PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update --Wednesday, January 19, 2022
January 19, 2022
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for November
January 18, 2022
The U.S. Department of the Treasury released Treasury International Capital data for November 2021. The next release, which will report on data for December 2021, is scheduled for February 15, 2022.
Federal Reserve Board
Federal Reserve Board Releases Results of Survey of Senior Financial Officers at Banks about Their Strategies and Practices for Managing Reserve Balances
January 18, 2022
The Federal Reserve Board (Board) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management strategies and practices. The survey includes responses from banks that held approximately three quarters of total banking system reserve balances at the time of the survey.
Federal Reserve Bank of New York
At a Glance: Findings from the December SCE Public Policy Survey
January 18, 2022
The Federal Reserve Bank of New York published its December 2021 Survey of Consumer Expectations. The average probability assigned to an increase in housing assistance over the next twelve months retreated to 41% in December, after reaching a series high of 52% in August. The decline was broad-based across age, education and income groups.
Conference of State Bank Supervisors
State Regulators Settle with Hundreds of Mortgage Loan Originators over SAFE Act Education Requirements
January 18, 2022
Forty-four state financial agencies, led by the California Department of Financial Protection and Innovation, have reached settlements with more than 400 mortgage loan originators nationwide who claimed to have completed annual continuing education as required under state and federal law.
Federal Deposit Insurance Corporation
You're Invited - Advancing Diversity and Inclusion Across Financial Services
January 18, 2022
The Federal Deposit Insurance Corporation (FDIC) is having a conversation about advancing diversity and inclusion across the financial services sector and the important role of minority depository institutions in creating jobs, growing small businesses and building wealth in low- and moderate-income communities on January 21, at 11 a.m. Eastern. Leaders from the FDIC and the National Bankers Association will discuss ongoing efforts to preserve and promote minority depository institutions and ensure access to capital and other resources that support economic development and mobility in minority communities.
National Credit Union Administration
Letter: NCUA's 2022 Supervisory Priorities
January 18, 2022
National Credit Union Administration (NCUA) Chairman Todd M. Harper wrote a letter to federal insured credit unions outlining NCUA's supervisory priorities and other aspects of NCUA's examination program for 2022.
U.S. Small Business Administration
Report: SBA OIG Report 22-07: SBA's Oversight of the Grant Recipient's Implementation of the CARES Act Resource Partners Training Portal
January 18, 2022
The Office of Inspector General evaluated the Small Business Administration's (SBA) handling of the grant to train small businesses on federal resources available in the wake of the COVID-19 pandemic and published a report titled, "SBA's Oversight of the Grant Recipient's Implementation of the CARES Act Resource Partners Training Portal."
International
European Banking Authority
Paper: EBA Publishes a Discussion Paper on its Preliminary Observations on Selected Payment Fraud Data under the Payment Services Directive
January 17, 2022
The European Banking Authority (EBA) published a discussion paper on its preliminary observations on selected payment fraud data under the Payment Services Directive (PSD2), as reported by the industry for the years 2019 and 2020. The paper presents the main findings related to three payment instruments: credit transfers, card-based payments and cash withdrawals and also outlines other patterns that appear to be inconclusive and that would benefit from comments and views from market stakeholders. The responses to the questions raised in the Discussion Paper will support the EBA, the European Central Bank and national authorities in interpreting the fraud data that will be reported in future years.
EBA Confirms the Continued Application of COVID-19 Related Reporting and Disclosure Requirements until Further Notice
January 17, 2022
Following the uncertainty over COVID-19 developments, the European Banking Authority confirms the need to continue monitoring exposures and the credit quality of loans benefitting from various public support measures. To facilitate such monitoring, the guidelines on the reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis continue to apply until further notice.
UK Financial Conduct Authority
FCA Confirms Approach to European Firms Temporarily Operating in the UK
January 18, 2022
European firms wishing to remain in the temporary permissions regime need to meet the Financial Conduct Authority's standards to continue operating in the UK.
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)
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)
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.