Daily Financial Regulation Update -- Friday, December 23, 2022

Federal Agencies

Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363: Extension of Revised Interagency Statement

December 22, 2022

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation today issued a revised interagency statement to extend the "Extension of the Revised Statement Regarding Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations."

• Interagency Statement
• OCC Bulletin
• FRB Supervision and Regulation Letter
• FDIC Financial Institution Letter

Federal Reserve Board

Senior Credit Officer Opinion Survey on Dealer Financing Terms

December 22, 2022

The Federal Reserve Board released the December 2022 results of the Senior Credit Officer Opinion Survey on Financing Terms.

• Survey

Paper: A North-South Model of Structural Change and Growth

December 22, 2022

The Federal Reserve Board published a paper entitled, "A North-South Model of Structural Change and Growth."

• Paper

Paper: Understanding the Strength of the Dollar

December 22, 2022

The Federal Reserve Board published a paper entitled, "Understanding the Strength of the Dollar."

• Paper

Federal Reserve Bank of New York

Blog: Supply Chains, Student Debt, and Stablecoins—The Top 5 Liberty Street Economics Posts of 2022

December 22, 2022

The Federal Reserve Bank of New York published a blog post entitled, "Supply Chains, Student Debt, and Stablecoins—The Top 5 Liberty Street Economics Posts of 2022."

• Blog

Federal Reserve Bank of Boston

Boston Fed, MIT complete research project into feasibility of a central bank digital currency

December 22, 2022

A joint research effort between the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology into the technical feasibility of a potential central bank digital currency is now complete.

• Press Release

Federal Deposit Insurance Corporation

Consolidated Reports of Condition and Income for Fourth Quarter 2022

December 22, 2022

The Federal Deposit Insurance Corporation released the Consolidated Reports of Condition and Income for the fourth quarter 2022.

• Financial Institution Letter

National Credit Union Administration

Statement by Chairman Harper on CDRLF Funding, CLF, and Vendor Authority

December 22, 2022

National Credit Union Administration Chairman Todd M. Harper released a statement on funding for the NCUA's Community Development Revolving Loan Fund grants, the Central Liquidity Facility agent-member provision, and vendor authority.

• Statement

Federal Housing Finance Agency

Advisory Bulletin: Model Risk Management Guidance

December 22, 2022

The Federal Housing Finance Agency issued an advisory bulletin entitled, "Model Risk Management Guidance."

• Advisory Bulletin

Fannie Mae

Fannie Mae Announces Replacement Rates for Legacy LIBOR Products

December 22, 2022

Fannie Mae announced the replacement indices for the legacy LIBOR loans and securities for which Fannie Mae is responsible for selecting the replacement index.

• Press Release
• FHFA Director Statement

Paper: Mortgages are still confusing… and it matters – How borrower attributes and mortgage shopping behavior impact costs

December 22, 2022

Fannie Mae published a paper entitled, "Mortgages are still confusing… and it matters – How borrower attributes and mortgage shopping behavior impact costs."

• Paper
• Summary

Freddie Mac

Freddie Mac Announces Replacement Rates for its Legacy LIBOR Contracts

December 22, 2022

Freddie Mac announced that it will transition its legacy U.S. dollar LIBOR-indexed contracts to an index based on the Secured Overnight Financing Rate for loans and securities for which Freddie Mac is responsible for selecting the replacement index.

• Press Release
• FHFA Director Statement

International

European Banking Authority

ESAs publish list of financial conglomerates for 2022

December 22, 2022

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published the list of identified financial conglomerates for 2022.

• List
• Press Release

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

• Chair – Martin Gruenberg Senate confirmed December 19, 2022
• Vice Chairman – Travis Hill Senate confirmed December 19, 2022
• Member – Jonathan McKernan Senate confirmed December 19, 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)

• Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
• Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
• Remarks by Secretary of the Treasury Janet L. Yellen at Chief Lynn Malerba's Swearing in Ceremony as the United States Treasurer (September 12, 2022)
• Remarks by Chief Lynn Malerba at Swearing in Ceremony for United States Treasurer (September 12, 2022)

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)
• Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
• Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
• Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
• Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
• Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
• Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
• Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
• Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
• Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
• Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
• Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
• Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
• Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
• Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
• Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
• Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
• Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
• Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
• President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
• CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
• Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)

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

• New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)
• Marianne Lake Appointed to Federal Advisory Council for the New York Fed (August 11, 2022)
• New York Fed Names Richard Ostrander as General Counsel and Head of the Legal Group (October 3, 2022)
• New York Fed Names Sushmita Shukla as First Vice President (December 8, 2022)

Federal Deposit Insurance Corporation – Martin Gruenberg (confirmed December 19, 2022)

• FDIC Announces Appointments to Its Division of Finance and Division of Insurance and Research (May 18, 2022)
• Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 2022)
• Senator Brown Statement Urging Confirmation of Martin Gruenberg (December 19, 2022)
• Ranking Member Toomey Statement on FDIC Appointments (December 19, 2022)
• CSBS Statement on FDIC Board Appointees (December 20, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

• Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
• CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

• LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
• Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
• Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
• SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
• CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
• Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
• Lori H. Price Named Director of Office of Credit Ratings (August 12, 2022)
• SEC Names Jason J. Burt as Regional Director of the Denver Office (October 24, 2022)
• SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role (November 7, 2022)
• Keith E. Cassidy and Natasha Vij Greiner Appointed Deputy Directors of Division of Examinations (November 7, 2022)
• Sarah ten Siethoff Named Deputy Director of the Division of Investment Management (December 21, 2022)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

• Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
• Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
• Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
• Administrator Guzman Statement on New Appointees (October 21, 2022)
• Administrator Guzman Statement on New Appointees (November 4, 2022)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

• Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
• Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
• U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
• CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
• CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
• Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
• CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
• CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
• CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
• CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)

Financial Crimes Enforcement Network

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

National Credit Union Administration – Todd M. Harper

• Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
• Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
• Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
• Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
• Amber Gravius Named Director, Office of Business Innovation (August 9, 2022)

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

• Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
• Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
• Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
• HUD Announces Key Staff Appointments (April 11, 2022)
• Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
• Beth Lynk Sworn in as HUD Assistant Secretary of Public Affairs (October 20, 2022)
• Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 2022)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)

• Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
• Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
• Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
• Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
• Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)

U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

• Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
• Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
• Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
• Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.