PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, April 30, 2022
April 29, 2022
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Federal Agencies
U.S. Department of the Treasury
Report on Foreign Portfolio Holdings of U.S. Securities at End-June 2021
April 29, 2022
Treasury released the final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2021.
Secretary of the Treasury Janet L. Yellen Convenes Finance and Development Ministers and Multilateral Development Bank Leaders to Discuss Scaling Up High-Quality Infrastructure Investment
April 29, 2022
U.S. Secretary of the Treasury Janet L. Yellen convened leaders of the multilateral development banks and ministries of finance and development that are shareholders of these development banks. The discussions focused on how to redouble efforts to increase infrastructure investment in low- and middle-income countries.
Federal Reserve Bank of New York
Latest Quarterly Vendor Costs Report Available for the CPFF, MLF, PMCCF, SMCCF and TALF
The Federal Reserve Bank of New York has posted the quarterly vendor costs report for the Commercial Paper Funding Facility, the Municipal Liquidity Facility, the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, and the Term Asset-Backed Securities Loan Facility.
- Commercial Paper Funding Facility
- Municipal Liquidity Facility
- Primary Market Corporate Credit Facility
- Secondary Market Corporate Credit Facility
- Term Asset-Backed Securities Loan Facility
Financial Crimes Enforcement Network
FinCEN Renews and Expands Real Estate Geographic Targeting Orders
April 29, 2022
The Financial Crimes Enforcement Network announced the renewal and expansion of its Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.
National Credit Union Administration
NCUA Issues Prompt Corrective Action Relief Renewal Follow-up for Credit Unions
April 29, 2022
During its February meeting, the National Credit Union Administration Board approved by notation vote a temporary order that specifies temporary revisions to the earnings-retention requirement for credit unions that are adequately capitalized. This temporary order is effective from April 1, 2022, through and including March 31, 2023.
Ginnie Mae
Ginnie Mae President McCargo Hosts First-Ever Past Presidents Roundtable
April 29, 2022
Ginnie Mae President Alanna McCargo hosted the first-ever roundtable of former presidents of Ginnie Mae. During the meeting, past Ginnie Mae presidents discussed lessons learned from their respective tenures and how they can inform Ginnie Mae's growing role in providing accessible and affordable housing opportunities for all Americans.
International
European Banking Authority
EBA proposes to simplify and improve the macroprudential framework
April 29, 2022
The European Banking Authority published its response to the European Commission's Call for Advice on the review of the macroprudential framework, proposing a set of recommendations to simplify the procedures around some of the existing macroprudential tools and to increase harmonization for others.
Bank of England
Transforming data collection – Data Standards Committee meeting minutes – 29 March 2022
April 29, 2022
The Bank of England released the Data Standard Committee meeting on transforming data collection held on March 29, 2022.
Consultation Paper: Roadmap for Real-Time Gross Settlement service beyond 2024
April 29, 2022
The Bank of England published a consultation paper entitled, "Roadmap for Real-Time Gross Settlement service beyond 2024."
Consultation Paper: RTGS - CHAPS Tariff Consultation
April 29, 2022
The Bank of England published a consultation paper entitled, "RTGS - CHAPS Tariff Consultation."
Bank of England Prudential Regulation Authority
Consultation Paper: The Strong and Simple Framework: a definition of a Simpler-regime Firm
April 29, 2022
The Bank of England Prudential Regulation Authority published a consultation paper entitled, "The Strong and Simple Framework: a definition of a Simpler-regime Firm."
UK Financial Conduct Authority
Ex-gratia payments for complaint handling delays
April 29, 2022
The UK Financial Conduct Authority issued and update explaining their approach when they consider making an ex-gratia (goodwill) payment because of the distress or inconvenience caused by avoidable delays in our complaint handling.
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 – Jerome H. Powell (effective February 4, 2022, named Chair Pro Tempore pending Senate confirmation)
- 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 – John C. Williams (effective June 18, 2018)
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)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 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.