PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 18, 2022
February 18, 2022
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: The State of the American Economy: A Year of Unprecedented Economic Growth and Future Plans
February 17, 2022
The Committee on Banking, Housing, and Urban conducted a hearing entitled, "The State of the American Economy: A Year of Unprecedented Economic Growth and Future Plans."
- Hearing Page
- Chair Brown Statement
- Ranking Member Toomey Statement
- Council of Economic Advisers Testimony
Committee on Small Business and Entrepreneurship
Senate Small Business Committee Passes Bipartisan Bills
February 15, 2022
The U.S. Senate Committee on Small Business & Entrepreneurship passed four bipartisan bills – S. 1617, S. 2042, S. 2521, and H.R. 3451 – to make the U.S. Small Business Administration's (SBA) programs more inclusive, protect small business owners from cyber-threats, increase the availability of SBA disaster loans in rural communities, and reauthorize an interagency committee to encourage women's business ownership.
U.S. House of Representatives
Committee on Financial Services
Hearing: The Role of the International Monetary Fund in a Changing Global Landscape
February 17, 2022
The U.S. House Committee on Financial Services conducted a hearing titled, "The Role of the International Monetary Fund in a Changing Global Landscape."
Chairwoman Maxine Waters and Representative Jimmy Gomez Send Letter to Treasury Secretary Janet Yellen About Unused Emergency Rental Assistance
February 16, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Jimmy Gomez (D-CA) co-led a letter with 36 Members of California's Congressional delegation to Treasury Secretary Janet Yellen urging the Department of the Treasury to reallocate unused Emergency Rental Assistance Program funds to states with the highest need for such aid.
Federal Agencies
U.S. Department of the Treasury
Report: Treasury Releases Financial Report of the U.S. Government
February 17, 2022
The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2021 (FY 2021) Financial Report of the U.S. Government. The report presents the government's current financial position and condition and discusses key financial topics and trends.
Treasury's Federal Insurance Office Continues Efforts on Climate-Related Financial Risks in the Insurance Sector, Joins the NGFS
February 17, 2022
The U.S. Department of the Treasury's Federal Insurance Office announced that it has joined the Network of Central Banks and Supervisors for Greening the Financial System.
Deputy Secretary of the Treasury Wally Adeyemo's Meeting with the Bank Policy Institute's Technology Policy Division
February 16, 2022
U.S. Deputy Secretary of the Treasury Wally Adeyemo, joined by Jen Easterly, Director of the Cybersecurity and Infrastructure Agency and Bryan Vorndran, Assistant Director of the Federal Bureau of Investigation's Cyber Division, met with the Bank Policy Institute's Technology Division as part of the Treasury Department's ongoing engagement with the private sector on cyber threats.
Federal Reserve Bank of New York
How (Un-)Informed Are Depositors in a Banking Panic? A Lesson from History
The Federal Reserve Bank of New York published a Liberty Street Economics blog titled, "How (Un-)Informed Are Depositors in a Banking Panic? A Lesson from History."
Federal Reserve Bank of Boston
Can the Fed Promote Stability Through Agility?
February 17, 2022
The Federal Reserve Bank of Boston published an article titled, "Can the Fed Promote Stability Through Agility?"
Federal Deposit Insurance Corporation
Report: Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation
February 17, 2022
The Federal Deposit Insurance Corporation's (FDIC) Office of Inspector General (OIG) published a report, "Top Management and Performance Challenges Facing the FDIC." The report summarizes the most serious challenges facing the FDIC and briefly assesses the FDIC's progress to address them.
National Credit Union Administration
NCUA Board Proposes Increasing Threshold for ONES Supervision
February 17, 2022
The National Credit Union Administration (NCUA) Board held its second open meeting of 2022 and unanimously approved two items:
- A notice of proposed rulemaking for assigning certain federally insured credit unions to the appropriate NCUA supervisory office; and
- An interim final rule that extends two temporary changes to the NCUA's prompt corrective action regulations.
In addition, the NCUA's Chief Financial Officer briefed the Board on the performance of the Share Insurance Fund during the fourth quarter of 2021.
- Notice of Proposed Rulemaking
- Interim Final Rule
- Share Insurance Fund Brief
- Press Release
- Chair Harper Statement on Proposed Rule
- Chair Harper Statement on Share Insurance Fund Brief
- Chair Harper Statement on Interim Final Rule
- Board Member Hood Statement on Share Insurance Fund Brief
Freddie Mac
Freddie Mac Announces First Automated Assessment of Direct Deposit Income
February 17, 2022
Freddie Mac announced that the company will launch a new, automated capability that allows mortgage lenders to assess a prospective homebuyer's income paid through direct deposit to reduce the paper documentation burden on borrowers so they can close loans faster and simplify the lending process.
International
Bank of England
Financial Conduct Authority
Report: The AI Public-Private Forum
February 17, 2022
The Bank of England and the Financial Conduct Authority published a report titled, "Artificial Intelligence Public-Private Forum Final Report."
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing held on February 3, 2022)
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing held on February 3, 2022)
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- Vice Chairman
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)
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)
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.