Blog: Daily Financial Regulation Update — Thursday, November 17, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions

November 16, 2022

The U.S House Committee on Financial Services held a hearing entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The witnesses included: The Honorable Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System; The Honorable Todd M. Harper, Chair, National Credit Union Administration; The Honorable Martin J. Gruenberg, Acting Chair, Federal Deposit Insurance Corporation; and Mr. Michael J. Hsu, Acting Comptroller, Office of the Comptroller of the Currency.

Chairwoman Waters, Ranking Member McHenry Announce December Hearing into FTX November 16, 2022

The Chairwoman of the House Financial Services Committee, Congresswoman Maxine Waters (D-CA), and the Ranking Member of the House Financial Services Committee, Congressman Patrick McHenry (R-NC), announced a bipartisan hearing into the collapse of FTX and the broader consequences for the digital asset ecosystem.

Federal Agencies

U.S. Department of the Treasury

Treasury Report Addresses Bank-Fintech-Relationships

November 16, 2022

The U.S. Department of the Treasury, in consultation with the White House Competition Council, has released a report entitled “Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets.” The report finds that, although concentration among federally insured banks is growing, new entrant non-bank firms, in particular “fintech” firms, are adding significantly to the number of firms and business models competing in core consumer finance markets and appear to be contributing to competitive pressure.

Statement by Secretary of the Treasury Janet L. Yellen on Recent Crypto Market Developments

November 16, 2022

Secretary of the Treasury Janet L. Yellen released a statement on the recent crypto market developments.

Treasury International Capital Data for September

November 16, 2022

The U.S. Department of the Treasury today released Treasury International Capital data for September 2022.

Remarks by Under Secretary for Domestic Finance Nellie Liang at the 2022 Treasury Market Conference

November 16, 2022

The Under Secretary for Domestic Finance Nellie Liang gave remarks at the 2022 Treasury Market Conference.

Federal Reserve Board

Speech: The Economic Outlook and a Word of Caution on Inflation

November 16, 2022

The Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, “The Economic Outlook and a Word of Caution on Inflation.”

Federal Reserve Bank of New York

Business Leaders Survey – November 2022

November 16, 2022

The Federal Reserve Bank of New York published the November 2022 Business Leaders Survey and Supplemental Survey results.

Speech: A Jack of All Trades Is a Master of None

November 16, 2022

The Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, “A Jack of All Trades Is a Master of None.”

Securities and Exchange Commission

Speech: The Beatles and the Treasury Market

November 16, 2022

The Securities and Exchange Commission Chair Gary Gensler gave remarks before the U.S. Treasury Market Conference entitled, “The Beatles and the Treasury Market.”

Consumer Financial Protection Bureau

CFPB Supervisory Examinations Find Credit Reporting Failures, Junk Fees, and Mishandling of COVID-19 Protections

November 16, 2022

The Consumer Financial Protection Bureau released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022.

U.S. Small Business Administration

OIG Report: Independent Auditors’ Report on SBA’s Fiscal Year 2022 Financial Statements

November 16, 2022

The U.S. Small Business Administration Office of the Inspector General published a report entitled, “Independent Auditors’ Report on SBA’s Fiscal Year 2022 Financial Statements.”

Federal Housing Finance Agency

FHFA Issues Report on Enterprise Single-Family Guarantee Fees in 2021

November 16, 2022

The Federal Housing Finance Agency issued its annual report on single-family guarantee fees charged by Fannie Mae and Freddie Mac.

Fannie Mae

Fannie Mae Launches New Single-Family Social Disclosures

November 16, 2022

Fannie Mae launched new social disclosures, the Social Criteria Share and the Social Density Score, for its Single-Family mortgage-backed securities.

Freddie Mac

New Survey Shows Gen Z Apprehensive About the Path to Homeownership

November 16, 2022

Freddie Mac released a new survey showing that homeownership continues to be something to strive for among “Generation Z,” the demographic cohort following Millennials.

Research Perspectives: Big Results with a Small Nudge for Renter Credit Building

November 16, 2022

Freddie Mac published a Research Perspectives post entitled, “Big Results with a Small Nudge for Renter Credit Building.”

Bank Policy Institute

Blog: Governance and Authority of the Basel Committee on Banking Supervision

November 16, 2022

The Bank Policy Institute published a blog post entitled, “Governance and Authority of the Basel Committee on Banking Supervision.”

International

European Commission

Digital Services Act: EU’s landmark rules for online platforms enter into force

November 16, 2022

The landmark Digital Services Act (DSA) entered into force on November 16, 2022. The DSA applies to all digital services that connect consumers to goods, services, or content.

UK Financial Conduct Authority

Speech: Rolling regulation forwards

November 16, 2022

The UK Financial Conduct Authority CEO Nikhil Rathi gave a speech entitled, “Rolling regulation forwards.”

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)

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)

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.

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