PH FedACTion: Financial Regulatory Updates

Major Developments

New York State Department of Financial Services

DFS Releases Virtual Currency Guidance for Banking Organizations

December 15, 2022

The New York State Department of Financial Services released Guidance to banking organizations regulated by the NYDFS that wish to engage in virtual currency-related activities.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress

December 15, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”

Senators Introduce Bill to Making CFPB Subject to Congressional Appropriations and a 5-Person Commission in Lieu of a Single Director

December 15, 2022

The CFPB Stability Act has been introduced to make the Consumer Financial Protection Bureau (CFPB) accountable to Congress by making it subject appropriations and managed by a bi-partisan commission.

Federal Agencies

U.S. Department of the Treasury

Treasury Further Constrains Russia’s Financial Services Sector

December 15, 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control is adding 18 entities related to the Russian Federation’s financial services sector to the Specially Designated Nationals and Blocked Persons List.

Federal Financial Institutions Examination Council Federal Reserve Board Federal Deposit Insurance Corporation Office of the Comptroller of the Currency

Federal Bank Regulatory Agencies Release 2021 Small Business, Small Farm, and Community Development Lending Data

December 15, 2022

The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council, released data on small business, small farm, and community development lending during 2021.

Federal Reserve Bank of New York

Empire State Manufacturing Survey – December 2022

December 15, 2022

The Federal Reserve Bank of New York released the results of the Empire State Manufacturing Survey for December 2022.

Federal Reserve Bank of Boston

Brief: Evictions in New England and the Impact of Public Policy during the COVID-19 Pandemic

December 15, 2022

The Federal Reserve Bank of Boston published a regional brief entitled, “Evictions in New England and the Impact of Public Policy during the COVID-19 Pandemic.”

Office of the Comptroller of the Currency

Fair Debt Collection Practices Act: Revised Interagency Examination Procedures and Rescissions

December 15, 2022

The Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted the revised examination procedures for the Fair Debt Collection Practices Act and its implementing regulation, Regulation F. The Office of the Comptroller of the Currency (OCC) is rescinding the “Fair Debt Collection Practices Act” section of the “Other Consumer Protection Laws and Regulations” booklet of the Comptroller’s Handbook. OCC examiners will rely on the interagency procedures.

OCC Reports Improvement in Overall Mortgage Performance

December 15, 2022

The Office of the Comptroller of the Currency reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2022.

Securities and Exchange Commission

2022 Annual Report on Small Business Capital Raising

December 15, 2022

The Securities and Exchange Commission Office of the Advocate for Small Business Capital Formation delivered the 2022 Annual Report on Small Business Capital Raising to Congress and the Commission.

Statements on Adopted Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures

December 14, 2022

Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements regarding the adopted amendments to modernize rule 10b5-1 insider trading plans and related disclosures.

SEC Proposes Regulation Best Execution

December 14, 2022

The Securities and Exchange Commission proposed Regulation Best Execution, which would establish through Commission rules a best execution regulatory framework for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers.

Statements on Proposed Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders

December 14, 2022

Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements related to the proposed rules to amend minimum pricing increments and access fee caps and to enhance the transparency of better priced orders.

Statements on Proposed Amendments to Enhance Disclosure of Order Execution Information

December 14, 2022

Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements on the proposed amendments to enhance disclosure of order execution information.

Statements on Proposed Rule to Enhance Competition for Individual Investor Order Execution

December 14, 2022

Securities and Exchange Commission Chair Gary Gensler and Commissioners Carline A. Crenshaw, Jaime Lizárraga, Hester M. Peirce, and Mark T. Uyeda issued statements on the proposed rule to enhance competition for individual investor order execution.

FINRA

New FINRA Foundation Research Examines Changing Investor Demographics, Preferences and Attitudes

December 15, 2022

The FINRA Foundation published a study entitled, “Investors in the United States: The Changing Landscape.”

National Credit Union Administration

Board Approves NCUA 2023–2024 Budget; Issues Proposed Rule on Financial Innovation

December 15, 2022

The National Credit Union Administration Board held its eleventh open meeting — and fourth in person — and final of 2022 and approved two items:

  • The agency budget for 2023 and 2024; and
  • A proposed rule on financial innovation that would amend the NCUA’s regulations on eligible obligations and loan participations.

The NCUA Board also received a staff briefing on the National Credit Union Share Insurance Fund’s normal operating level for 2023.

U.S. Department of Housing and Urban Development/Federal Housing Administration

FHA Announces New Assistance Option to Help Senior Homeowners with Reverse Mortgages Impacted by COVID-19

December 15, 2022

The Federal Housing Administration is announcing new flexibilities to help senior homeowners with FHA-insured Home Equity Conversion Mortgages (HECMs) who are behind on required property charge payments due to effects of the COVID-19 pandemic.

Federal Housing Finance Agency

FHFA Publishes 2022 Third-Quarter Uniform Appraisal Dataset (UAD) Aggregate Statistics

December 15, 2022

The Federal Housing Finance Agency published its 2022 third-quarter data for the Uniform Appraisal Data (UAD) Aggregate Statistics Data File.

Freddie Mac

AIMI: Freddie Mac Multifamily Apartment Investment Market Index Declines Again in Third Quarter

December 15, 2022

The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) saw a quarterly decline of 5.4% in the third quarter of 2022, with the index down 23.5% year over year.

PMMS: Mortgage Rates Continue their Downward Trajectory

December 15, 2022

Freddie Mac released the results of its Primary Mortgage Market Survey®, showing the 30-year fixed-rate mortgage (FRM) averaged 6.31 percent.

Bank Policy Institute

BPI and TCH Support Global Blueprint for Digital-Asset Oversight

December 15, 2022

The Bank Policy Institute (BPI) and The Clearing House commented today on two Financial Stability Board consultative reports outlining approaches for the oversight and regulation of digital assets and global stablecoin arrangements, respectively.

State Agencies

International

Bank of England

Monetary Policy Committee: Bank Rate increased to 3.5% – December 2022

December 15, 2022

The Bank of England released the summary and minutes of the Monetary Policy Committee meeting held December 14, 2022.

Decision Maker Panel survey – 2022 Q4

December 15, 2022

The Bank of England released the latest results from the Decision Maker Panel survey for Q4 2022.

Agents’ summary of business conditions – 2022 Q4

December 15, 2022

The Bank of England published a summary of reports compiled by twelve regional agents following discussions with at least 700 businesses across the UK in Q4 2022.

Exchange of letters between the Governor and the Chancellor regarding CPI Inflation – December 2022

December 15, 2022

If inflation moves away from the target by more than 1 percentage point in either direction, the Governor is required to send an open letter to the Chancellor explaining why inflation has moved away from target and what action the Bank is taking to bring inflation back to target.

Bank of England Prudential Regulation Authority UK Financial Conduct Authority

Policy Statement: Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251

December 15, 2022

The Bank of England Prudential Regulation Authority and UK Financial Conduct Authority published a joint policy statement entitled, “Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251.”

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)

  • 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)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

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.

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