PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, January 27, 2022
January 27, 2022
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Financial Services
America COMPETES Act Contains Significant Provisions Impacting Financial Services
January 26, 2022
Nine provisions included in the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022 originated from the House Committee on Financial Services. The America COMPETES Act of 2022 is intended to strengthen the competitiveness of the U.S. economy and U.S. businesses, and seeks to counter anti-competitive actions taken by bad actors and explicitly China. The COMPETES Act also directs the executive branch government to work with Congress to ensure the safety and security of America's and our allies' economies.
- U.S. Policy on World Bank Group and Asian Development Bank Loans to China (Title I)
- Prohibitions or Conditions on Certain Transmittal of Funds (Title II)
- U.S. Stock Exchange Trading Prohibition for Two Consecutive Auditor Non-Inspection Years (Title III)
- Combating Wildlife Trafficking Financing and Proceeds Study Act (Title IV)
- Study on Chinese Support for Afghan Illicit Finance (Title V)
- U.S. Policy on Multilateral Development Bank Co-Financing Arrangements with China's Infrastructure Bank (Title VI)
- China Financial Threat Mitigation (Title VII)
- Support for Debt Relief for Developing Countries (Title VIII)
- COVID-19 Emergency Medical Supplies Enhancement (Title X)
- Press Release
Federal Agencies
Federal Reserve Board
Statement: Federal Reserve Issues FOMC statement
January 26, 2022
The Board of Governors of the Federal Reserve System issued a Federal Open Market Committee statement and implementation note regarding decisions to implement its monetary policy stance.
Statement: Federal Open Market Committee Reaffirms its "Statement on Longer-Run Goals and Monetary Policy Strategy"
January 26, 2022
The Federal Open Market Committee unanimously reaffirmed its "Statement on Longer-Run Goals and Monetary Policy Strategy."
Principles for Reducing the Size of the Federal Reserve's Balance Sheet
January 26, 2022
The Federal Open Market Committee agreed that it is appropriate at this time to provide information regarding its planned approach for significantly reducing the size of the Federal Reserve's balance sheet.
Federal Reserve Bank of New York
Statement: Treasury Securities and Agency Mortgage-Backed Securities Operations
January 26, 2022
The Federal Reserve Bank of New York published a statement regarding treasury securities and agency mortgage-backed securities operations.
Federal Deposit Insurance Corporation
Report: Legal Claims and Administrative Enforcement Proceedings 2008–2013 Banking Crisis
January 26, 2022
The Federal Deposit Insurance Corporation published a report titled, "Legal Claims and Administrative Enforcement Proceedings 2008-2013 Banking Crisis."
Securities and Exchange Commission
SEC Proposes Amendments to Enhance Private Fund Reporting
January 26, 2022
The Securities and Exchange Commission (SEC) voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The proposed amendments are designed to enhance the Financial Stability Oversight Council's (FSOC) ability to assess systemic risk as well as to bolster the SEC's regulatory oversight of private fund advisers and its investor protection efforts in light of the growth of the private fund industry.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Herren Lee Statement
- Commissioner Peirce Statement
- Senate Committee Ranking Member Toomey Statement
SEC Proposes Amendments to Include Significant Treasury Markets Platforms Within Regulation ATS
January 26, 2022
The Securities and Exchange Commission proposed rules to better protect investors and enhance cybersecurity by bringing more Alternative Trading Systems (ATS) that trade Treasuries and other government securities under the regulatory umbrella. The proposal builds upon a 2020 proposal and public comments received in response to that proposal. It would extend Regulation ATS to include systems that offer the use of non-firm trading interest and provide protocols to bring together buyers and sellers for trading any type of security. These Communication Protocol Systems would be required to either register as exchanges or register as broker-dealers and comply with Regulation ATS.
- Fact Sheet
- Proposed Rule
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Peirce Dissenting Statement
Statement: Market Volatility Experienced in January 2021
January 26, 2022
Securities and Exchange Commission Chair Gary Gensler gave a statement on the market volatility experienced in January 2021.
Consumer Financial Protection Bureau
Consumer Financial Protection Bureau Launches Initiative with Respect to So-called Junk Fees
January 26, 2022
The Consumer Financial Protection Bureau launched an initiative to reduce exploitative fees charged by banks and financial companies. The request is a chance for the public to share input that will help shape the agency's rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD and Census Bureau Report New Residential Sales in December 2021
January 26, 2022
The U.S. Department of Housing and Urban Development and the U.S. Census Bureau announced new residential sales statistics for December 2021.
International
European Commission
Commission Puts Forward Declaration on Digital Rights and Principles for Everyone in the EU
January 26, 2022
The European Commission proposed to the European Parliament and Council to sign up to a declaration of rights and principles that will guide the digital transformation in the EU.
European Banking Authority
EBA Amends Standards on Currencies with Constraints on the Availability of Liquid Assets
January 26, 2022
The European Banking Authority published its final report on amendments to its Implementing Technical Standards on currencies with constraints on the availability of liquid assets in the context of the liquidity coverage ratio. The proposed amendments remove the Norwegian Krone from the list. As a result, no currency will be recognized as having constraints on the availability of liquid assets.
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)
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)
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)
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.