PH FedACTion: Financial Regulatory Updates

Federal Agencies

Federal Reserve Board Federal Deposit Insurance Corporation

Agencies announce results of resolution plan review for largest and most complex domestic banks

November 23, 2022

The Federal Reserve Board and the Federal Deposit Insurance Corporation announced the results of their joint review of the resolution plans—also known as living wills—that the eight largest and most complex domestic banking organizations submitted in 2021.

Federal Reserve Board

Paper: How Large is the Output Cost of Disinflation?

November 23, 2022

The Federal Reserve Board published a paper entitled, "How Large is the Output Cost of Disinflation?"

Minutes of the Federal Open Market Committee, November 1-2, 2022

November 23, 2022

The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on November 1–2, 2022.

Securities and Exchange Commission

SEC Publishes FY22-26 Strategic Plan

November 23, 2022

The Securities and Exchange Commission published its strategic plan for FY 2022-2026.

Federal Housing Finance Agency

Blog: How Similar Are Appraisal Values and House Prices?

November 23, 2022

The Federal Housing Finance Agency published a blog post entitled, "How Similar Are Appraisal Values and House Prices?"

U.S. Department of Education

Education Extends Student Loan Repayment Pause

November 22, 2022

The U.S. Department of Education announced an extension of the pause on student loan repayment, interest, and collections.

International

Bank of England

Market Notice: Unwind of financial stability gilt purchases

November 23, 2022

The Bank of England issued a market notice entitled, "Unwind of financial stability gilt purchases."

Speech: Monetary policy and central bank asset purchases: Substitutes and complements

November 23, 2022

Bank of England Chief Economist Huw Pill gave a speech entitled, "Monetary policy and central bank asset purchases: Substitutes and complements."

UK Financial Conduct Authority

Further consultation and announcements on the wind-down of LIBOR

November 23, 2022

The UK Financial Conduct Authority released a further consultation and announcements on the wind-down of LIBOR.

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.