PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, March 26, 2022
March 26, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Send Letters Banks to Regarding Overdraft Fees
March 25, 2022
U.S. Senator Reverend Raphael Warnock (D-GA), chair of the U.S. Senate Banking Subcommittee on Financial Institutions and Consumer Protection, joined Senator Sherrod Brown (D-OH), chair of the Senate Committee on Banking, Housing, and Urban Affairs, to send letters to major banks urging them to lower or fully eliminate their overdraft fees.
Committee on Small Business and Entrepreneurship
Committee Releases Staff Report on Second Anniversary of CARES Act
March 25, 2022
The U.S. Senate Committee on Small Business & Entrepreneurship marked the second anniversary of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was enacted on March 27, 2020, by releasing a staff report on the COVID-19 relief programs created by Congress since the beginning of the COVID-19 pandemic.
Federal Agencies
Federal Reserve Board
Federal Reserve Board announces it will extend comment period for proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board until May 5, 2022
March 25, 2022
The Federal Reserve Board announced that it will extend until May 5, 2022, the comment period for its proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board.
Paper: The Role of Observed and Unobserved Heterogeneity in the Duration of Unemployment Spells
March 25, 2022
The Federal Reserve Board published a paper entitled, "The Role of Observed and Unobserved Heterogeneity in the Duration of Unemployment Spells."
Paper: Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey
March 25, 2022
The Federal Reserve Board published a paper entitled, "Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey."
Paper: Measuring Geopolitical Risk
The Federal Reserve Board published a paper entitled, "Measuring Geopolitical Risk."
Federal Reserve Bank of New York
Speech: Global Issues, Global Implications
March 25, 2022
Federal Reserve Bank of New York President and CEO John Williams gave remarks at the Central Reserve Bank of Peru Centenary Conference.
Federal Deposit Insurance Corporation
FDIC Issues Request for Information on Bank Mergers
March 25, 2022
The Federal Deposit Insurance Corporation issued a request for information soliciting comments regarding the application of the laws, practices, rules, regulations, guidance and statements of policy that apply to merger transactions involving one or more insured depository institutions, including the merger between an insured depository institution and a noninsured institution.
Acting Chairman Gruenberg Issues Statement on the Property Appraisal and Valuation Equity (PAVE) Task Force Report
March 25, 2022
Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg issued the following statement regarding the release of the Action Plan to Advance Property Appraisal and Valuation Equity (PAVE).
Office of the Comptroller of the Currency
OCC Reports Fourth Quarter 2021 Bank Trading Revenue
March 25, 2022
The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $7.5 billion in the fourth quarter of 2021. The fourth quarter trading revenue was $713.0 million, or 10.5%, more than in the previous quarter.
Financial Crimes Enforcement Network
Prepared Remarks of FinCEN Acting Director Himamauli Das During NYU Law's Program on Corporate Compliance and Enforcement
March 25, 2022
Himamauli Das, Acting Director of the Financial Crimes Enforcement Network (FinCEN), provided a keynote address during New York University School of Law's Program on Corporate Compliance and Enforcement. He discussed how FinCEN is working to ensure the effectiveness of corporate compliance programs through its ongoing anti-money laundering and anti-corruption efforts, regulatory and enforcement initiatives, and by fostering responsible innovation.
Bank Policy Institute
BPI Comments on CFPB Review of Buy-Now-Pay-Later Products
March 25, 2022
The Bank Policy Institute (BPI) commented on the Consumer Financial Protection Bureau's (CFPB) evaluation of five Buy-Now-Pay-Later (BNPL) providers. BPI made six recommendations to the CFPB intended to better protect consumers and their data when they use BNPL products, including by requiring product providers to increase transparency and enhance data privacy and cybersecurity.
International
European Commission
Digital Markets Act: Commission welcomes political agreement on rules to ensure fair and open digital markets
March 25, 2022
The European Commission issued a press release welcoming the political agreement reached between the European Parliament and EU Member States on the Digital Markets Act.
European Commission and United States Joint Statement on Trans-Atlantic Data Privacy Framework
March 25, 2022
The European Commission and the United States announced that they have agreed in principle on a new Trans-Atlantic Data Privacy Framework.
Joint Statement between the European Commission and the United States on European Energy Security
March 25, 2022
The United States and the European Commission issued a joint statement on reducing Europe's dependency on Russian energy.
European Banking Authority
ESAs issue updated supervisory statement on the application of the Sustainable Finance Disclosure Regulation
March 25, 2022
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have updated their joint supervisory statement on the application of the Sustainable Finance Disclosure Regulation.
Bank of England
Bank of England and Massachusetts Institute of Technology joint Central Bank Digital Currency collaboration
March 25, 2022
In February 2022, the Bank of England and the Massachusetts Institute of Technology agreed to collaborate on a twelve-month research project on Central Bank Digital Currency.
Paper: House price dynamics, optimal LTV limits and the liquidity trap
March 25, 2022
The Bank of England staff published a working paper entitled, "House price dynamics, optimal LTV limits and the liquidity trap."
Paper: Value of information, search, and competition in the UK mortgage market
March 25, 2022
The Bank of England staff published a working paper entitled, "Value of information, search, and competition in the UK mortgage market."
Paper: Turning in the widening gyre: monetary and fiscal policy in interwar Britain
March 25, 2022
The Bank of England staff published a paper entitled, "Turning in the widening gyre: monetary and fiscal policy in interwar Britain."
Bank of England Prudential Regulation Authority
Policy Statement: Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23
March 25, 2022
The Prudential Regulation Authority published policy statement PS3/22 | CP1/22 entitled, "Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23."
UK Financial Conduct Authority
HM Treasury, CMA, FCA and PSR joint statement on Open Banking future
March 25, 2022
HM Treasury, the Competition and Markets Authority, the Financial Conduct Authority and the Payment Systems Regulator have published a joint statement on the future of Open Banking.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Vacant
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022; committee approval March 16, 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)
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.