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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, February 26, 2022

February 26, 2022

FedACTion Task Force

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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.

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

Federal Reserve Bank of New York

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)

Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)

Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

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)

Federal Housing Finance Agency – Sandra L. Thompson

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 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.