PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 7, 2022
April 07, 2022
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Major Developments
U.S. Treasury Escalates Sanctions on Russia for Its Aggression in Ukraine; President Issues Executive Order Banning New Investment in the Russian Federation
April 6, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control issued further sanctions against the Russian Federation in response to Russia's continued aggression against Ukraine. Treasury is imposing full blocking sanctions on Sberbank, Russia's largest state-owned bank, and Alfa-Bank, Russia's largest private bank. Treasury is also targeting family members of President Vladimir Putin and Foreign Minster Sergey Lavrov as well as Russian Security Council members. In addition, U.S. President Joseph R. Biden is issuing a new Executive Order which bans new investment in the Russian Federation and the provision of certain services to any person located in the Russian Federation by U.S. persons, wherever located.
United States, G7 and EU Impose Severe and Immediate Costs on Russia
April 6, 2022
The United States, the G7 and the European Union, announced additional sanctions against Russia in response to its aggression in the Ukraine.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Toomey Announces Legislation to Create Responsible Regulatory Framework for Stablecoins
April 6, 2022
U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released a discussion draft of legislation establishing a new regulatory framework for payment stablecoins.
U.S. House of Representatives
Committee on Financial Services
Hearing: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System
April 6, 2022
The U.S. House Committee on Financial Services held a hearing entitled, "The Annual Testimony of the Secretary of the Treasury on the State of the International Finance System."
Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, March 15-16, 2022
April 6, 2022
The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on March 15-16, 2022.
Conference of State Bank Supervisors
Community Bankers Begin Year with Dim Economic Outlook
April 6, 2022
The Conference of State Bank Supervisors released the first quarter 2022 Community Bank Sentiment Index which finds that community bankers have a pessimistic view of the economy driven by diminished expectations of future business conditions.
Securities and Exchange Commission
SEC Proposes Rules for the Registration and Regulation of Security-Based Swap Execution Facilities
April 6, 2022
The Securities and Exchange Commission proposed new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities.
Commission Statement Relating to Certain Administrative Adjudications
April 5, 2022
The Securities and Exchange Commission released the findings of a review into a control deficiency related to the separation of its enforcement and adjudicatory functions within its system for administrative adjudications and how that deficiency relates to two adjudicatory matters currently in litigation in federal court.
Consumer Financial Protection Bureau
Semi-Annual Report of the Consumer Financial Protection Bureau
April 6, 2022
The Consumer Financial Protection Bureau presented its Semi-Annual Report to Congress for the period beginning April 1, 2021 and ending September 30, 2021.
CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
April 6, 2022
The Consumer Financial Protection Bureau published a report entitled, "Consumer Use of State Payday Loan Extended Payment Plans."
Director Chopra's Opening Remarks to the Consumer Advisory Board
April 6, 2022
The Director of the Consumer Financial Protection Bureau, Rohit Chopra, gave opening remarks to the Consumer Advisory Board.
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; 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
- 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)
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)
- 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)
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.