PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, February 1, 2022
February 01, 2022
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Treasury Borrowing Advisory Committee's Assistant Secretary for Economy Policy Releases Statement on the U.S. Economy
January 31, 2022
Benjamin Harris, the Assistant Secretary of Economy Policy for the Treasury Borrowing Advisory Committee, released a statement regarding the state of the United States economy.
Treasury Announces Marketable Borrowing Estimates
January 31, 2022
The U.S. Department of the Treasury announced its current estimates of privately-held net marketable borrowing for the January – March 2022 and April – June 2022 quarters.
Remarks by Deputy Secretary of the Treasury Adeyemo
January 31, 2022
Wally Ademayo, Deputy Secretary of the U.S. Department of the Treasury, delivered remarks at a White House Event with the National Governors Association.
Federal Reserve Board
Federal Reserve Board Releases Senior Loan Officer Opinion Survey Results
January 31, 2022
The Board of Governors of the Federal Reserve System released the results of its January 2022 Senior Loan Officer Opinion Survey on Bank Lending Practices. The survey addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.
Federal Reserve Board Releases Paper on Stablecoins
January 31, 2022
The Federal Reserve Board, as part of its International Finance Discussion Papers series, released a paper entitled "Stablecoins: Growth Potential and Impact on Banking".
Federal Reserve Bank of New York
Blog Post: Pricing Liquidity without Preemptive Runs
January 31, 2022
The Federal Reserve Bank of New York published a blog post entitled "Pricing Liquidity without Preemptive Runs" on its Liberty Street Economics blog. The authors describe how mechanisms, like swing pricing, that charge a price for liquidity, reduce the vulnerability of prime money market funds without triggering preemptive runs.
Federal Reserve Bank of Boston
Q&A: Sectoral Mobility among Reemployed Displaced Workers in New England
January 31, 2022
The Federal Reserve Bank of Boston published a Q&A with Reserve Bank economist Osborne Jackson, in which Mr. Jackson discusses findings about industry switching after job loss.
Conference of State Bank Supervisors
Blog Post: Understanding How Congress Included State Bank Supervisors in the FDIC Board
January 31, 2022
The Conference of State Bank Supervisors (CSBS) sent a letter to U.S. Senate leadership calling for the nomination and confirmation of a state bank commissioner to serve on the Federal Deposit Insurance Corporation's Board of Directors. CSBS also published a blog post explaining the relevant law.
Securities and Exchange Commission
SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations
January 31, 2022
The U.S. Securities and Exchange Commission issued its annual Staff Report on Nationally Recognized Statistical Rating Organizations (NRSROs), providing a summary of the SEC staff's examinations of NRSROs and discussing the state of competition, transparency, and conflicts of interest among NRSROs.
Consumer Financial Protection Bureau
CFPB Report Shows Criminal Justice Financial Ecosystem Exploits Families at Every Stage
January 31, 2022
The Consumer Financial Protection Bureau published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, entitled "Justice-Involved Individuals and the Consumer Financial Marketplace," describes an ecosystem rife with burdensome fees and lack of choice, and where families are increasingly being forced to shoulder the costs.
Fannie Mae
Fannie Mae Releases December 2021 Monthly Summary
January 31, 2022
Fannie Mae released its December 2021 Monthly Summary, which contains information about Fannie Mae's monthly and year-to-date activities for its gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.
Ginnie Mae
Ginnie Mae Releases January 2022 Global Market Analysis Report
January 31, 2022
Ginnie Mae released its Global Markets Analysis Report for January 2022. According to the report, in calendar year 2021, $903 billion of Ginnie Mae mortgage-backed securities (MBS) were issued, which is an increase of 11.2% from 2020 and an increase of 72.3% from 2019. However, market participants expect that in 2022 the market may see a decrease in Agency MBS gross issuance. As potential rate hikes are on the horizon, market participants anticipate that the majority of mortgage originations will shift from refinance to purchase as we move into 2022.
International
European Banking Authority
ESAs Publish Thematic Repository on Financial Education and Digitalization Initiatives of National Competent Authorities
January 31, 2022
The three European Supervisory Authorities (EBA, ESMA and EIOPA) published today a Joint ESAs thematic repository on financial education and digitalization initiatives of National Competent Authorities (NCAs), with a specific focus on cybersecurity, scams and fraud. The repository contains 127 national initiatives that provide consumers with helpful information on how to improve their financial literacy. In addition, the EBA also published the second edition of its general repository of national education initiatives in the banking sector, which contains another 200 initiatives.
EBA Launches 'EuReCA', the EU's Central Database for Anti-Money Laundering and Counter-Terrorism Financing
January 31, 2022
The European Banking Authority (EBA) launched its central database for anti-money laundering and counter-terrorist financing (AML/CFT). This European reporting system for material CFT/AML weaknesses, EuReCA, will be central to coordinating efforts by competent authorities and the EBA to prevent and counter money laundering and terrorist financing risks in the Union.
Bank of England
Credit Union Quarterly Statistics - 2021 Q3
January 31, 2022
The Bank of England published its 2021 Credit Union Quarterly Statistics, which showed that in the third quarter of 2021, for the first time, assets in the UK exceeded £4.3 billion, a 10% increase over the third quarter of 2020.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing scheduled for February 3, 2022)
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing scheduled for February 3, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing scheduled for February 3, 2022)
Federal Deposit Insurance Corporation
- Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
- 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 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)
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)
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.