PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, February 8, 2022
February 08, 2022
FedACTion Task Force
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Congress
U.S. House of Representatives
Comment Letter on Treasury Proposal to Implement Law Cracking Down on Anonymous Shell Companies
February 7, 2022
Members of Congress wrote a comment letter to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network (FinCEN) Acting Director Himamauli Das in support of and to provide guidance on FinCEN's proposed rule implementing key sections of the Corporate Transparency Act (CTA). The Notice of Proposed Rulemaking to which this comment responds focuses on beneficial ownership reporting requirements for the private sector, the first of several rulemakings needed to enact the provisions of the CTA.
Federal Agencies
Federal Reserve Board
The Office of the Comptroller of the Currency
Agencies Announce Public Meeting on Proposed U.S. Bancorp Acquisition of MUFG Union Bank, National Association; Public Comment Period Extended
February 7, 2022
The Federal Reserve Board and the Office of the Comptroller of the Currency announced a joint public meeting on the proposal by U.S. Bancorp, Minneapolis, Minnesota, to acquire MUFG Union Bank, National Association, San Francisco, California.
Federal Reserve Bank of New York
Blog Post: The Future of Payments Is Not Stablecoins
February 7, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The Future of Payments Is Not Stablecoins."
Federal Reserve Bank of Boston
Paper: Should the ECB Adjust its Strategy in the Face of a Lower r*?
February 7, 2022
The Federal Reserve Bank of Boston published a working paper titled, "Should the European Central Bank Adjust Its Strategy in the Face of a Lower r*?"
Federal Deposit Insurance Corporation
Acting Chairman Martin J. Gruenberg Announces FDIC Priorities for 2022
February 7, 2022
Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg released a statement and summary of the FDIC's priorities for the coming year. Such priorities address:
- The Community Reinvestment Act
- Climate Change
- Bank Merger Review
- Crypto Assets
- Basel III Capital
- Press Release
- Senate Banking Committee Democrats Statement
- House Financial Services Committee Chair Statement
Securities and Exchange Commission
SEC Advisory Committee Meeting to Explore Small Business Investment Issues
February 7, 2022
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee released the agenda for its February 10 meeting, which will cover small business investment issues.
Commodity Futures Trading Commission
CFTC Customer Advisory Warns Online Daters and Social Media Users about Trading Scams
February 7, 2022
The Commodity Futures Trading Commission issued a Customer Advisory warning users of online dating and social media platforms about a recent increase in scams that lure victims into sending their money to fraudulent websites that claim to trade foreign currency exchange contracts, precious metals contracts, or digital assets.
Fannie Mae
Housing Sentiment Drifts Lower as Affordability Constraints Sharpen
February 7, 2022
The Fannie MaeHome Purchase Sentiment Index® decreased 2.4 points to 71.8 in January, its lowest level since May 2020, as affordability constraints continue to weigh on the housing market. Overall, four of the index's six components decreased month over month, including the components measuring consumers' perceptions of homebuying and home-selling conditions. In January, a survey record-low 25% of respondents reported that it's a good time to buy a home, compared to the 69% of consumers who reported that it's a good time to sell. Consumers also reported greater concerns about job stability and the future path of mortgage rates. Year over year, the full index is down 5.9 points.
Bank Policy Institute
Comment Letter on FinCEN Effort to Stem Shell-Company-Enabled Money Laundering
February 7, 2022
The Bank Policy Institute filed a comment letter on a Financial Crimes Enforcement Network proposal intended to stem the illicit cash flow from terrorists, sex traffickers, kleptocrats and other bad actors.
International
European Banking Authority
The ESAs Recommend Actions to Ensure the EU's Regulatory and Supervisory Framework Remains Fit-for-purpose in the Digital Age
February 7, 2022
The three European Supervisory Authorities (European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published a joint report in response to the European Commission's February 2021 Call for Advice on Digital Finance. The proposals that were put forward aim at maintaining a high level of consumer protection and addressing risks arising from the transformation of value chains, platformization and the emergence of new "mixed-activity groups," i.e. groups combining financial and non-financial activities.
Bank of England Prudential Regulation Authority
CP2/22 - Definition of Capital: Updates to PRA Rules and Supervisory Expectations
February 7, 2022
The Prudential Regulation Authority (PRA) published a Consultation Paper CP2/22 titled, "Definition of Capital: Updates to PRA Rules and Supervisory Expectations," that sets out the PRA's proposed approach to transferring the UK Technical Standards for own funds requirements for institutions into PRA rules, with amendments to reflect revisions to the Capital Requirements Regulation which applied from June 27, 2019.
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 became Acting Chair as of February 4, 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)
- 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)
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.