PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, April 24, 2022
April 23, 2022
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Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen's Meeting with European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni
April 22, 2022
U.S. Secretary of the Treasury Janet L. Yellen met with European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni to discuss further support for Ukraine.
Federal Reserve Bank of New York
Report: Climate Regulatory Risks and Corporate Bonds
April 22, 2022
The Federal Reserve Bank of New York published a staff report entitled, "Climate Regulatory Risks and Corporate Bonds."
Conference of State Bank Supervisors
Blog Post: Fed's Proposed Tiered Review Framework for Evaluating Account Access Requests is Unequitable
April 22, 2022
The Conference of State Bank Supervisors published a blog post entitled, "Fed's Proposed Tiered Review Framework for Evaluating Account Access Requests is Unequitable."
Office of the Comptroller of the Currency
OCC Launches Discussion Series on Financial Health
April 22, 2022
The Office of the Comptroller of the Currency announced the launch of a discussion series to explore issues relating to the financial wellbeing of consumers.
U.S. Small Business Administration
SBA Introduces Two New Courses, Partnerships and Entrepreneurial Leadership to the Ascent Online Digital Learning Platform
April 22, 2022
The U.S. Small Business Administration announced the launch of two new educational modules:
- Partnerships Journey: This module explores the value of business partnerships, why they matter, and how they drive business growth and has four components, including the value of business partnerships, opportunities, and strategic growth.
- Entrepreneurial Leadership Journey: This new module helps position small businesses for growth by building and refining leadership skills and has 11 components designed to build confidence and improve decision management and leadership style techniques.
- Press Release
Bank Policy Institute
Banking Associations Raise 'Significant Concerns' with Proposed Changes to Fed Master Account Guidelines
April 22, 2022
A coalition of banking associations responded today to the Board of Governors of the Federal Reserve as it seeks to establish guidelines for how institutions applying for a Fed master account will be evaluated.
International
European Commission
Statement on the meetings of the Head of Cabinet of President von der Leyen with US partners on further support for Ukraine
April 22, 2022
Bjoern Seibert, Head of Cabinet of President von der Leyen, met yesterday with US Deputy Secretary of State Wendy Sherman in Brussels and held a virtual meeting with US Deputy Secretary of the Treasury Wally Adeyemo, to further coordinate the transatlantic response to the situation in Ukraine.
European Banking Authority
EBA sees progress in MREL shortfall reduction by largest institutions while smaller institutions are lagging behind
April 22, 2022
The European Banking Authority published its annual Report on minimum requirements for own funds and eligible liabilities (MREL). The Report shows progress in closing MREL shortfalls, as of December 2020, which was mostly driven by largest institutions while smaller institutions lagged somewhat behind.
Bank of England
Working Paper: Heterogeneous effects and spillovers of macroprudential policy in an agent-based model of the UK housing market
April 22, 2022
The Bank of England staff released a working paper entitled, "Heterogeneous effects and spillovers of macroprudential policy in an agent-based model of the UK housing market."
Working Paper: Reducing liquidity mismatch in open-ended funds: a cost-benefit analysis
April 22, 2022
The Bank of England staff published a working paper entitled, "Reducing liquidity mismatch in open-ended funds: a cost-benefit analysis."
UK Financial Conduct Authority
FCA review finds weaknesses in some challenger banks' financial crime controls
April 22, 2022
The UK Financial Conduct Authority released a review finding that challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers' income and occupation. In some instances, challenger banks did not have financial crime risk assessments in place for their customers.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 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)
- 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)
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)
- 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)
- Chairman Behnam Announces McGonagle, Wright, Lowe to Lead Key CFTC Roles (April 22, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 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)
- HUD Announces Key Staff Appointments (April 11, 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.