PH FedACTion: Financial Regulatory Updates
Federal Agencies
U.S. Department of the Treasury
Treasury Targets Russian-Backed Corruption in Guatemala Mining Sector
November 18, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned one Russian national, Dmitry Kudryakov, and one Belarusian national, Iryna Litviniuk, for their role in exploiting the Guatemalan mining sector, as well as three associated entities connected with their corruption schemes.
Remarks by Assistant Secretary Elizabeth Rosenberg at the Crypto Council for Innovation
November 18, 2022
Assistant Secretary Elizabeth Rosenberg gave remarks at the Crypto Council for Innovation regarding the Treasury's report to Mitigate Illicit Finance Risks of Digital Assets.
Counter ISIS Finance Group Leaders Joint Statement
November 18, 2022
The Counter ISIS Finance Group leaders issued a joint statement following the Group's seventh meeting held November 8 and 9.
Deputy Secretary Adeyemo Convenes Roundtable Discussion on Ensuring a More Equitable, Accessible IRS
November 17, 2022
U.S. Deputy Secretary of the Treasury Wally Adeyemo continued a series of roundtable discussions with key stakeholders to gather insight on IRS modernization efforts that will improve accessibility and service equity as part of implementing the Inflation Reduction Act.
Federal Reserve Bank of New York
Report: How Abundant Are Reserves? Evidence from the Wholesale Payment System
November 18, 2022
The Federal Reserve Bank of New York published a staff report entitled, "How Abundant Are Reserves? Evidence from the Wholesale Payment System."
Semiannual Excess Equity Returned by the Municipal Liquidity Facility and Term Asset-Backed Securities Loan Facility
November 18, 2022
The Municipal Liquidity Facility (MLF) and the Term Asset-Backed Securities Loan Facility (TALF) returned to the U.S. Department of the Treasury their next planned interim distributions of preferred equity funds previously invested by Treasury in those facilities. The MLF returned $24.15 million to Treasury and TALF returned $130.32 million to Treasury, reducing Treasury's remaining cash invested in those facilities to $2.87 billion and $1.04 billion, respectively.
Federal Reserve Bank of Boston
Speech: Parsing the Pandemic's Effects on Labor Markets
November 18, 2022
The Federal Reserve Bank of Boston President Susan M. Collins gave a speech entitled, "Parsing the Pandemic's Effects on Labor Markets."
Commodity Futures Trading Commission
Speech: The Finish Line is in Sight
November 17, 2022
Commodity Futures Trading Commission Chair Rostin Behnam gave a keynote address at Bloomberg's The Final Chapter for USD LIBOR event entitled, "The Finish Line is in Sight."
Consumer Financial Protection Bureau
Blog: Using CFPB complaint data to help cities and counties protect the public
November 18, 2022
The Consumer Financial Protection Bureau published blog post entitled, "Using CFPB complaint data to help cities and counties protect the public."
Federal Housing Finance Agency
Paper: Effects of Mortgage Interest Rates on House Price Appreciation: The Role of Payment Constraints
November 17, 2022
The Federal Housing Finance Agency published a working paper entitled, "Effects of Mortgage Interest Rates on House Price Appreciation: The Role of Payment Constraints"
Freddie Mac
Freddie Mac Reports Impact of Its Single-Family Green Mortgage-Backed Securities Issuance
November 18, 2022
Freddie Mac released its Green MBS Impact Report for 2021, providing transparency under the enterprise's Single-Family Green Bond Framework.
Bank Policy Institute
New Industry Whitepaper Advances Debate on the Future of Money
November 18, 2022
The Bank Policy Institute highlighted the release of a new whitepaper aimed at advancing the policy debate regarding the future of money. The paper, published by a group of payments industry participants, outlines a distributed ledger technology solution called the Regulated Liability Network (RLN). The RLN presents one potential avenue for upgrading sovereign currency systems with shared ledger technology.
International
Bank of England
SIMEX 22 – A two-day market wide simulation exercise to test the UK financial sector's resilience to a major operational disruption
November 18, 2022
The Bank of England, in partnership with the financial sector and the UK financial authorities (HM Treasury and Financial Conduct Authority), has undertaken a two-day UK market wide simulation exercise, SIMEX 22.
Paper: Interbank network and banks' credit supply
November 18, 2022
The Bank of England published a staff working paper entitled, "Interbank network and banks' credit supply."
Paper: The impact of changes in bank capital requirements
November 18, 2022
The Bank of England published a work paper entitled, "The impact of changes in bank capital requirements."
Paper: Stress relief? Funding structures and resilience to the Covid Shock
November 18, 2022
The Bank of England published a staff working paper entitled, "Stress relief? Funding structures and resilience to the Covid Shock."
Minutes of Bank of England call with GEMMs on Bank's approach to unwinding the portfolio of gilts purchased recently in line with its financial stability objective – 15 November 2022
November 18, 2022
The Bank of England released the minutes of its November 25 call with Gilt-edged Market Makers on the Bank's approach to unwinding the portfolio of gilts purchased recently in line with its financial stability objective.
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.
