PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 23, 2022
June 23, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: The Semiannual Monetary Policy Report to Congress
June 22, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Semiannual Monetary Policy Report to Congress."
- Hearing Page
- Committee Chair Statement
- Senator Tillis Statement
- Federal Reserve Board Chair Testimony
U.S. House of Representatives
Committee on Financial Services
Waters Delivers Opening Statement at June Full Committee Markup of Bills to Address Inflation, Reduce Housing Costs, Support Small Businesses, and Put Consumers First
June 22, 2022
U.S. House Committee on Financial Services Chair Maxine Waters gave the opening statement at the June Full Committee Markup hearing.
Federal Agencies
U.S. Department of the Treasury
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the United Arab Emirates Banks Federation Roundtable
June 22, 2022
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the United Arab Emirates Banks Federation Roundtable.
Federal Reserve Board
Paper: Trade, Labor Reallocation Across Firms and Wage Inequality
June 22, 2022
The Federal Reserve Board published a paper entitled, "Trade, Labor Reallocation Across Firms and Wage Inequality."
Paper: Trade policies and fiscal devaluations
June 22, 2022
The Federal Reserve Board published a paper entitled, "Trade policies and fiscal devaluations."
Federal Reserve Bank of New York
Staff Report: A Robust Test for Weak Instruments with Multiple Endogenous Regressors
June 22, 2022
The Federal Reserve Bank of New York published a staff report entitled, "A Robust Test for Weak Instruments with Multiple Endogenous Regressors."
Conference of State Bank Supervisors
Blog Post: Community Bankers' Business Conditions Outlook Tied to Yield Curve
June 22, 2022
The Conference of State Bank Supervisors published a blog post entitled, "Community Bankers' Business Conditions Outlook Tied to Yield Curve."
Securities and Exchange Commission
SEC Announces Spring 2022 Regulatory Agenda
June 22, 2022
The Office of Information and Regulatory Affairs today released the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions.
Statement: A Caution on the Limits of Authority: Statement Regarding In the Matter of The Brink's Company
June 22, 2022
Securities and Exchange Commissioner Hester M. Peirce issued a statement entitled, "A Caution on the Limits of Authority: Statement Regarding In the Matter of The Brink's Company."
Commodity Futures Trading Commission
Keynote Address of Commissioner Summer K. Mersinger: There's a Little Bit of Everything in Texas
June 22, 2022
Commodity Futures Trading Commissioner Summer K. Mersinger gave the keynote address at the FIA Forum: Commodities 2022 entitled, "There's a Little Bit of Everything in Texas."
Consumer Financial Protection Bureau
CFPB Initiates Review of Credit Card Company Penalty Policies Costing Consumers $12 Billion Each Year
June 22, 2022
The Consumer Financial Protection Bureau announced it is seeking data about credit card late fees and late payments, assessing whether those fees are "reasonable and proportional." It is also seeking data about card issuers' revenue and expenses, the potential deterrent effect of late fees, and the role late fees play in credit card companies' profitability.
Federal Deposit Insurance Corporation
Remarks by Acting Chairman Martin J. Gruenberg at the CNMV Conference on Recovery and Resolution of Central Counterparties
June 22, 2022
Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg gave remarks at the CNMV Conference on Recovery and Resolution of Central Counterparties.
Financial Crimes Enforcement Network
FinCEN Statement on Bank Secrecy Act Due Diligence for Independent ATM Owners or Operators
June 22, 2022
The Financial Crimes Enforcement Network (FinCEN) issued a statement to provide clarity to banks on how to apply a risk-based approach to conducting customer due diligence on independent Automated Teller Machine owners or operators, consistent with the requirements set out in FinCEN's 2016 CDD Rule.
FINRA
Regulatory Notice: FINRA Requests Comment on Proposed Trade Reporting Requirements for Over-The-Counter Options Transactions
June 22, 2022
FINRA is soliciting comment on a proposal to establish a new trade reporting requirement for transactions in over-the-counter options on securities with terms that are identical or substantially similar to listed options.
International
European Commission
Digital Assembly 2022: A closer look into the digital future
June 22, 2022
The European Commission and the French Presidency of the Council of the European Union issued a joint press release on the Digital Assembly held on June 21 and 22.
Bank of England
Transforming data collection – Reporting Transformation Committee meeting – March, 30 2022
June 22, 2022
The Reporting Transformation Committee released the minutes from the March 30, 2022 meeting.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)
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)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- 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) (sworn in May 23, 2022)
- 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)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 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)
- 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)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 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)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
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)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- 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)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
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.