PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, May 6, 2022
May 06, 2022
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
U.S. Department of the Treasury
U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer, Targets DPRK Cyber Threats
May 6, 2022
the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Blender.io, which is used by the Democratic People's Republic of Korea to support its cyber activities and money-laundering of stolen virtual currency.
Statement from Secretaries Yellen, Fudge, McDonough, and Vilsack on Continued Efforts to Connect Homeowners to Pandemic Relief
May 6, 2022
The Secretaries of Treasury Janet L. Yellen, Housing and Urban Development Marcia L. Fudge, Veterans Affairs Denis McDonough, and Agriculture Tom Vilsack are calling on servicers of federally backed mortgages to make every effort to ensure no individual or family unduly experiences unnecessary hardship or foreclosure while assistance is available under the Homeowner Assistance Fund.
Federal Reserve Board
Agencies to Host Webinar on Community Reinvestment Act Notice of Proposed Rulemaking
May 6, 2022
On Wednesday, May 11, 2022 at 3:00 p.m. Eastern, policy experts from the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency will host a special Ask the Regulators webinar on the notice of proposed rulemaking to strengthen and modernize Community Reinvestment Act regulations.
Federal Reserve Supervision and Regulation Report
May 6, 2022
The Federal Reserve Board released the May 2022 Federal Reserve Supervision and Regulation Report.
Working Paper: Credit Default Swaps
May 6, 2022
The Federal Reserve Board published a working paper entitled, "Credit Default Swaps."
Working Paper: Enhancing Stress Tests by Adding Macroprudential Elements
May 6, 2022
The Federal Reserve Board published a working paper entitled, "Enhancing Stress Tests by Adding Macroprudential Elements."
Consumer Credit - G.19
The Federal Reserve Board released the March 2022 G.19 Consumer Credit data.
Securities and Exchange Commission
Speech: A Century with a Gold Standard
May 6, 2022
Securities and Exchange Commission Chair Gary Gensler gave a speech before the Annual Conference on Financial Market Regulation entitled, "A Century with a Gold Standard."
Remarks at SEC Small Business Capital Formation Advisory Committee Meeting
May 6, 2022
Chair Gary Gensler and Commissioners gave remarks at the SEC Small Business Capital Formation Advisory Committee meeting.
Consumer Financial Protection Bureau
The CFPB's 2021 Fair Lending Annual Report to Congress
May 6, 2022
The Consumer Financial Protection Bureau released its 2021 annual Fair Lending Report to Congress.
Blog Post: Credit reporting companies and furnishers have obligations to assure accuracy in consumer reports
May 6, 2022
The Consumer Financial Protection Bureau issued a blog post entitled, "Credit reporting companies and furnishers have obligations to assure accuracy in consumer reports."
U.S. Small Business Administration
Advocacy Comments on SEC's Proposed Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
May 6, 2022
The U.S. Small Business Administration Office of Advocacy filed a comment letter on the SEC's proposed cybersecurity risk management, strategy, governance and incident disclosure rules, encouraging SEC to publish a Supplemental Initial Regulatory Flexibility Analysis and allow additional time for public comment.
International
Bank of England
Market Participants Survey results – May 2022
May 6, 2022
The Bank of England released the results from the May 2022 Market Participants Survey.
Working Paper: Central bank swap lines: micro-level evidence
May 6, 2022
The Bank of England staff published a working paper entitled, "Central bank swap lines: micro-level evidence."
Bank of England Prudential Regulation Authority
PRA Releases Statements on Trading Activity Wind-Down
May 6, 2022
The Bank of England Prudential Regulation Authority released a Policy Statement, Statement of Policy and Supervisory Statement containing the Authority's final policy on trading activity wind-down.
Statement on EBA Guidelines relating to the management of non-performing and forborne exposures
May 6, 2022
The Bank of England Prudential Regulation Authority released a statement setting out the Authority's approach to the European Banking Authority Guidelines relating to the management of non-performing exposures and forborne exposures.
UK Financial Conduct Authority
FCA warns businesses to stop misleading credit adverts to protect consumers
May 6, 2022
The Financial Conduct Authority issued a letter warning lenders and brokers to discontinue using misleading terms in their advertising or face regulatory action.
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.