PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, September 16, 2022
September 16, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Oversight of the U.S. Securities and Exchange Commission
September 15, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of the U.S. Securities and Exchange Commission."
U.S. House of Representatives
Committee on Financial Services
Chairwoman Waters Introduces Legislation to Amend the Community Reinvestment Act
September 15, 2022
U.S. House Committee on Financial Services Chair Maxine Waters (D-CA) introduced H.R. 8833, the "Making Communities Stronger Through the Community Reinvestment Act."
Committee on Small Business
Hearing: Back to School, Back to Startups: Supporting Youth Apprenticeship, Entrepreneurship, and Workforce Development
September 15, 2022
The U.S. House Committee on Small Business held a hearing entitled, "Back to School, Back to Startups: Supporting Youth Apprenticeship, Entrepreneurship, and Workforce Development."
Federal Agencies
U.S. Department of the Treasury
Statement by Secretary of the Treasury Janet L. Yellen on President Biden's Executive Order on the Committee on Foreign Investment in the United States
September 15, 2022
Secretary of the Treasury Janet L. Yellen issued a statement on President Biden's Executive Order defining additional national security factors for the Committee on Foreign Investment in the United States to consider when evaluation transactions.
Treasury Targets Additional Facilitators of Russia's Aggression in Ukraine
September 15, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control designated 22 individuals and 2 entities, including multiple individuals who have furthered the Government of the Russian Federation's objectives in Ukraine both prior to and during Russia's further invasion of Ukraine in 2022.
Blog: Racial Differences in Economic Security: The Racial Wealth Gap
September 15, 2022
The U.S. Department of the Treasury published a blog post entitled, "Racial Differences in Economic Security: The Racial Wealth Gap."
Remarks by Secretary of the Treasury Janet L. Yellen at the IRS facility in New Carrollton, Maryland
September 15, 2022
Secretary of the Treasury Janet L. Yellen gave remarks at the IRS facility in New Carrollton, Maryland.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – September 2022
September 15, 2022
The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for September 2022.
Federal Reserve Bank of Boston
Paper: Loan Terms and Collateral: Evidence from the Bilateral Repo Market
September 15, 2022
The Federal Reserve Bank of Boston published a research paper entitled, "Loan Terms and Collateral: Evidence from the Bilateral Repo Market."
Conference of State Bank Supervisors
Texas Banking Commissioner Re-appointed to FSOC
September 15, 2022
State bank supervisors have re-appointed Texas Department of Banking Commissioner Charles G. Cooper to serve as the state banking representative on the Financial Stability Oversight Council.
Office of the Comptroller of the Currency
OCC Reports Improvement in Overall Mortgage Performance in Q2 2022
September 15, 2022
The Office of the Comptroller of the Currency released the OCC Mortgage Metrics Report, Second Quarter 2022, which showed that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2022.
Securities and Exchange Commission
Investor Bulletin: Performance Claims
September 15, 2022
The Securities and Exchange Commission's Office of Investor Education and Advocacy issued and Investor Bulletin to educate investors about investment performance claims.
Statement by Commissioner Peirce Regarding Recent Pay-to-Play Rule Settlements
September 15, 2022
Securities and Exchange Commissioner Hester M. Peirce released a statement regarding the SEC's recent pay-to-play rule settlements.
Commodity Futures Trading Commission
CFTC's Division of Data Announces Limited Modifications to the Technical Specification for Parts 43 and 45
September 15, 2022
The Commodity Futures Trading Commission's Division of Data today announced it has published limited modifications to Version 3.0 of the CFTC Technical Specification, issued in September 2021. The Technical Specification provides detailed instructions for swap data reporting and public dissemination requirements under Parts 43 and 45 of the CFTC's regulations.
Chairman Behnam Testifies before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry
September 15, 2022
Commodity Futures Trading Commission Chair Rostin Behnam testified before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry hearing to review the Digital Commodities Consumer Protection Act.
Speech: An Appropriate Regulatory Regime for Evolving Markets
September 15, 2022
Commodity Futures Trading Commissioner Summer K. Mersinger gave the keynote address at the American University Web3 Summit entitled, "An Appropriate Regulatory Regime for Evolving Markets."
Consumer Financial Protection Bureau
Report: Buy Now, Pay Later: Market trends and consumer impacts
September 15, 2022
The Consumer Financial Protection Bureau released a report entitled, "Buy Now, Pay Later: Market trends and consumer impacts."
National Credit Union Administration
NCUA Releases Q2 2022 State-Level Credit Union Data Report
September 15, 2022
The National Credit Union Administration released the NCUA Quarterly U.S. Map Review for Q2 2022 which showed that federally insured credit unions experienced continued growth in assets, shares and deposits, and loans outstanding over the year ending in the second quarter of 2022.
Bank Policy Institute
Blog: How the Overnight Reverse Repurchase Agreement Facility Could Derail the Fed's Path to Getting Smaller
September 15, 2022
The Bank Policy Institute published a blog post entitled, "How the Overnight Reverse Repurchase Agreement Facility Could Derail the Fed's Path to Getting Smaller."
Blog: Missing Factors in the CFPB's Analysis of Rising Credit Card Interest Rates
September 15, 2022
The Bank Policy Institute published a blog post entitled, "Missing Factors in the CFPB's Analysis of Rising Credit Card Interest Rates."
State Agencies
New York State Department of Financial Services
Governor Hochul Signs Legislation to Expand Public Servants' Access to Student Loan Forgiveness
September 15, 2022
Governor Kathy Hochul signed legislation to expand and simplify access to the federal Public Service Loan Forgiveness program statewide.
International
European Commission
EIB Group starts disbursements from €1.59 bn EIB Ukraine Solidarity Urgent Response package
September 15, 2022
The European Investment Bank, the EU bank, disbursed the first tranches of the €1.59 billion package of the Ukraine Solidarity Urgent Response, supported by an EU guarantee.
Bank of England
Bank of England/Ipsos Inflation Attitudes Survey - August 2022
September 15, 2022
The Bank of England published the quarterly Inflation Attitudes Survey for August 2022 conducted by Ipsos.
UK Financial Conduct Authority
Consumer Guidance: Defined benefit pension transfers redress calculations
September 15, 2022
The UK Financial Conduct Authority released consumer guidance on defined benefit pension transfers redress calculations.
Administration Changes
Vacancies
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)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
- Remarks by Secretary of the Treasury Janet L. Yellen at Chief Lynn Malerba's Swearing in Ceremony as the United States Treasurer (September 12, 2022)
- Remarks by Chief Lynn Malerba at Swearing in Ceremony for United States Treasurer (September 12, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- 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) (sworn in May 23, 2022)
- 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)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)
- Marianne Lake Appointed to Federal Advisory Council for the New York Fed (August 11, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
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)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
- Lori H. Price Named Director of Office of Credit Ratings (August 12, 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)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Amber Gravius Named Director, Office of Business Innovation (August 9, 2022)
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)
- HUD Announces Key Staff Appointments (April 11, 2022)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- 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)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
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.