PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 25, 2022
February 25, 2022
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
U.S. Treasury Announces Unprecedented and Expansive Sanctions Against Russia, Intended to Impose Severe Economic Costs
February 24, 2022
The United States took significant and unprecedented action to respond to Russia's further invasion of Ukraine by imposing severe economic costs that will have both immediate and long-term effects on the Russian economy and financial system. The U.S. Department of the Treasury's Office of Foreign Assets Control imposed expansive economic measures, in partnership with allies and partners, that target the core infrastructure of the Russian financial system — including Russia's largest financial institutions and the ability of state-owned and private entities to raise capital — and further restrictions upon Russia from participating in the global financial system. The actions are anticipated to target nearly 80% of all banking assets in Russia.
U.S. Treasury Targets Belarusian Support for Russian Invasion of Ukraine
February 24, 2022
As part of the United States' response to Russia's further invasion of Ukraine, the U.S. Department of the Treasury's Office of Foreign Assets Control is sanctioning 24 Belarusian individuals and entities due to Belarus's support for, and facilitation of, the invasion. Today's action focuses on Belarus's defense sector and financial institutions, two areas in which Belarus has especially close ties to Russia.
New Treasury Data Shows Over 80% of Emergency Rental Assistance Delivered to Lowest-Income Households
February 24, 2022
The U.S. Department of the Treasury (Treasury) released demographic data showing that funds delivered to millions of households through its Emergency Rental Assistance (ERA) program are reaching underserved and vulnerable communities. These findings follow a series of actions taken by the Treasury to ensure an equitable distribution of funds by state and local ERA grantees.
National Credit Union Administration
Alert: Current Geopolitical Events Increase Likelihood of Imminent Cyberattacks on Financial Institutions
February 24, 2022
The U.S. Department of Homeland Security's Cybersecurity and Infrastructure Security Agency has issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Statement: Secretary Marcia L. Fudge on Black Homeownership Remaining Lower Than A Decade Ago Despite The U.S. Homeownership Rate Experiencing Largest Annual Increase On Record
February 24, 2022
U.S. Housing and Urban Development Secretary Marcia L. Fudge released a statement on the National Association of Realtors' 2022 Snapshot of Race and Home Buying in America report, which examines current racial disparities in the housing market.
Federal Housing Finance Agency
FHFA Re-Proposes Updated Eligibility Requirements for Enterprise Single-Family Seller/Servicers
February 24, 2022
The Federal Housing Finance Agency re-proposed minimum financial eligibility requirements for Fannie Mae and Freddie Mac seller/servicers. This update will strengthen, and provide transparency and consistency of, required capital and liquidity for seller/servicers with different business models.
International
European Commission
Statements Regarding Russia's Aggression in Ukraine
February 24, 2022
European Council President Charles Michel and European Commission President Ursula von der Leyen released a joint statement regarding Russia's aggression against Ukraine. High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell also released a statement on Russia's military actions in Ukraine.
- European Council President Michel and European Commission President von der Leyen Joint Statement
- President von der Leyen Statement
- High Representative/Vice-President Borrell Statement
- President von der Leyen Joint Press Conference Statement
European Banking Authority
EBA Publishes Final Guidelines on the Limited Network Exclusion under the Payment Services Directive
February 24, 2022
The European Banking Authority published its final guidelines on the limited network exclusion under the Payment Service Directive. These guidelines clarify how national competent authorities should assess whether a network of service providers or a range of goods and services qualify as 'limited' and are, therefore, not subject to the directive. The guidelines aim at addressing significant inconsistencies on how this exclusion has in the past been applied across the EU, contributing to the Single Market for payment services in the EU and ensuring transparency for supervisors and customers.
UK Financial Conduct Authority
Number of STORs Received: 2021
February 24, 2022
The Financial Conduct Authority (FCA) published its 2021 data for how may suspicious transaction and order reports the FCA received last year.
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.