PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, February 16, 2022
February 16, 2022
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Examining the President's Working Group on Financial Markets Report on Stablecoins
February 15, 2022
The Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, "Examining the President's Working Group on Financial Markets Report on Stablecoins."
- Hearing Page
- Chair Brown Statement
- Ranking Member Toomey Statement
- Treasury Under Secretary Liang Testimony
- Bank Policy Institute Statement
Federal Agencies
Federal Reserve Board
Paper: Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms
February 15, 2022
The Federal Reserve Board published a paper titled, "Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms."
Paper: Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges
February 15, 2022
The Federal Reserve Board published a paper titled, "Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges."
Federal Reserve Bank of New York
Report: Empire State Manufacturing Survey
February 15, 2022
The Federal Reserve Bank of New York published its February 2022 Empire State Manufacturing Survey.
Federal Reserve Bank of Boston
Paper: Racial Wealth Disparities: Reconsidering the Roles of Human Capital and Inheritance
February 15, 2022
The Federal Reserve Bank of Boston published a paper titled, "Racial Wealth Disparities: Reconsidering the Roles of Human Capital and Inheritance."
Conference of State Bank Supervisors
Adapting to the Digital Age: Community Bank Tech Usage
February 15, 2022
The Conference of State Bank Supervisors published a blog post titled, "Adapting to the Digital Age: Community Bank Tech Usage."
Federal Deposit Insurance Corporation
FDIC Releases Economic Scenarios for 2022 Stress Testing
February 15, 2022
The Federal Deposit Insurance Corporation released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion.
Office of the Comptroller of the Currency
Acting Comptroller of the Currency Launches Project REACh Efforts in Detroit
February 15, 2022
Acting Comptroller of the Currency Michael J. Hsu joined civic leaders, community advocates and bankers to launch Detroit REACh, the Roundtable for Economic Access and Change.
Consumer Financial Protection Bureau
Bulletin: CFPB Takes Action to Halt Prepaid Card Providers and Government Benefits
February 15, 2022
The Consumer Financial Protection Bureau issued a compliance bulletin reiterating existing prohibitions against prepaid cards being the sole method for distributing government benefits. The bulletin underscores rules intended to protect market competition and to protect consumers' right to have a choice in how they receive their money under the Electronic Fund Transfer Act.
FINRA
Notice: FINRA Adopts Amendments to FINRA Rule 2165
February 15, 2022
The Financial Industry Regulatory Authority adopted amendments to Rule 2165 (Financial Exploitation of Specified Adults) to permit member firms to: (1) place a hold on a securities transaction (in addition to the already-permitted hold on a disbursement of funds or securities) where there is a reasonable belief of financial exploitation; and (2) extend a temporary hold on a disbursement or transaction for an additional 30 business days, beyond the current maximum of 25 business days (for a total of 55 business days), if the member firm has reported the matter to a state regulator or agency, or a court of competent jurisdiction. The amendments become effective March 17, 2022.
U.S. Small Business Administration
Report: SBA's Business Development Assistance to 8(a) Program Participants
February 15, 2022
The U.S. Small Business Administration (SBA) released a report titled, "SBA's Business Development Assistance to 8(a) Program Participants."
Frequently Asked Questions about Small Business Finance, 2022
February 15, 2022
The Office of Advocacy of the U.S. Small Business Administration released the annual update to its Small Business Finance Frequently Asked Questions.
Freddie Mac
Freddie Mac Announces First Automated Assessment of Direct Deposit Income
February 15, 2022
Freddie Mac announced it will launch a new, automated capability that allows mortgage lenders to assess a prospective homebuyer's income paid through direct deposit to reduce the paper documentation burden on borrowers so they can close loans faster and simplify the lending process.
Ginnie Mae
Ginnie Mae Takes a Key Step on Sustainable Investing with Enhanced Multifamily MBS "Green" Disclosure
February 15, 2022
Ginnie Mae announced that it is adding a "Green Status" field to its multifamily disclosure, giving investors information that supports their sustainable investing decisions and solutions. The new disclosure supports the goals outlined in the November 2021 Climate Action Plan from the Department of Housing and Urban Development and aligns with the Biden-Harris Administration's government-wide effort to address climate change while creating economic opportunity.
International
European Commission
Press Release on the EU Participation to the Small Group of Foreign Ministers Meeting to Coordinate Enhanced COVID-19 Response
February 15, 2022
In the COVID-19 Global Action Meeting, convened by U.S. Secretary of State Anthony Blinken and gathering the EU, represented by Commissioner Jutta Urpilainen, and other partner countries, participants discussed a "COVID-19 Global Action Plan."
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 serves as Acting Chair)
- 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)
- 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)
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)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
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.