PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 18, 2022
March 18, 2022
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Understanding the Role of Digital Assets in Illicit Finance
March 17, 2022
The Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Understanding the Role of Digital Assets in Illicit Finance."
U.S. House of Representatives
Committee on Financial Services
Hearing: Full Committee Markup
March 17, 2022
The House Committee on Financial Services held a markup hearing on five bills related to the crisis in Ukraine.
Federal Agencies
U.S. Department of the Treasury
Russian Elites, Proxies, and Oligarchs Task Force Ministerial Joint Statement
March 17, 2022
Following the launch meeting of the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, the members from participating countries released a joint statement.
Secretary of the Treasury Janet L. Yellen Meets with the Consumer Brands Association
March 17, 2022
U.S. Secretary of the Treasury Janet L. Yellen met with the Consumer Brands Association, which represents some of the largest multinational package goods companies in the nation, to discuss the state of the American economy, including the Administration's efforts to address supply chain challenges and the impact of Russia's invasion of Ukraine on global markets.
Consumer Financial Protection Bureau
Blog: The Fed is raising interest rates. What does that mean for borrowers and savers?
March 17, 2022
The Consumer Financial Protection Bureau issued a blog post to consumers regarding the Federal Reserve's Federal Open Market Committee announcement that it would seek to adjust interest rates higher to address inflation.
FINRA
FINRA Issues Reminder About the Scope of Chief Compliance Officer Supervisory Liability
March 17, 2022
FINRA issued a Regulatory Notice reminding member firms about the scope of broker-dealer chief compliance officer (CCO) supervisory liability under FINRA rules.
Fannie Mae
Inflation and Russia's Invasion of Ukraine Expected to Take Toll on U.S. Economy and Housing Sector
March 17, 2022
The Fannie Mae Economic and Strategic Research Group released their March 2022 commentary finding that the Russian invasion of Ukraine, and its implications for the global economy, has added to growing inflation pressures and ongoing supply chain difficulties as monetary policy tightening begins.
U.S. Department of Labor
U.S. Department of Labor Inspector General Testified Before the U.S. Senate Committee on Homeland Security and Governmental Affairs
March 17, 2022
The U.S Department of Labor Inspector General Larry D. Turner gave testimony at the U.S. Senate Committee on Homeland Security and Government Affairs hearing entitled "Pandemic Response and Accountability: Reducing Fraud and Expanding Access to COVID-19 Relief through Effective Oversight."
International
European Commission
Enforcing sanctions against listed Russian and Belarussian oligarchs: Commission's "Freeze and Seize" Task Force steps up work with international partners
March 17, 2022
The European Commission's "Freeze and Seize" Task Force, set up to ensure EU-level coordination to implement sanctions against listed Russian and Belarussian oligarchs, announced it has stepped up its action at the international level. The Task Force will work alongside the newly established "Russian Elites, Proxies, and Oligarchs (REPO)" Task Force, under which the EU operates together with the G7 countries Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as well as Australia.
European Banking Authority
EU financial regulators warn consumers on the risks of crypto-assets
March 17, 2022
The European Supervisory Authorities (ESAs) warned consumers on the risks of crypto-assets. The ESAs set out key steps consumers can take to ensure they make informed decisions.
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; committee approval March 16, 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)
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.