PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 24, 2022
March 24, 2022
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Federal Agencies
Federal Reserve Board
Paper: Moldy Lemons and Market Shutdowns
March 23, 2022
The Federal Reserve Board released a paper titled, "Moldy Lemons and Market Shutdowns," addressing market operations in times of stress.
Paper: A Stock Return Decomposition Using Observables
March 23, 2022
The Federal Reserve Board released a paper titled, "A Stock Return Decomposition Using Observables."
Consumer Financial Protection Bureau
Report: Emergency Savings and Financial Security: Insights from the Making Ends Meet Survey and Consumer Credit Panel
March 23, 2022
The Consumer Financial Protection Bureau released a report titled, "Emergency Savings and Financial Security: Insights from the Making Ends Meet Survey and Consumer Credit Panel."
Report: New Data on the Characteristics of Mortgage Borrowers During the COVID-19 Pandemic
March 23, 2022
The Consumer Financial Protection Bureau released a report titled, "New Data on the Characteristics of Mortgage Borrowers During the COVID-19 Pandemic."
U.S. Department of Housing and Urban Development/Federal Housing Administration
Biden-Harris Administration Releases Action Plan of Reforms to Advance Equity in Appraisals
March 23, 2022
The U.S. Department of Housing and Urban Development (HUD) announced the delivery of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan to President Biden.
- Action Plan
- Press Release
- CFPB Director Statement
- FHFA Acting Director Statement
- Senate Banking Committee Chair Statement
State Agencies
California Department of Financial Protection and Innovation
DFPI Issues Report on Implementation of the California Consumer Financial Protection Law
March 23, 2022
The California Department of Financial Protection and Innovation issued its first annual report on the implementation of the California Consumer Financial Protection Law on year after the law was signed.
International
European Commission
Commission outlines options to mitigate high energy prices with common gas purchases and minimum gas storage obligations
March 23, 2022
The European Commission has set out ideas for collective European action to address the root causes of the problem in the gas market and ensure security of supply at reasonable prices for next winter and beyond.
- Press Release
- Communication
- Communication Annex
- Proposal
- Proposal Annex
- Questions & Answers
- Factsheet
State aid: Commission adopts Temporary Crisis Framework to support the economy in context of Russia's invasion of Ukraine
March 23, 2022
The European Commission has adopted a Temporary Crisis Framework to enable Member States to use the flexibility foreseen under State aid rules to support the economy in the context of Russia's invasion of Ukraine.
Ukraine: EU support to help Member States meet the needs of refugees
March 23, 2022
The European Commission outlined the actions being taken to support Member States in meeting the needs of those fleeing the war against Ukraine and its people.
Main messages from the Tripartite Social Summit
March 23, 2022
EU leaders and social partners met, via video conference, at the tripartite social summit to discuss a united tripartite response to the social and economic impact of the Russian military aggression against Ukraine.
UK Financial Conduct Authority
Speech: Supporting consumers through tough times – priorities for credit regulation
March 23, 2022
Speech by Brian Corr, Interim Director of Retail Lending at the UK Financial Conduct Authority, delivered at Credit Summit 2022, on 23 March 2022.
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; committee approval March 16, 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)
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)
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.