PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update --Thursday, January 20, 2022
January 20, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senate Banking and Housing Committee Votes on Biden Administration Nominees
January 19, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs, approved several Biden Administration nominees for financial services positions:
- Arun Venkataraman, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service;
- Reta Jo Lewis, to be President of the Export-Import Bank of the United States;
- Judith DelZoppo Pryor, to be First Vice President of the Export-Import Bank;
- Owen Edward Herrnstadt, to be a Member of the Board of Directors of the Export-Import Bank;
- Parisa Salehi, to be Inspector General, Export Import Bank;
- David Uejio, to be an Assistant Secretary of Housing and Urban Development;
- Elizabeth de Leon Bhargava, to be an Assistant Secretary of Housing and Urban Development;
- Julia Ruth Gordon, to be an Assistant Secretary of Housing and Urban Development
- Solomon Jeffrey Greene, to be an Assistant Secretary of Housing and Urban Development;
- James Arthur Jemison, to be an Assistant Secretary of Housing and Urban Development;
- Todd M. Harper, to be a Member of the National Credit Union Administration Board; and
- Brian Michael Tomney, to be Inspector General of the Federal Housing Finance Agency.
- Press Release
U.S. House of Representatives
Committee on Financial Services
Subcommittee Virtual Hearing on Housing America: Addressing Challenges in Serving People Experiencing Homelessness
January 19, 2022
On January 20, the Subcommittee on Housing, Community Development and Insurance will convene for a virtual hearing entitled, "Housing America: Addressing Challenges in Serving People Experiencing Homelessness."
Letter: Waters and Warner Urge the Federal Reserve to Provide Guidance to Maximize Impact of Investments to Support Diverse and Mission-Driven Community Financial Institutions
January 18, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Mark Warner (D-VA) sent a letter to Federal Reserve Chair Jerome Powell to urge the Federal Reserve to provide guidance as soon as possible to Subchapter S and Mutual bank Emergency Capital Investment Program (ECIP) recipients on concerns they raised. Chairwoman Waters led the effort in Congress to provide $12 billion in funding to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), which includes $9 billion in critical capital through the ECIP to bolster the lending capacity of CDFIs and MDIs in underserved and minority communities.
Ensuring Equitable Delivery of Disaster Benefits to Vulnerable Communities and Peoples: An Examination of GAO's Findings of the CDBG Program
January 18, 2022
The Oversight and Investigations Subcommittee held a hearing titled, "Ensuring Equitable Delivery of Disaster Benefits to Vulnerable Communities and Peoples: An Examination of GAO's Findings of the CDBG-DR Program."
- Hearing Page
- Committee Memorandum
- Government Accountability Office Managing Director Testimony
- HUD Inspector General Testimony
Committee on Small Business
Committee Examines Pandemic Impact and Policies to Drive Recovery During Hearing on Creative Economy
January 19, 2022
The House Small Business Committee held a hearing surveying the current state of the creative economy and its overall impact on the American economy. The hearing gathered artists and creative workers to testify on the devastating effects of the COVID-19 pandemic on their industry and ways that Congress can better support them.
Federal Agencies
U.S. Department of the Treasury
Remarks: Secretary of the Treasury Janet L. Yellen at the 90th Winter Meeting of the U.S. Conference of Mayors
January 19, 2022
Secretary of the Treasury Janet L. Yellen gave prepared remarks at the 90th Winter Meeting of the U.S. Conference of Mayors.
Federal Reserve Bank of New York
Report: Business Leaders Survey
January 19, 2022
The Federal Reserve Bank of New York published its January 2022 Business Leaders Survey. Business activity in the region's service sector grew at a slower pace than in recent months. The survey's headline business activity index fell five points to 9.2. The business climate index fell twelve points to -27.9, indicating that firms generally viewed the business climate as worse than normal for this time of year. Employment growth slowed to a modest pace, and wages continued to rise at a solid clip. Both the prices paid and prices received indexes edged slightly lower but remained near record highs. Looking ahead, most firms expect conditions to improve over the next six months.
Office of the Comptroller of the Currency
Notice: Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2022
January 19, 2022
On January 12, 2022, the Office of the Comptroller of the Currency (OCC) published in the Federal Register a notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act). The adjusted maximum penalties are effective as of January 12, 2022, for violations occurring on or after November 2, 2015.
Securities and Exchange Commission
Statement: "Dynamic Regulation for a Dynamic Society" Before the Exchequer Club of Washington, D.C.
January 19, 2022
Securities and Exchange Commission Chair Gary Gensler gave prepared remarks titled, "Dynamic Regulation for a Dynamic Society," before the Exchequer Club of Washington, D.C.
Consumer Financial Protection Bureau
CFPB Releases Report on Diversity and Inclusion within Financial Services
January 19, 2022
The Consumer Financial Protection Bureau's (CFPB) Office of Minority Women and Inclusion (OMWI) released the CFPB Report on Diversity and Inclusion within Financial Services. As part of the mandate of Section 342 of the Dodd-Frank Act, the Bureau's Office of Minority and Women Inclusion (OMWI) is charged with developing standards for assessing diversity and inclusion at the financial entities the Bureau regulates. To further that effort, CFPB engaged in analysis of public data to gain a better understanding of diversity and inclusion within the financial services sector and compiled a report to share its findings. The Report can help industry understand more about diversity and inclusion initiatives that their peers are undertaking and the various options available to entities of different sizes.
Blog Post: Americans Pay $120 Billion in Credit Card Interest and Fees Each Year
January 19, 2022
The Consumer Financial Protection Bureau (CFPB) published a blog post titled, "Americans pay $120 Billion in Credit Card Interest and Fees Each Year."
Fannie Mae
The Economy and Housing to Turn Toward 'New Normal' in 2022
January 19, 2022
The housing market and larger economy are expected to enter a "new normal" in 2022 as the unprecedented market disturbances and policy responses stemming from the COVID-19 pandemic subside, according to the January 2022 commentary from the Fannie Mae Economic and Strategic Research Group.
U.S. Department of Labor
US Department of Labor, Equal Employment Opportunity Commission Unveil 'HIRE' Initiative to Advance Equal Opportunity at Work
January 19, 2022
The U.S. Department of Labor's Office of Federal Contract Compliance Programs and the U.S. Equal Employment Opportunity Commission launched the Hiring Initiative to Reimagine Equity with a roundtable discussion reflecting on the legacy of Dr. Martin Luther King Jr.
International
European Commission
EU Cohesion Policy: Almost €385.5 Million from the EU Solidarity Fund to 19 Countries to Tackle the COVID-19 Health Emergency
January 19, 2022
The European Commission completed the payments of the EU Solidarity Fund (EUSF) assistance to tackle the coronavirus health emergency to 19 countries for a total amount of almost €385.5 million. This comes in addition to €132.7 million paid in 2020 to the Member States that requested a EUSF advance payment. 17 Member States and 3 candidate countries had requested the EUSF support: Austria, Belgium, Croatia, Czechia, Estonia, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Portugal, Romania and Spain; Albania, Montenegro and Serbia.
UK Financial Conduct Authority
FCA to Strengthen Financial Promotions Rules to Protect Consumers
January 19, 2022
The Financial Conduct Authority (FCA) is acting to address concerns about the ease and speed with which people can make high-risk investments by proposing a significant strengthening of its rules on how high-risk financial products are marketed. This is a central element of the FCA's Consumer Investments Strategy, published in September 2021, which aims to give consumers the confidence to invest and reduce the number of people who are investing in high-risk products that are not aligned to their needs.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
- Governor – Lisa Cook nominated January 14, 2022
- Governor – Phillip Jefferson, nominated January 14, 2022
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)
- 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)
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.