PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 25, 2022
March 25, 2022
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Major Developments
Congress
U.S. Senate
Hearing: Strengthening Oversight and Equity in the Appraisal Process
March 24, 2022
The Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Strengthening Oversight and Equity in the Appraisal Process."
- Hearing Page
- HUD Executive Director of Property Appraisal Testimony
- FFEIC Appraisal Subcommittee Executive Director Testimony
- Chair Statement
- Ranking Member Statement
U.S. House of Representatives
Committee on Financial Services
Chairwoman Waters Sends Letter to the Financial and Commercial Industry Over Russian Disinvestment
March 24, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to trade associations representing thousands of American firms from the financial and commercial industry, requesting detailed information on the actions that America's financial institutions and businesses have taken to end their relationships and engagements in Russia and with businesses that support the Russian government.
Chairwoman Waters and Congresswoman Beatty Send Letter to Insurance Companies Requesting Diversity and Inclusion Data
March 23, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, sent letters to the largest property, casualty and life insurance companies that receive $7 billion in direct premiums or more each year, requesting diversity and inclusion data to examine America's insurance industry.
Federal Agencies
U.S. Department of the Treasury
U.S. Treasury Sanctions Russia's Defense-Industrial Base, the Russian Duma and Its Members, and Sberbank CEO
March 24, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is designating enablers of Russia's invasion of Ukraine. This includes dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution.
- General License 6A
- General License 17A
- General License 20
- General License 25
- Frequently Asked Questions
- Press Release
- Senate Banking Committee Chair Statement
Federal Reserve Board
Senior Credit Officer Opinion Survey on Dealer Financing Terms
March 24, 2022
The Federal Reserve Board released the results of the March 2022 Senior Credit Officer Opinion Survey on Dealer Financing Terms.
Speech: The Red Hot Housing Market: the Role of Policy and Implications for Housing Affordability
March 24, 2022
Governor Christopher J. Waller gave a speech at the "Recent Fiscal and Monetary Policy: Implications for U.S. and Israeli Real Estate Markets" conference.
Federal Reserve Bank of Boston
Paper: High-Yield Debt Covenants and Their Real Effects
March 24, 2022
The Federal Reserve Bank of Boston released a paper entitled, "High-Yield Debt Covenants and Their Real Effects."
Office of the Comptroller of the Currency
Acting Comptroller Issues Statement on Action Plan to Advance Property Appraisal and Valuation Equity
March 24, 2022
Acting Comptroller of the Currency Michael J. Hsu issued a statement upon the release of the Property Appraisal and Valuation Equity (PAVE) Task Force Action Plan, which addresses and corrects mis-valuations of residential property for families and communities of color.
Freddie Mac
Record Multifamily Price Appreciation and Rising Mortgage Rates Fuel Drop in Freddie Mac Apartment Investment Market Index
March 24, 2022
The Freddie Mac Multifamily Apartment Investment Market Index fell by 4.8% in the fourth quarter of 2021, with the index down 2.4% compared to the fourth quarter of 2020.
International
European Commission
SURE: Third report shows continued success in protecting jobs and supporting recovery
March 24, 2022
The European Commission published its third bi-annual report on the implementation and impact of SURE, the €100 billion instrument designed to protect jobs and incomes affected by the COVID-19 pandemic.
Joint Statement by President von der Leyen and President Biden
March 24, 2022
European Commission President von der Leyen and United States President Biden issued a statement outlining joint efforts in response to Russia's invasion of Ukraine.
Bank of England
Report: Financial Stability in Focus: Cryptoassets and decentralised finance
March 24, 2022
The Financial Policy Committee released a report entitled, "Financial Stability in Focus: Cryptoassets and decentralised finance."
Responses to the Bank of England's Discussion Paper on new forms of digital money
March 24, 2022
The Bank of England published a summary of responses to its discussion paper on new forms of digital money.
Letter from Sam Woods 'Existing or planned exposure to cryptoassets'
March 24, 2022
Sam Woods sent a letter to Chief Executive Officers of banks and designated investment firms on the treatment of cryptoassets under the current frameworks.
Exchange of letters between the Governor and the Chancellor on the Covid Corporate Financing Facility
March 24, 2022
The Governor of the Bank of England and the Chancellor of the Exchequer exchanged letters on the Covid Corporate Finance Facility.
Systemic Risk Survey Results - 2022 H1
March 24, 2022
The Bank of England released the results of their Systemic Risk Survey for H1 2022.
UK Financial Conduct Authority
Notice to all FCA regulated firms with exposure to cryptoassets
March 24, 2022
The Financial Conduct Authority issued a notice to regulated firms reminding them of their existing obligations when they are interacting with or exposed to cryptoassets and related services.
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.