Blog: Daily Financial Regulation Update — Friday, November 18, 2022 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Paper: Sentiment in Bank Examination Reports and Bank Outcomes

November 17, 2022

The Federal Reserve Board published a paper entitled, “Sentiment in Bank Examination Reports and Bank Outcomes.”

Paper: The Macroeconomic Implications of CBDC: A Review of the Literature

November 17, 2022

The Federal Reserve Board published a paper entitled, “The Macroeconomic Implications of CBDC: A Review of the Literature.”

Speech: Opportunity and Inclusive Economic Growth

November 17, 2022

Federal Reserve Board Governor Phillip N. Jefferson gave a speech entitled, “Opportunity and Inclusive Economic Growth.”

Speech: Financial Education

November 17, 2022

Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Financial Education.”

Federal Reserve Bank of New York

Remarks at the Global Research Forum on International Macroeconomics and Finance

November 17, 2022

Beverly Hirtle, Director of Research and Head of the Research and Statistics Group for the Federal Reserve Bank of New York, gave remarks at the Global Research Forum on International Macroeconomics and Finance.

Conference of State Bank Supervisors

CSBS Data Analytics Competition: High Interest Rates Impact on Banks

November 17, 2022

The Conference of State Bank Supervisors has opened the 2023 Data Analytics Competition for applications.

Office of the Comptroller of the Currency

Acting Comptroller Emphasizes Caution with Crypto

November 17, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed the continued risks of crypto to consumers during remarks before the U.S. Department of the Treasury’s Financial Literacy Education Commission. In his remarks, the Acting Comptroller emphasized the Office of the Comptroller of the Currency’s careful and cautious approach to crypto that has helped mitigate the risk of contagion to the banking system.

Securities and Exchange Commission

Investor Alert: Identity Theft, Data Breaches and Your Investment Accounts

November 17, 2022

The Securities and Exchange Commission released and Investor Alert entitled, “Identity Theft, Data Breaches and Your Investment Accounts.”

Speech: Digital Assets: Putting Investors First

November 17, 2022

Commissioner Jamie Lizarraga of the Securities and Exchange Commission gave a speech entitled, “Digital Assets: Putting Investors First.”

Remarks at the 2022 Cato Summit on Financial Regulation

November 17, 2022

Commissioner Mark Uyeda of the Securities and Exchange Commission gave remarks at the 2022 Cato Summit on Financial Regulation.

Remarks: There’s a Fund for That

November 17, 2022

Commissioner Hester M. Peirce of the Securities and Exchange Commission gave remarks before FINRA’s Certified Regulatory and Compliance Professional Dinner entitled, “There’s a Fund for That.”

Commodity Futures Trading Commission

Keynote of Chairman Rostin Behnam at the 2022 U.S. Treasury Market Conference

November 17, 2022

Commodity Futures Trading Commission Chair Rostin Behnam gave a keynote speech at the 2022 U.S. Treasury Market Conference.

Consumer Financial Protection Bureau

Blog: Enhancing public data on auto lending

November 17, 2022

The Consumer Financial Protection Bureau published a blog post entitled, “Enhancing public data on auto lending.”

FINRA

Regulatory Notice: Heightened Threat of Fraud

November 17, 2022

FINRA released a regulatory notice alerting members to an emerging threat to customers and members, where FINRA, NASDAQ and NYSE have observed initial public offerings for certain small capitalization issuers listed on U.S. stock exchanges that may be the subject of pump-and-dump-like schemes.

National Credit Union Administration

Share Insurance Fund Reports Strong Performance in the Third Quarter

November 17, 2022

The National Credit Union Administration Board held its tenth open meeting of 2022, during which the NCUA’s Chief Financial Officer briefed the NCUA Board on the performance of the National Credit Union Share Insurance Fund for the quarter ending on September 30, 2022.

Federal Housing Finance Agency

Blog: What Do the UAD Aggregate Statistics Reveal About Home Sizes During the Pandemic?

November 17, 2022

The Federal Housing Finance Agency published a blog post entitled, “What Do the UAD Aggregate Statistics Reveal About Home Sizes During the Pandemic?”

International

Bank of England

Letter: Remit and recommendations for the Financial Policy Committee – November 2022

November 17, 2022

Chancellor of the Exchequer Jeremy Hunt sent the November 2022 letter to Bank of England Governor Andrew Bailey regarding remit and recommendations for the Financial Policy Committee.

Letter: Remit for the Monetary Policy Committee – November 2022

November 17, 2022

Chancellor of the Exchequer Jeremy Hunt sent the November 2022 letter to Bank of England Governor Andrew Bailey regarding remit for the Monetary Policy Committee.

Bank of England Prudential Regulation Authority

Feedback Statement: Potential Reforms to Risk Margin and Matching Adjustment within Solvency II

November 17, 2022

The Bank of England Prudential Regulation Authority published a feedback statement entitled, “Potential Reforms to Risk Margin and Matching Adjustment within Solvency II.”

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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