Financial Services Sector
December 15, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control is adding 18 entities related to the Russian Federation's financial services sector to the Specially Designated Nationals and Blocked Persons List.
Federal Financial Institutions Examination Council
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Federal Bank Regulatory Agencies Release 2021 Small Business, Small Farm, and Community Development Lending Data
December 15, 2022
The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council, released data on small business, small farm, and community development lending during 2021.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – December 2022
December 15, 2022
The Federal Reserve Bank of New York released the results of the Empire State Manufacturing Survey for December 2022.
Federal Reserve Bank of Boston
Brief: Evictions in New England and the Impact of Public Policy during the COVID-19 Pandemic
December 15, 2022
The Federal Reserve Bank of Boston published a regional brief entitled, "Evictions in New England and the Impact of Public Policy during the COVID-19 Pandemic."
Office of the Comptroller of the Currency
Fair Debt Collection Practices Act: Revised Interagency Examination Procedures and Rescissions
December 15, 2022
The Federal Financial Institutions Examination Council's (FFIEC) Task Force on Consumer Compliance adopted the revised examination procedures for the Fair Debt Collection Practices Act and its implementing regulation, Regulation F. The Office of the Comptroller of the Currency (OCC) is rescinding the "Fair Debt Collection Practices Act" section of the "Other Consumer Protection Laws and Regulations" booklet of the Comptroller's Handbook. OCC examiners will rely on the interagency procedures.
OCC Reports Improvement in Overall Mortgage Performance
December 15, 2022
The Office of the Comptroller of the Currency reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2022.
Securities and Exchange Commission
2022 Annual Report on Small Business Capital Raising
December 15, 2022
The Securities and Exchange Commission Office of the Advocate for Small Business Capital Formation delivered the 2022 Annual Report on Small Business Capital Raising to Congress and the Commission.
Statements on Adopted Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures
December 14, 2022
Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements regarding the adopted amendments to modernize rule 10b5-1 insider trading plans and related disclosures.
SEC Proposes Regulation Best Execution
December 14, 2022
The Securities and Exchange Commission proposed Regulation Best Execution, which would establish through Commission rules a best execution regulatory framework for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers.
Statements on Proposed Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders
December 14, 2022
Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements related to the proposed rules to amend minimum pricing increments and access fee caps and to enhance the transparency of better priced orders.
Statements on Proposed Amendments to Enhance Disclosure of Order Execution Information
December 14, 2022
Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements on the proposed amendments to enhance disclosure of order execution information.
Statements on Proposed Rule to Enhance Competition for Individual Investor Order Execution
December 14, 2022
Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements on the proposed rule to enhance competition for individual investor order execution.
FINRA
New FINRA Foundation Research Examines Changing Investor Demographics, Preferences and Attitudes
December 15, 2022
The FINRA Foundation published a study entitled, "Investors in the United States: The Changing Landscape."
National Credit Union Administration
Board Approves NCUA 2023–2024 Budget; Issues Proposed Rule on Financial Innovation
December 15, 2022
The National Credit Union Administration Board held its eleventh open meeting — and fourth in person — and final of 2022 and approved two items:
- The agency budget for 2023 and 2024; and
- A proposed rule on financial innovation that would amend the NCUA's regulations on eligible obligations and loan participations.
The NCUA Board also received a staff briefing on the National Credit Union Share Insurance Fund's normal operating level for 2023.
U.S. Department of Housing and Urban Development/Federal Housing Administration
FHA Announces New Assistance Option to Help Senior Homeowners with Reverse Mortgages Impacted by COVID-19
December 15, 2022
The Federal Housing Administration is announcing new flexibilities to help senior homeowners with FHA-insured Home Equity Conversion Mortgages (HECMs) who are behind on required property charge payments due to effects of the COVID-19 pandemic.
Federal Housing Finance Agency
FHFA Publishes 2022 Third-Quarter Uniform Appraisal Dataset (UAD) Aggregate Statistics
December 15, 2022
The Federal Housing Finance Agency published its 2022 third-quarter data for the Uniform Appraisal Data (UAD) Aggregate Statistics Data File.
Freddie Mac
AIMI: Freddie Mac Multifamily Apartment Investment Market Index Declines Again in Third Quarter
December 15, 2022
The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) saw a quarterly decline of 5.4% in the third quarter of 2022, with the index down 23.5% year over year.
PMMS: Mortgage Rates Continue their Downward Trajectory
December 15, 2022
Freddie Mac released the results of its Primary Mortgage Market Survey®, showing the 30-year fixed-rate mortgage (FRM) averaged 6.31 percent.
Bank Policy Institute
BPI and TCH Support Global Blueprint for Digital-Asset Oversight
December 15, 2022
The Bank Policy Institute (BPI) and The Clearing House commented today on two Financial Stability Board consultative reports outlining approaches for the oversight and regulation of digital assets and global stablecoin arrangements, respectively.
State Agencies
International
Bank of England
Monetary Policy Committee: Bank Rate increased to 3.5% - December 2022
December 15, 2022
The Bank of England released the summary and minutes of the Monetary Policy Committee meeting held December 14, 2022.
Decision Maker Panel survey - 2022 Q4
December 15, 2022
The Bank of England released the latest results from the Decision Maker Panel survey for Q4 2022.
Agents' summary of business conditions - 2022 Q4
December 15, 2022
The Bank of England published a summary of reports compiled by twelve regional agents following discussions with at least 700 businesses across the UK in Q4 2022.
Exchange of letters between the Governor and the Chancellor regarding CPI Inflation - December 2022
December 15, 2022
If inflation moves away from the target by more than 1 percentage point in either direction, the Governor is required to send an open letter to the Chancellor explaining why inflation has moved away from target and what action the Bank is taking to bring inflation back to target.
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
Policy Statement: Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251
December 15, 2022
The Bank of England Prudential Regulation Authority and UK Financial Conduct Authority published a joint policy statement entitled, "Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251."
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
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- 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)
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
- Lori H. Price Named Director of Office of Credit Ratings (August 12, 2022)
- SEC Names Jason J. Burt as Regional Director of the Denver Office (October 24, 2022)
- SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role (November 7, 2022)
- Keith E. Cassidy and Natasha Vij Greiner Appointed Deputy Directors of Division of Examinations (November 7, 2022)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
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.
