PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 26, 2022
May 26, 2022
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Major Developments
Federal Reserve Board
Minutes of the Federal Open Market Committee, May 3-4, 2022
May 25, 2022
The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on May 3-4, 2022.
Federal Agencies
U.S. Department of the Treasury
Remarks by Under Secretary for Terrorism and Financial Intelligence Brian Nelson at SIFMA's Anti-Money Laundering and Financial Crimes Conference
May 25, 2022
Under Secretary for Terrorism and Financial Intelligence Brian Nelson gave remarks at SIFMA's Anti-Money Laundering and Financial Crimes Conference.
Federal Reserve Bank of New York
New York Fed and Columbia SIPA to Co-Host Workshop on Monetary Policy Implementation and Digital Innovation
May 25, 2022
On June 1-2, 2022, the Federal Reserve Bank of New York and Columbia University's School of International and Public Affairs will jointly host "Monetary Policy Implementation and Digital Innovation," a two-day conference focused on how central banks can effectively implement monetary policy in an environment of rapid innovation in money and payments.
New York Fed to Co-Host Event June 9 on the Role of Debt in Building Household Wealth
May 25, 2022
On Thursday, June 9, the Federal Reserve Bank of New York, the Federal Reserve Bank of St. Louis and the Aspen Institute Financial Security Program will host a hybrid event on the role of household debt in building wealth.
Conference of State Bank Supervisors
State Regulators Seek Expansion of Cannabis Banking Safe Harbor
May 25, 2022
In letters sent to both the House and Senate, Conference of State Bank Supervisors Acting President & CEO James M. Cooper urged Members of Congress to provide marijuana businesses with access to financial services by retaining the Secure and Fair Enforcement (SAFE) Banking Act in the final conference report of the America COMPETES Act.
Securities and Exchange Commission
SEC Proposes to Enhance Disclosures by Certain Investment Advisers and Investment Companies About ESG Investment Practices
May 25, 2022
The Securities and Exchange Commission today proposed amendments to rules and reporting forms to promote consistent, comparable, and reliable information for investors concerning funds' and advisers' incorporation of environmental, social, and governance (ESG) factors.
SEC Proposes Rule Changes to Prevent Misleading or Deceptive Fund Names
May 25, 2022
The Securities and Exchange Commission proposed amendments to enhance and modernize the Investment Company Act "Names Rule" to address changes in the fund industry and compliance practices that have developed in the approximately 20 years since the rule was adopted.
- Proposed Rule
- Fact Sheet
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Peirce Statement
- Press Release
Commodity Futures Trading Commission
CFTC Staff Renews Temporary No-Action Relief for Entities Submitting Swaps for Clearing with DCOs Acting Under Exemptive Orders or No-Action Relief
May 25, 2022
The Commodity Futures Trading Commission's Division of Data announced it will renew temporary no-action relief to entities submitting swaps for clearing by derivatives clearing organizations operating under CFTC exemptive orders or CFTC staff no-action relief.
The Division of Clearing and Risk Announces Participants and Agenda for May 25 Staff Roundtable on Non-Intermediation
May 24, 2022
The Commodity Futures Trading Commission's Division of Clearing and Risk today released the participant list and agenda for its upcoming staff roundtable on non-intermediation that will be held on May 25 at 9:30 a.m. EDT at the CFTC's headquarters in Washington, D.C. for participants only.
Consumer Financial Protection Bureau
CFPB tells credit card CEOs: Practice of suppressing payment data has potential for consumer harm
May 25, 2022
The Consumer Financial Protection Bureau sent letters to letters to the CEOs of the nation's biggest credit card companies asking them to explain the practice of contributing data to credit reporting companies about the exact monthly payment amounts made by borrowers.
Blog Post: Explainer: What is nonbank supervision?
May 25, 2022
The Consumer Financial Protection Bureau published a blog post entitled, "Explainer: What is nonbank supervision?"
National Credit Union Administration
Letter to Credit Unions: Federally Insured Credit Union Use of Distributed Ledger Technologies
May 25, 2022
The National Credit Union Administration issued a letter to credit unions entitled, "Federally Insured Credit Union Use of Distributed Ledger Technologies."
International
European Banking Authority
EBA announces timeline for the 2022 EU-wide Transparency exercise and EBA Risk Assessment Report
May 25, 2022
The European Banking Authority will be launching its annual 2022 EU-wide Transparency exercise in September and expects to release the information on banks' exposures and asset quality at the beginning of December, along with the EBA Risk Assessment Report. The exercise will cover the figures from the second half of 2021 and the first half of 2022.
Bank of England
Fifth edition of the Regulatory Initiatives Grid
May 25, 2022
The Financial Services Regulatory Initiatives Forum has published the fifth edition of the Regulatory Initiatives Grid which sets out the regulatory pipeline in order to give firms a clear view of upcoming regulatory initiatives.
Speech: What will operational resilience look like going forward? An overview of the supervisory regulatory position
May 25, 2022
Executive Director for Supervisory Risk Specialists Duncan Mackinnon gave a speech at the City & Financial 9th Annual Operational Resilience for Financial Institutions Summit entitled, "What will operational resilience look like going forward? An overview of the supervisory regulatory position."
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 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 – 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)
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
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)
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.