Blog: Daily Financial Regulation Update — Wednesday, November 23, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Federal Agencies

Federal Reserve Board

Paper: Choices and Implications when Measuring the Local Supply of Prescription Opioids

November 22, 2022

The Federal Reserve Board published a paper entitled, “Choices and Implications when Measuring the Local Supply of Prescription Opioids.”

Federal Reserve Bank of Boston

Boston Fed’s 66th Economic Research Conference examines impacts of COVID-19 on labor markets

November 22, 2022

COVID-19’s uncertain and long-term effects on labor markets – including the impact of the rapid rise of remote work – were the focus of economists who gathered for the Federal Reserve Bank of Boston’s 66th Economic Conference.

Consumer Financial Protection Bureau

Blog: Protecting the right of military families to go to court

November 22, 2022

The Consumer Financial Protection Bureau published a blog post entitled, “Protecting the right of military families to go to court.”

Freddie Mac

Freddie Mac Reports Impact of Its Single-Family Green Mortgage-Backed Securities Issuance

November 22, 2022

Freddie Mac released its Green MBS Impact Report for 2021, providing transparency under the enterprise’s Single-Family Green Bond Framework.

U.S. Department of Labor

US Department of Labor announces final rule to remove barriers to considering environmental, social, governance factors in plan investments

November 22, 2022

The U.S. Department of Labor announced a final rule that allows plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and exercise shareholder rights, such as proxy voting.

Bank Policy Institute

Letter: FDIC’s Proposed Changes to Supervisory Appeals System Fall Short of Progress

November 22, 2022

The Bank Policy Institute, the American Bankers Association, the American Association of Bank Directors, the Consumer Bankers Association, the Independent Community Bankers of America and the Mid-Size Bank Coalition of America sent a letter to the Federal Deposit Insurance Corporation (FDIC) stating that the proposed changes to its new supervisory appeals structure aimed at increasing the FDIC’s independence still require significant overhauls to preserve banks’ due process rights.

International

European Commission

Economic policy coordination: Commission sets out guidance to help tackle the energy crisis and make Europe greener and more digital

November 22, 2022

The European Commission has launched the 2023 European Semester cycle of economic policy coordination.

Commission proposes a new EU instrument to limit excessive gas price spikes

November 22, 2022

The European Commission has continued its response to the ongoing energy crisis by proposing a Market Correction Mechanism to protect EU businesses and households from episodes of excessively high gas prices in the EU.

European Banking Authority

EBA publishes guidelines on remote customer onboarding

November 22, 2022

The European Banking Authority published its final Guidelines on the use of remote customer onboarding solutions.

Bank of England

Asset Purchase Facility Quarterly Report – 2022 Q3

November 22, 2022

The Bank of England released the Asset Purchase Facility Quarterly Report for Q3 2022.

Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility

November 22, 2022

The Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt exchanged letters on the Asset Purchase Facility.

UK Financial Conduct Authority

Code of Conduct for ESG data and ratings providers

November 22, 2022

The UK Financial Conduct Authority announces the formation of a group to develop a Code of Conduct for Environmental Social and Governance data and ratings providers.

Improvements needed to the credit information market to deliver better lending decisions for borrowers

November 22, 2022

The UK Financial Conduct Authority has set out proposals to improve the credit information sector so it can deliver higher quality and more comprehensive information for consumers and firms.

Speech: Diversity and inclusion: Driving change in our industry

November 22, 2022

UK Financial Conduct Authority Executive Director for Consumers and Competition Sheldon Mills gave a speech entitled, “Diversity and inclusion: Driving change in our industry.”

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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