PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 31, 2022
March 31, 2022
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Major Developments
FDIC Issues Request for Comment on Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions
March 30, 2022
The Federal Deposit Insurance Corporation is requesting public comment on draft principles that would provide a high-level framework for the safe and sound management of exposures to climate-related financial risks.
Congress
U.S. Senate
Senators Warren and White House seek to Impose BSA Obligations on RIAs and Hedge Funds
March 30, 2022
In a letter to Secretary of the Treasury Janet Yellen and Securities and Exchange Commission Chair Gary Gensler, Senators Warren (D-MA) and Whitehouse (D-RI) seek to have the private investment industry subject to provisions to thwart money laundering and counter-terrorism financing.
Committee on Banking, Housing, and Urban Affairs
Senators Call on Regulators to Focus on Lending to Main Street
March 30, 2022
U.S. Senators Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Dick Durbin (D-IL), Richard Blumenthal (D-CT), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Kirsten Gillibrand (D-NY), Reverend Raphael Warnock (D-GA), Chuck Schumer (D-NY), Mark Warner (D-VA), and Brian Schatz (D-HI) sent a letter to the Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency, urging them to work with banks and credit unions to ensure small businesses have access to safe and sound credit as Main Street recovers from COVID-19.
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of America's Stock Exchanges: Examining Their Role in Our Economy
March 30, 2022
The U.S. House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing entitled, "Oversight of America's Stock Exchanges: Examining Their Role in Our Economy."
Federal Agencies
U.S. Department of the Treasury
Treasury Announces $30 Billion in Emergency Rental Assistance Spent or Obligated with Over 4.7 Million Payments Made to Households Through February 2022
March 30, 2022
The U.S. Department of the Treasury announced that through February 2022, state and local Emergency Rental Assistance grantees have made over 4.7 million payments to households and spent or obligated approximately $30 billion in assistance of the program's total $46 billion.
Federal Reserve Board
Paper: Anchored or Not: How Much Information Does 21st Century Data Contain on Inflation Dynamics?
March 30, 2022
The Federal Reserve Board published a paper entitled, "Anchored or Not: How Much Information Does 21st Century Data Contain on Inflation Dynamics?"
Federal Reserve Bank of New York
Blog Post: How Have the Euro Area and U.S. Labor Market Recoveries Differed?
March 30, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Have the Euro Area and U.S. Labor Market Recoveries Differed?"
Statement Regarding Securities Lending Small Value Exercise
March 30, 2022
The Federal Reserve Bank of New York issued a statement announcing that the Open Market Trading Desk intends to conduct a small value contingency securities lending operation for the purpose of testing its contingency operation infrastructure.
Federal Reserve Bank of Boston
Ensuring 'safety and soundness' amid COVID-19: Pandemic forced bank exams to go remote
March 30, 2022
The Federal Reserve Bank of Boston released an article entitled, "Ensuring 'safety and soundness' amid COVID-19: Pandemic forced bank exams to go remote."
Federal Deposit Insurance Corporation
FDIC Quarterly
March 30, 2022
The Federal Deposit Insurance Corporation published the FDIC Quarterly for the Fourth Quarter 2021.
Securities and Exchange Commission
SEC Proposes Rules to Enhance Disclosure and Investor Protection Relating to Special Purpose Acquisition Companies, Shell Companies, and Projections
March 30, 2022
The Securities and Exchange Commission proposed new rules and amendments to enhance disclosure and investor protection in initial public offerings by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies, such as SPACs, and private operating companies.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Herren Lee Statement
- Commissioner Peirce Dissenting Statement
Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors
March 30, 2022
The Securities and Exchange Commission released a staff bulletin entitled "Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors."
SEC Division of Examinations Announces 2022 Examination Priorities
March 30, 2022
The Securities and Exchange Commission's Division of Examinations announced its 2022 examination priorities, including several significant areas of focus and many perennial risk areas.
U.S. Small Business Administration
Biden Administration Expands SBA Pilot Program Targeting Access to Capital for Underserved Entrepreneurs
March 30, 2022
Vice President Kamala Harris and Administrator Isabella Casillas Guzman announced reforms to the Small Business Administration's (SBA) Community Advantage loan program, an SBA tool for Community Development Financial Institutions, Community Development Companies, microlenders and other mission-based lending partners, that prioritizes equitable access to capital for low-income borrowers and those from underserved communities.
International
European Commission
Green Deal: New proposals to make sustainable products the norm and boost Europe's resource independence
March 30, 2022
The European Commission presented a package of European Green Deal proposals to make sustainable products the norm in the EU, boost circular business models and empower consumers for the green transition.
- European Green Deal
- Sustainable Products Initiative Questions and Answers
- Sustainable Products Initiative Factsheet
- Textiles Strategy Questions and Answers
- Textiles Strategy Factsheet
- Construction Materials Questions and Answers
- Construction Materials Factsheet
- Empowering Consumers Press Release
- Empowering Consumers Factsheet
- Chapeau Communication
- Regulation on Ecodesign for Sustainable Products Proposal
- Ecodesign and Energy Labelling Working Plan 2022-2024
- Construction Product Regulation Revision Proposal
- Press Release
Bank of England
Speech: Reliable partners
March 30, 2022
Monetary Policy Committee Deputy Governor Ben Broadbent issued a speech entitled, "Reliable partners."
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; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 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)
- 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)
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)
- 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)
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.