PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 7, 2022
December 07, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Introduce Bill to Ensure a Fair Banking System
December 6, 2022
Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), introduced the Close the Shadow Banking Loophole Act.
U.S. House of Representatives
Committee on Financial Services
Committee Announces Update to December Committee Schedule
December 6, 2022
The U.S. House Committee on Financial Services announced the following update to the schedule for the month of December:
- RESCHEDULED - Thursday, December 8 at 9 a.m. ET: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a hybrid hearing entitled, "E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data."
- Press Release
Hearing: Unfinished Business: A Review of Progress Made and a Plan to Achieve Full Economic Inclusion for Every American
December 6, 2022
The U.S. House Committee on Financial Services held a hearing entitled, "Unfinished Business: A Review of Progress Made and a Plan to Achieve Full Economic Inclusion for Every American."
Federal Agencies
U.S. Department of the Treasury
Remarks by Assistant Secretary Elizabeth Rosenberg at the ACI Annual Conference on Economic Sanctions
December 6, 2022
Elizabeth Rosenberg, the U.S. Department of Treasury Assistant Secretary for Terrorist Financing and Financial Crimes, gave remarks at the ACI Annual Conference on Economic Sanctions.
Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg ABA-ABA Financial Crimes Enforcement Conference
December 5, 2022
Elizabeth Rosenberg, the U.S. Department of the Treasury Assistant Secretary for Terrorist Financial and Financial Crimes, gave remarks at the ABA-ABA Financial Crimes Enforcement Conference.
Remarks by Secretary of the Treasury Janet L. Yellen at Inaugural Meeting of Treasury Advisory Committee on Racial Equity
December 5, 2022
Secretary of the Treasury Janet L. Yellen gave remarks at the inaugural meeting of the Treasury Advisory Committee on Racial Equity.
Federal Reserve Bank of New York
Article: The New York Fed's Governance and Culture Reform Initiative: An Overview
December 6, 2022
The Federal Reserve Bank of New York published an article on The Teller Window entitled, "The New York Fed's Governance and Culture Reform Initiative: An Overview."
Federal Reserve Bank of Boston
Paper: Government Transfers and Consumer Spending among Households with Children during COVID-19
December 6, 2022
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Government Transfers and Consumer Spending among Households with Children during COVID-19."
Consumer Financial Protection Bureau
CFPB Presents Semi-Annual Report of the Consumer Financial Protection Bureau
December 6, 2022
The Consumer Financial Protection Bureau presented its Semi-Annual Report to Congress for the period beginning October 1, 2021 and ending March 31, 2022.
Blog: Changes to HMDA's closed-end loan reporting threshold
December 6, 2022
The Consumer Financial Protection Bureau published a blog post entitled, "Changes to HMDA's closed-end loan reporting threshold."
International
European Banking Authority
EBA consults on new Guidelines to tackle de-risking
December 6, 2022
The European Banking Authority launched a public consultation on new Guidelines on the effective management of money laundering and terrorist financing risks when providing access to financial services.
UK Financial Conduct Authority
FCA outlines stronger rules to protect consumers from rogue financial promotions
December 6, 2022
The UK Financial Conduct Authority has proposed new measures to clamp down on illegal, unfair or misleading financial marketing.
Administration Changes
Vacancies
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
- Vice Chairman – Travis Hill (nominated September 20, 2022)
- Member – Jonathan McKernan (nominated September 20, 2022)
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
- Remarks by Secretary of the Treasury Janet L. Yellen at Chief Lynn Malerba's Swearing in Ceremony as the United States Treasurer (September 12, 2022)
- Remarks by Chief Lynn Malerba at Swearing in Ceremony for United States Treasurer (September 12, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 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)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)
- Marianne Lake Appointed to Federal Advisory Council for the New York Fed (August 11, 2022)
- New York Fed Names Richard Ostrander as General Counsel and Head of the Legal Group (October 3, 2022)
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)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
- Lori H. Price Named Director of Office of Credit Ratings (August 12, 2022)
- SEC Names Jason J. Burt as Regional Director of the Denver Office (October 24, 2022)
- SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role (November 7, 2022)
- Keith E. Cassidy and Natasha Vij Greiner Appointed Deputy Directors of Division of Examinations (November 7, 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)
- Administrator Guzman Statement on New Appointees (October 21, 2022)
- Administrator Guzman Statement on New Appointees (November 4, 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)
- Amber Gravius Named Director, Office of Business Innovation (August 9, 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)
- Beth Lynk Sworn in as HUD Assistant Secretary of Public Affairs (October 20, 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)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 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.