Daily Financial Regulation Update -- Friday, December 23, 2022

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Federal Agencies

Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363: Extension of Revised Interagency Statement

December 22, 2022

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation today issued a revised interagency statement to extend the "Extension of the Revised Statement Regarding Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations."

Federal Reserve Board

Senior Credit Officer Opinion Survey on Dealer Financing Terms

December 22, 2022

The Federal Reserve Board released the December 2022 results of the Senior Credit Officer Opinion Survey on Financing Terms.

Paper: A North-South Model of Structural Change and Growth

December 22, 2022

The Federal Reserve Board published a paper entitled, "A North-South Model of Structural Change and Growth."

Paper: Understanding the Strength of the Dollar

December 22, 2022

The Federal Reserve Board published a paper entitled, "Understanding the Strength of the Dollar."

Federal Reserve Bank of New York

Blog: Supply Chains, Student Debt, and Stablecoins—The Top 5 Liberty Street Economics Posts of 2022

December 22, 2022

The Federal Reserve Bank of New York published a blog post entitled, "Supply Chains, Student Debt, and Stablecoins—The Top 5 Liberty Street Economics Posts of 2022."

Federal Reserve Bank of Boston

Boston Fed, MIT complete research project into feasibility of a central bank digital currency

December 22, 2022

A joint research effort between the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology into the technical feasibility of a potential central bank digital currency is now complete.

Federal Deposit Insurance Corporation

Consolidated Reports of Condition and Income for Fourth Quarter 2022

December 22, 2022

The Federal Deposit Insurance Corporation released the Consolidated Reports of Condition and Income for the fourth quarter 2022.

National Credit Union Administration

Statement by Chairman Harper on CDRLF Funding, CLF, and Vendor Authority

December 22, 2022

National Credit Union Administration Chairman Todd M. Harper released a statement on funding for the NCUA's Community Development Revolving Loan Fund grants, the Central Liquidity Facility agent-member provision, and vendor authority.

Federal Housing Finance Agency

Advisory Bulletin: Model Risk Management Guidance

December 22, 2022

The Federal Housing Finance Agency issued an advisory bulletin entitled, "Model Risk Management Guidance."

Fannie Mae

Fannie Mae Announces Replacement Rates for Legacy LIBOR Products

December 22, 2022

Fannie Mae announced the replacement indices for the legacy LIBOR loans and securities for which Fannie Mae is responsible for selecting the replacement index.

Paper: Mortgages are still confusing… and it matters – How borrower attributes and mortgage shopping behavior impact costs

December 22, 2022

Fannie Mae published a paper entitled, "Mortgages are still confusing… and it matters – How borrower attributes and mortgage shopping behavior impact costs."

Freddie Mac

Freddie Mac Announces Replacement Rates for its Legacy LIBOR Contracts

December 22, 2022

Freddie Mac announced that it will transition its legacy U.S. dollar LIBOR-indexed contracts to an index based on the Secured Overnight Financing Rate for loans and securities for which Freddie Mac is responsible for selecting the replacement index.

International

European Banking Authority

ESAs publish list of financial conglomerates for 2022

December 22, 2022

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published the list of identified financial conglomerates for 2022.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg Senate confirmed December 19, 2022
  • Vice Chairman – Travis Hill Senate confirmed December 19, 2022
  • Member – Jonathan McKernan Senate confirmed December 19, 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)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (confirmed December 19, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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