PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, January 13, 2022
January 13, 2022
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Small Business
Review of SBA's Top Management and Performance Challenges in Fiscal Year 2022 and SBA OIG's Semiannual Report to Congress
January 12, 2022
The House Small Business Committee held a hearing examining the top management and performance challenges facing the Small Business Administration (SBA) according to a report recently published by the SBA Office of the Inspector General.
- Hearing Page
- Hearing Notice
- Hearing Memo
- Inspector General Ware Testimony
- Press Release
- Chair Velazquez Statement
Federal Agencies
Federal Reserve Bank of New York
Blog Post: How the Fed Adjusts the Fed Funds Rate within Its Target Range
January 12, 2022
The Federal Reserve Bank of New York published a Liberty Economics blog post titled, "How the Fed Adjusts the Fed Funds Rate within Its Target Range."
Underlying Inflation Gauge (UIG): January 2022
January 12, 2022
The Federal Reserve Bank published its monthly Underlying Inflation Gauge (UIG). The UIG "full data set" measure for December is currently estimated at 4.5%, a 0.2 percentage point increase from the previous month.
Consumer Financial Protection Bureau
CFPB Conducts Public Inquiry on Buy Now, Pay Later Products
January 12, 2022
The Consumer Financial Protection Bureau is inviting interested parties in the "buy now, pay later" (BNPL) market to submit comments, including families, small businesses and international regulators.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Report: HUD Did Not Have Adequate Controls in Place to Track, Monitor, and Issue FHA Refunds Owed to Homeowners
January 12, 2022
The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General audited HUD's oversight of Federal Housing Administration (FHA) refunds based on a hotline complaint alleging that HUD was trying to make it difficult for claimants to obtain refunds or discourage them from pursuing the refunds, which are due to eligible homeowners from the unearned portion of the upfront mortgage insurance premium paid.
Freddie Mac
Freddie Mac's AIMI Shows Favorable Multifamily Investment Environment Across All Markets in Third Quarter
January 12, 2022
The Freddie Mac Multifamily Apartment Investment Market Index® remained positive in Q3 2021 driven by net operating income growth, bolstering the investment environment for multifamily properties.
Equal Employment Opportunity Council
EEOC and OFCCP Launch "Hire" Initiative to Advance Equal Opportunity
January 12, 2022
The U.S. Equal Employment Opportunity Commission (EEOC) and the U.S. Department of Labor's Office of Federal Contract Compliance Programs (OFCCP) launched a new initiative to reimagine hiring practices to advance equal employment opportunity. The goal of the initiative is to identify innovative and evidence-based practices that will help workers access good jobs and help employers utilize the talent across America's workforce.
International
Bank of England Prudential Regulation Authority
Letter: Nathanael Benjamin and Rebecca Jackson "International banks active in the UK: 2022 priorities"
January 12, 2022
Nathanael Benjamin, Executive Director of Authorizations, Regulatory Technology, and International Solutions (ARTIS) of the Prudential Regulation Authority (PRA), and Rebecca Jackson, Director of ARTIS wrote a letter to chief executive officers of PRA-regulated international banks active in the UK titled, "International Banks Active in the UK: 2022 Priorities."
Letter: David Bailey and Melanie Beaman "UK Deposit Takers Supervision: 2022 Priorities"
January 12, 2022
David Bailey, Executive Director of UK Deposit Takers of the Prudential Regulation Authority (PRA) and Melanie Beaman, Director of UK Deposit Takers wrote a letter to chief executive officers of PRA-regulated UK Deposit Takers titled, "UK Deposit Takers Supervision: 2022 Priorities."
Letter: Anna Sweeney and Charlotte Gerken "Insurance Supervision: 2022 Priorities"
January 12, 2022
Anna Sweeney and Charlotte Gerken, Executive Directors of Insurance Supervision of the Prudential Regulation Authority (PRA), wrote a letter to chief executive officers of PRA-regulated Insurance firms, titled "Insurance Supervision: 2022 Priorities."
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair
- Vice Chair for Supervision
Federal Deposit Insurance Corporation
- Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
- 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)
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)
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)
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)
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)
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.