PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, June 14, 2022
June 14, 2022
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Federal Agencies
Federal Reserve Bank of New York
Survey of Consumer Expectations: Household Spending Expectations Rise Sharply; Credit Access Perceptions and Expectations Deteriorate Further
June 13, 2022
The Federal Reserve Bank of New York's Center for Microeconomic Data today released the May 2022 Survey of Consumer Expectations, which shows that inflation expectations increased at the one-year horizon and remained stable at the three-year horizon.
Federal Deposit Insurance Corporation
Remarks by FDIC Acting Chairman Martin Gruenberg to the National Community Reinvestment Coalition
June 13, 2022
Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg gave remarks to the National Community Reinvestment Coalition addressing the Notice of Proposed Rulemaking on the Community Reinvestment Act promulgated in May 2022 by the FDIC, Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System.
Consumer Financial Protection Bureau
CFPB Report Highlights Experiences of Military Families with Medical Billing, Credit Reporting, and Debt Collection
June 13, 2022
The Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB.
Financial Crimes Enforcement Network
FinCEN Statement Regarding U.S., U.K. Collaboration on Prize Challenges to Accelerate Development and Adoption of Privacy-Enhancing Technologies
June 13, 2022
FinCEN Acting Director Himamauli Das issued a statement on the U.S. and U.K. governments' announcement of the development of prize challenges focused on advancing the maturity of privacy-enhancing technologies to combat financial crime.
International
European Commission
Commission approves 500 million Finnish scheme to support companies in context of Russia's invasion of Ukraine
June 13, 2022
The European Commission has approved an €500 million scheme to aid companies adversely affected due to sanctions imposed relating to Russia's invasion of Ukraine.
European Banking Authority
ESAs propose extending temporary exemptions regime for intragroup contracts during EMIR review
June 13, 2022
The European Supervisory Authorities (EBA, EIOPA and ESMA) published a final report with draft regulatory technical standards proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for over-the-counter derivatives not cleared by a Central Clearing Counterparty under the European Market Infrastructure Regulation.
Bank of England Prudential Regulation Authority
PRA statement on removing the PRA buffer adjustment in PS15/20
June 13, 2022
The Bank of England Prudential Regulation Authority issued a statement providing an update on the PRA's approach to the PRA buffer.
UK Financial Conduct Authority
Portfolio Letter: Personal & Commercial Lines Insurance Intermediaries
June 13, 2022
The UK Financial Conduct Authority issued a portfolio letter regarding the FCA's supervisory strategy for personal & commercial lines insurance intermediaries.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)
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
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
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.