Major Developments
Financial Stability Oversight Council
Financial Stability Oversight Council Releases Report on Digital Asset Financial Stability Risks and Regulation
October 3, 2022
The Financial Stability Oversight Council held a meeting on October 3, 2022 where it unanimously approved its Report on Digital Asset Financial Stability Risks and Regulation.
Federal Agencies
U.S. Department of the Treasury
Treasury Hosts Discussion with Banks on Enhancing the Impact of Net-Zero Finance Commitments
September 30, 2022
Last Friday, the U.S. Department of the Treasury hosted a discussion with banks engaged in work on net-zero commitments.
Federal Reserve Board
Federal Reserve Board finalizes updates to the Board's rule concerning debit card transactions under the Durbin Amendment
October 3, 2022
The Federal Reserve Board finalized updates to the Board's rule concerning debit card transactions.
Paper: Effects of Monetary Policy on Household Expectations: The Role of Homeownership
October 3, 2022
The Federal Reserve Board published a paper entitled, "Effects of Monetary Policy on Household Expectations: The Role of Homeownership."
Paper: Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies
October 3, 2022
The Federal Reserve Board published a paper entitled, "Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies."
OIG Report: 2022 Audit of the Board's Information Security Program
October 3, 2022
The Federal Reserve Board Office of Inspector General released a report entitled, "2022 Audit of the Board's Information Security Program."
Federal Reserve Bank of New York
New York Fed Names Richard Ostrander as General Counsel and Head of the Legal Group
October 3, 2022
The Federal Reserve Bank of New York announced that Richard Ostrander has been named General Counsel and Head of the Legal Group.
Speech: A Bedrock Commitment to Price Stability
October 3, 2022
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks at the 2022 U.S. Hispanic Chamber of Commerce National Conference entitled, "A Bedrock Commitment to Price Stability."
Federal Deposit Insurance Corporation
Remarks by FDIC Acting Chairman Martin J. Gruenberg at the American Bankers Association Annual Convention October 3, 2022
Federal Deposit Insurance Corporation Acting Chair Martin J. Gruenberg gave remarks on climate change at the American Bankers Association Annual Convention "The Financial Risks of Climate Change."
Commodity Futures Trading Commission
Remarks by Commissioner Caroline D. Pham to the National Conference of Vietnamese American Attorneys
October 3, 2022
Commodity Futures Trading Commission Commissioner Carline D. Pham gave remarks to the National Conference of Vietnamese American Attorneys.
Consumer Financial Protection Bureau
OIG Report: 2022 Audit of the CFPB's Information Security Program
October 3, 2022
The Consumer Financial Protection Bureau Office of Inspector General released a report entitled, "2022 Audit of the CFPB's Information Security Program."
OIG Report: The CFPB Is Generally Prepared to Implement the OPEN Government Data Act and Can Take Additional Steps to Further Align With Related Requirements
October 3, 2022
The Consumer Financial Protection Bureau Office of Inspector General released a report entitled, "The CFPB Is Generally Prepared to Implement the OPEN Government Data Act and Can Take Additional Steps to Further Align With Related Requirements."
Financial Stability Oversight Council
Financial Stability Oversight Council Meeting – October 2022
October 3, 2022
The Financial Stability Oversight Council held a meeting on October 3, 2022.
Financial Stability Oversight Council Establishes New Climate-related Financial Risk Advisory Committee
October 3, 2022
The Financial Stability Oversight Council established the Climate-related Financial Risk Advisory Committee and named the initial slate of committee members.
U.S. Small Business Administration
OIG Report: SBA's Guaranty Purchases for Paycheck Protection Program Loans
October 3, 2022
The U.S. Small Business Administration Office of Inspector General released a report entitled, "SBA's Guaranty Purchases for Paycheck Protection Program Loans."
Freddie Mac
Freddie Mac Publishes 2021 Sustainability Accounting Standards Board Report
October 3, 2022
Freddie Mac today published its annual sustainability disclosure in accordance with standards issued by the Sustainability Accounting Standards Board
Bank Policy Institute
BPI supports calls for CFPB to regulate data aggregators, ensure sensitive customer data remains private and secure
October 3, 2022
The Bank Policy Institute expressed support for a petition to the Consumer Financial Protection Bureau (CFPB) calling on the CFPB to exercise its authority to supervise and examine data aggregators.
State Agencies
New York State Department of Financial Services
Superintendent Adrienne A. Harris Relaunches Consumer Protection Advisory Council with Expanded Membership
October 3, 2022
Superintendent Adrienne A. Harris announced the relaunch of the New York State Department of Financial Services Consumer Protection Advisory Council.
International
European Commission
Competition: Commission adopts a more flexible antitrust Informal Guidance Notice; withdraws Antitrust COVID Temporary Framework
October 3, 2022
The European Commission has today adopted a revised Informal Guidance Notice that allows businesses to seek informal guidance on the application of EU competition rules to novel or unresolved questions.
European Banking Authority
EBA assesses the market share of non-EU entities in the EU banking system and the dependency of EU banks on funding in foreign currencies
October 3, 2022
The European Banking Authority published a report on the reliance of the EU financial sector on counterparties, operators and financing originating from outside the single market.
Bank of England
Market Notice: Gilt Market Operations
October 3, 2022
The Bank of England released a market notice on gilt market operations that supplements the September 28 notice.
Minutes of the Standards Advisory Panel - September 2022
October 3, 2022
The Bank of England released the minutes of the Standards Advisory Panel meeting held on September 1, 2022.
UK Financial Conduct Authority
Consultation Paper: Creation of a baseline financial resilience regulatory return
October 3, 2022
The UK Financial Conduct Authority published a consultation paper entitled, "Creation of a baseline financial resilience regulatory return."
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
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)
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.
