PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 3, 2022
March 03, 2022
FedACtion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Express Concerns to Treasury Regarding Potential Use of Cryptocurrency to Evade Sanctions
March 2, 2022
United States Senator Elizabeth Warren (D-Mass.), Senate Intelligence Committee Chairman Mark Warner (D-Va.), Senate Banking, Housing, and Urban Affairs Chairman Sherrod Brown (D-Ohio), and Senate Armed Services Committee Chairman Jack Reed (D-R.I.) led a letter to Treasury Secretary Janet Yellen raising concerns regarding the potential use of cryptocurrency to evade sanctions, including sanctions imposed on Russia after their invasion of Ukraine.
Bipartisan Legislation to Protect Consumers, Provide Certainty for Financial Institutions
March 2, 2022
U.S. Senators Jon Tester (D-Mont.), Thom Tillis (R-N.C.), and Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and Ranking Member Pat Toomey (R-Penn.) today introduced the bipartisan Economic Continuity and Stability Act that would provide certainty for American consumers and businesses with respect to LIBOR-based contracts.
U.S. House of Representatives
Committee on Financial Services
Monetary Policy and the State of the Economy
March 2, 2022
The House Committee on Financial Services held a hearing entitled, "Monetary Policy and the State of the Economy."
- Committee Memorandum
- Hearing Page
- Report
- Federal Reserve Chair Pro Tempore Powell Testimony
- Chair Waters Statement
Committee on Small Business
The 8(a) Program: Overview and Next Steps to Promote Small Business Success
March 2, 2022
The House Small Business Committee Subcommittee on Contracting and Infrastructure, held a hearing examining the current state of the U.S. Small Business Administration's 8(a) program.
Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen's Remarks at the University of Illinois Chicago's Innovation Center
March 2, 2022
Secretary of the Treasury Janet L. Yellen addressed the Biden Administration's economic agenda and the continued efforts to hold Russia accountable for its unprovoked invasion in Ukraine. The Secretary delivered remarks at the University of Illinois Chicago's Innovation Center following a tour of the facility with Illinois Governor J. B. Pritzker and Chicago Mayor Lori Lightfoot.
Federal Reserve Board
Report: Beige Book
March 2, 2022
The Board of Governors of the Federal Reserve published the March 2022 Beige Book.
Federal Reserve Bank of New York
Blog: Disinflation Policies with a Flat Phillips Curve
March 2, 2022
The Federal Reserve Bank of New York's Liberty Street Economics blog released a post titled "Disinflation Policies with a Flat Phillips Curve."
Remarks: Federal Reserve Asset Purchases: The Pandemic Response and Considerations Ahead
March 2, 2022
Remarks by Lorie K. Logan, Executive Vice President, at New York University's Stern School of Business (delivered via videoconference)
State Agencies
New York State Department of Financial Services
Governor Hochul Announces Actions to Strengthen Department of Financial Services Enforcement of Sanctions Against Russia
March 2, 2022
Governor Kathy Hochul announced actions to strengthen the Department of Financial Services' (DFS) enforcement of sanctions against Russia, including the expedited procurement of additional blockchain analytics technology. These tools will bolster the Department of Financial Services ability to detect exposure among DFS-licensed virtual currency businesses to Russian individuals, banks and other entities that the Biden Administration has sanctioned.
International
European Commission
Towards a green, digital and resilient economy: our European Growth Model
March 2, 2022
The European Commission has put forward a Communication on the European Growth Model. It recalls the common objectives the EU and its Member States have committed to with respect to the green and digital transition and to strengthening social and economic resilience. It acknowledges that the European economy is undergoing unprecedented transformations in the context of major uncertainties linked to the global and security outlook. The Communication confirms that those developments underscore the need to work closely with our international partners and to reinforce our long-term sustainable growth agenda.
Ukraine: EU agrees to exclude key Russian banks from SWIFT
March 2, 2022
The European Union agreed to exclude key Russian banks from the SWIFT system, the world's dominant financial messaging system.
Ukraine: Sanctions on Kremlin-backed outlets Russia Today and Sputnik
March 2, 2022
The European Union adopted sanctions against the Kremlin's disinformation and information manipulation assets. Following the announcement by Commission President Ursula von der Leyen, the Council of the European Union decided to suspend the distribution of State-owned disinformation outlets Russia Today and Sputnik across the EU.
Ukraine: Commission proposes temporary protection for people fleeing war in Ukraine and guidelines for border checks
March 2, 2022
The European Commission is proposing to activate the Temporary Protection Directive to offer quick and effective assistance to people fleeing the war in Ukraine. Under this proposal, those fleeing the war will be granted temporary protection in the EU, meaning that they will be given a residence permit, and they will have access to education and to the labour market.
- Temporary Protection Proposal
- Temporary Protection Directive
- Operational Guidelines
- Proposal
- Factsheet
- Press Release
European Banking Authority
EBA recommends adjustments to the proposed EU Green Bond Standard as regards securitisation transactions
March 2, 2022
The European Banking Authority (EBA) published a Report which analyses the recent developments and challenges of introducing sustainability in the EU securitisation market.
Bank of England
Speech: Recollections on financial stability - speech by Jon Cunliffe
March 2, 2022
Jon Cunliffe reflects on the key lessons he has learnt about financial stability over the past few years. In particular, he highlights longer-term issues such as climate change and crypto, and also the challenges of the current situation for financial markets.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing held on February 3, 2022)
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing held on February 3, 2022)
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- 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 Pro Tempore 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.