PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, February 26, 2022
February 26, 2022
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Statement: Senator Toomey Calls for Tougher Sanctions on Russia
February 24, 2022
U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) released a statement calling on the Biden administration to impose tougher sanctions on Russia.
U.S. House of Representatives
Committee on Financial Services
Statement: Congresswoman Waters Supports Ukrainian People and Strong U.S., Multilateral Response to Russian Invasion of Ukraine
February 24, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released a statement in response to the Russian invasion of Ukraine.
Federal Agencies
U.S. Department of the Treasury
U.S. Treasury Issues General License to Facilitate Economic Activity in Afghanistan
February 25, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control issued a new General License (GL) to expand authorizations for commercial and financial transactions in Afghanistan, including with its governing institutions. The GL aims to ensure that U.S. sanctions do not prevent or inhibit transactions and activities needed to provide aid to and support the basic human needs of the people of Afghanistan and underscores the United States' commitment to working with the private sector, international partners and allies, and international organizations to support the people of Afghanistan.
Treasury to Host Virtual Roundtable on State and Local Efforts to Address Climate Change
February 25, 2022
The U.S. Department of the Treasury will host a roundtable, entitled, "The Climate Transition: Federal Policy and State and Local Government Best Practices," on March 3, 2022.
Federal Reserve Board
Report: Monetary Policy Report
February 25, 2022
The Federal Reserve Board published its February 2022 Monetary Policy Report.
Letter: Federal Reserve Board begins 2022 Survey of Consumer Finances
February 25, 2022
Federal Reserve Board (Board) Chair Jerome H. Powell published a letter about the Board's upcoming a statistical study of household finances. The study, the Survey of Consumer Finances, will provide policymakers with important insight into the economic condition of a broad cross section of American families.
Paper: How Does Monetary Policy Affect Prices of Corporate Loans?
February 25, 2022
The Federal Reserve Board published a paper titled, "How Does Monetary Policy Affect Prices of Corporate Loans?"
Speech: Waller on Fighting Inflation with Rate Hikes and Balance Sheet Reduction
February 25, 2022
The Federal Reserve Board Governor Christopher J. Waller gave a speech titled, "Fighting Inflation with Rate Hikes and Balance Sheet Reduction."
Securities and Exchange Commission
SEC Proposes Short Sale Disclosure Rule, Order Marking Requirement, and CAT Amendments
February 25, 2022
The Securities and Exchange Commission (SEC) announced that it has voted to propose changes that would provide greater transparency to investors and regulators by increasing the public availability of short sale related data. New Exchange Act Rule 13f-2 and the corresponding Form SHO would require certain institutional investment managers to report short sale related information to the Commission on a monthly basis. The SEC then would make aggregate data about large short positions, including daily short sale activity data, available to the public for each individual security.
- Fact Sheet
- Chair Gensler Statement
- Proposed Short Sale Disclosure Rule
- Proposed CAT Amendments
- Reopening Comment Period: Securities Loans Reporting
- Press Release
Federal Housing Finance Agency
FHFA Announces Final Rule Amending the Enterprise Regulatory Capital Framework
February 25, 2022
The Federal Housing Finance Agency published a final rule that amends the Enterprise Regulatory Capital Framework by refining the prescribed leverage buffer amount and risk-based capital treatment of retained credit risk transfer exposures for Fannie Mae and Freddie Mac.
International
European Banking Authority
Report: EBA Responds to ESRB Recommendation on Identifying Legal Entities
February 25, 2022
The European Banking Authority (EBA) published its report titled, "Follow-Up to the Recommendation ESRB/2020/12 on identifying legal entities – Recommendation B," on the implementation of the European Systemic Risk Board recommendation on identifying legal entities.
Bank of England
Paper: Consumption Effects of Mortgage Payment Holidays: Evidence During the COVID-19 Pandemic
February 25, 2022
The Bank of England published a paper titled, "Consumption Effects of Mortgage Payment Holidays: Evidence During the COVID-19 Pandemic."
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing held on February 3, 2022)
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing held on February 3, 2022)
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- Vice Chairman
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.