PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, January 25, 2022
January 25, 2022
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Small Business
Committee Announces February Hearings
January 24, 2022
The U.S. House of Representatives Small Business Committee will hold several committee hearings throughout February:
- February 3, 2022 at 10:00 A.M. E.T.: Full Committee Markup
- February 15, 2022 at 11:00 A.M. E.T.: "The Infrastructure Investment and Job Act's Benefits for Small Businesses"
- Press Release
Federal Agencies
U.S. Department of the Treasury
Treasury and The White House Announce New ChildTaxCredit.gov to Help Families Access the Full Child Tax Credit
January 24, 2022
The U.S. Department of the Treasury and the White House announced the re-launch of a revamped website – ChildTaxCredit.gov – with several new features to help taxpayers file their taxes and access the remainder of the expanded Child Tax Credit (CTC) or the full amount of the CTC as tax filing season begins.
Federal Reserve Bank of New York
Household Survey Shows Sustained Rise in Reported and Expected Spending Growth
January 24, 2022
The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2021 Survey of Consumer Expectations Household Spending Survey, which provides information on individuals' experiences and expectations regarding household spending.
Securities and Exchange Commission
Statement: Cybersecurity and Securities Laws
January 24, 2022
Securities and Exchange Commission Chair Gary Gensler gave speech titled, "Cybersecurity and Securities Laws," before the Northwestern Pritzker School of Law's Annual Securities Regulation Institute.
Financial Crimes Enforcement Network
Notice: FinCEN Issues Proposed Rule for Suspicious Activity Report Sharing Pilot Program to Combat Illicit Finance Risks
January 24, 2022
The Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking that proposes and solicits public comment on the establishment of a limited-duration pilot program for sharing suspicious activity reports, in accordance with Section 6212 of the Anti-Money Laundering Act of 2020.
International
European Banking Authority
EBA Publishes Binding Standards on Pillar 3 Disclosures on ESG Risks
January 24, 2022
The European Banking Authority (EBA) published its final draft implementing technical standards (ITS) on Pillar 3 disclosures on Environmental, Social and Governance risks. The final draft ITS put forward comparable disclosures to show how climate change may exacerbate other risks within institutions' balance sheets, how institutions are mitigating those risks and their ratios on exposures financing taxonomy-aligned activities, such as those consistent with the Paris agreement goals.
Bank of England
Report: Asset Purchase Facility Quarterly Report - 2021 Q4
January 24, 2022
The Bank of England (BoE) published its 2021 Q4 Asset Purchase Facility Quarterly Report. The report contains information on the BoE's Asset Purchase Facility (APF) for 2021 Q4, describing operations from October 1, 2021 to December 31, 2021.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
- Governor – Lisa Cook nominated January 14, 2022
- Governor – Phillip Jefferson, nominated January 14, 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)
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)
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.