PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 8, 2022
April 08, 2022
By Paul Hastings Professional
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
U.S. Department of the Treasury
Remarks from Secretary of the Treasury Janet L. Yellen on Digital Assets
April 7, 2022
Secretary of the Treasury Janet L. Yellen delivered remarks on digital assets policy, innovation, and regulation at American University's Kogod School of Business Center for Innovation.
Federal Deposit Insurance Corporation
FDIC to Require Notification of Engaging in Crypto-Related Activities
April 7, 2022
The Federal Deposit Insurance Corporation issued a new Financial Institution Letter indicating that all FDIC-supervised institutions that intend to engage in, or that are currently engaged in, any activities involving or related to crypto assets (also referred to as "digital assets") should notify the FDIC.
Congress
U.S. House of Representatives
Committee on Small Business
House Passes Bill to Provide Relief to Restaurants and Other Small Businesses Hit Hard by COVID
April 7, 2022
The U.S. House of Representatives passed H.R. 3807, the Relief for Restaurants and Other Hard Hit Small Business Act of 2022, a bipartisan bill to deliver $55 billion in relief to small businesses through the Restaurant Revitalization Fund and to establish a new program for hard-hit industries.
Federal Agencies
Federal Reserve Board
The Federal Reserve Board Releases the February 2022 G.19 Consumer Credit Data
April 7, 2022
In February, consumer credit increased at a seasonally adjusted annual rate of 11.3 percent. Revolving credit increased at an annual rate of 20.7%, while nonrevolving credit increased at an annual rate of 8.4%.
Office of the Comptroller of the Currency
OCC Publication Focuses on Bank Partnerships in Community Reinvestment and Resilience
April 7, 2022
The Office of the Comptroller of the Currency published the latest edition of its Community Developments Investments newsletter, "Partners in Recovery: Community Reinvestment and Resilience."
Revised Licensing Booklets: Revised Comptroller's Licensing Manual Booklets
April 7, 2022
The Office of the Comptroller of the Currency (OCC) issued today the "General Policies and Procedures," "Management Interlocks," and "Public Notice and Comments" booklets of the Comptroller's Licensing Manual.
Securities and Exchange Commission
Investor Bulletin: Interested in Margin? Understand Interest.
April 7, 2022
The Securities and Exchange Commission Office of Investor Education and Advocacy issued an investor bulletin entitled, "Interested in Margin? Understand Interest."
Statement on Proposed Rules Relating to Security-Based Swap Execution Facilities
April 6, 2022
Commissioner Hester M. Peirce issued a statement on the proposed rules relating to security-based swap execution facilities.
Consumer Financial Protection Bureau
CFPB Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking
April 7, 2022
The Consumer Financial Protection Bureau issued a proposed rule that would prohibit consumer reporting agencies from providing consumer reports containing adverse information about a consumer that resulted from a severe form of trafficking in persons or sex trafficking.
National Credit Union Administration
NCUA Board Member Rodney E. Hood's Remarks at the Emerging Markets Coalition in Washington, D.C.
April 7, 2022
The National Credit Union Administration gave remarks at the Emerging Markets Coalition in Washington, D.C.
U.S. Small Business Administration
SBA Announces the Launch of Inaugural America's Seed Fund Expo Competition for Small Businesses, Startups and Inventors, using SBIR Developed Technology
April 7, 2022
The U.S. Small Business Administration announced the launch of America's Seed Fund Startup Expo 2022, a new initiative aimed at identifying innovative startups and supporting them with resources to help them scale, grow, and thrive.
Fannie Mae
Consumer Pessimism Regarding Direction of Mortgage Rates Hits New Survey High
April 7, 2022
The Fannie Mae Home Purchase Sentiment Index® decreased by 2.1 points to 73.2 in March, as consumers continue to express pessimism regarding the trajectory of mortgage rates and homebuying conditions generally.
International
European Commission
Commission approves French liquidity scheme to support companies in context of Russia's invasion of Ukraine
April 7, 2022
The European Commission has approved a French scheme that enables up to €155 billion in liquidity support for companies across all sectors in the context of Russia's invasion of Ukraine.
Bank of England
Monthly Decision Maker Panel data - March 2022
April 7, 2022
The Bank of England released the results of the March 2022 Decision Maker Panel survey.
Speech: Balancing on the Net-Zero Tightrope
April 7, 2022
Sarah Breeden, Executive Director for Financial Stability Strategy and Risk, gave a speech entitled, "Balancing on the net-zero tightrope," with respect to climate change matters and unwarranted political, social and distributional consequences.
UK Financial Conduct Authority
FCA launches three-year strategy to improve outcomes
April 7, 2022
The Financial Conduct Authority has launched a new strategy to improve outcomes for consumers and in markets throughout the UK.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Vacant
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing held on February 3, 2022); committee approval March 16, 2022)
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- Vice Chairman – Vacant
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Commodity Futures Commission
- Three (3) Commissioner Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Federal Reserve Board
- 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)
- 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)
Federal Reserve Bank of New York
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)
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)
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)
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)
- 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)
Federal Housing Finance Agency – Sandra L. Thompson
- 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)
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.