On December 16, 2022, the Federal Reserve Board adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on SOFR (Secured Overnight Financing Rate) that will replace LIBOR in certain financial contracts after June 30, 2023. The final rule is substantially similar to the proposal with certain clarifying changes made in response to comments.

On December 16, 2022, the Financial Stability Oversight Council unanimously approved its 2022 annual report. The report highlights that, amid heightened geopolitical and economic shocks and inflation, risks to the U.S. economy and financial stability have increased even as the financial system has exhibited resilience. 

On December 15, 2022, the FFIEC Task Force on Consumer Compliance adopted the revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. The revised interagency examination procedures incorporate the Consumer Financial Protection Bureau’s 2020 and 2021 Fair Debt Collection Final Rules that went into effect on November 30, 2021.

On December 15, 2022, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information. The proposed rule is one of three rulemakings planned to implement the CTA, and follows the final reporting rule that FinCEN issued on September 30, 2022.

On December 13, 2022, the FDIC issued the revised Guidelines for Appeals of Material Supervisory Determinations that took effect on the same day. The revised Guidelines include the changes that the FDIC proposed in October, as well as further changes incorporating suggestions and addressing concerns raised by the commenters.

On December 13, 2022, the FDIC Board of Directors issued for public comment a proposed rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC sign and advertising statements and clarify the FDIC’s regulations regarding misrepresentations of deposit insurance coverage. According to the FDIC, the proposal is intended to enable consumers to better understand when they are doing business with an IDI and when their funds are protected by the FDIC’s deposit insurance coverage.

On December 2, 2022, the Federal Reserve Board invited public comment on proposed principles providing a high-level framework for the safe and sound management of exposures to climate-related financial risks for large banking organizations. According to the FRB, the proposed principles would apply to banking organizations with more than $100 billion in total assets and address both the physical risks and transition risks associated with climate change.