PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, January 28, 2022
January 28, 2022
FedACTion Task Force
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Federal Agencies
Federal Deposit Insurance Corporation
Paper: The Long-Run Effects of Losing Failed Bank Auctions
January 27, 2022
The Federal Deposit Insurance Corporation published a staff working paper titled, "The Long-Run Effects of Losing Failed Bank Auctions."
Securities and Exchange Commission
SEC Reopens Comment Period for Pay Versus Performance
January 27, 2022
The Securities and Exchange Commission reopened the comment period on proposed rules under the Dodd-Frank Act requiring disclosure of information reflecting the relationship between executive compensation actually paid by a company and the company's financial performance.
- SEC Proposed Rule
- Fact Sheet
- Press Release
- Commissioner Crenshaw Statement
- Commissioner Herren Lee Statement
- Commissioner Peirce Dissenting Statement
Observations from Examinations of Private Fund Advisers
January 27, 2022
On June 23, 2020, the Division of Examinations (EXAMS) published a Risk Alert providing an overview of compliance issues observed by EXAMS staff in examinations of registered advisers that manage private funds (private fund advisers). In light of the significant role of private fund advisers in the financial markets, EXAMS published a Risk Alert detailing additional observations. This Risk Alert is intended to assist private fund advisers in reviewing and enhancing their compliance programs and to provide investors with information concerning private fund adviser deficiencies.
Commodity Futures Trading Commission
Speech: Keynote Address of Chairman Rostin Behnam at the ABA Business Law Section Derivatives & Futures Law Committee Winter Meeting
January 27, 2022
Commodity Futures Trading Commission Chairman Rostin Behnam gave the keynote address at the American Bar Association Business Law Section Derivatives & Futures Law Committee Winter Meeting.
Consumer Financial Protection Bureau
CFPB Identifies Consumer Reporting Companies
January 27, 2022
The Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies reporting companies that collect and sell access to people's data, including individuals' finances, employment, check writing histories, or rental history records. The CFPB notes that using the list, people can exercise their right to see what information these firms have, dispute inaccuracies, and file lawsuits if the firms are violating the Fair Credit Reporting Act.
National Credit Union Administration
NCUA Board Approves Proposed Rule on Succession Planning
January 27, 2022
The National Credit Union Administration (NCUA) Board held its first open meeting of 2022 and approved a proposed rule on succession planning. The NCUA Board was briefed on the NCUA's 2022 supervisory priorities and the status of the Central Liquidity Facility following the statutory expiration of its enhanced authority. The NCUA Board was also briefed on required inflation adjustments to the agency's civil monetary penalties, which were approved by a notation vote at the end of 2021.
International
European Banking Authority
ESAs Welcome ESRB Recommendation to Create a Pan-European Systemic Cyber Incident Coordination Framework
January 27, 2022
The three European Supervisory Authorities (ESAs) – the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority – published a statement welcoming the European Systemic Risk Board's recommendation on systemic cyber risk, which calls on the ESAs to prepare for the gradual development of a Pan-European systemic cyber incident coordination framework. This will support an effective and coordinated response at EU-level in the event of a major cross-border cyber incident that could have a systemic impact on the EU's financial sector.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
- Governor – Lisa Cook nominated January 14, 2022
- Governor – Phillip Jefferson, nominated January 14, 2022
Federal Deposit Insurance Corporation
- Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
- 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)
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)
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.