PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update --Wednesday, June 8, 2022
June 08, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Brown Presses FSOC to Protect Consumer Data
June 7, 2022
Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Treasury Secretary Janet Yellen to request a review by the Financial Stability Oversight Council of financial institutions' consumer data activities and their potential threat to U.S. financial stability and security.
U.S. House of Representatives
Committee on Financial Services
Waters, Green, and Subcommittee Chairs Request Data on Chattel Slavery Financing from Top U.S. Banks and Insurance Companies
June 7, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congressman Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations, and all Subcommittee Chairs, sent requests to the nation's top ten U.S. banks, top five U.S. property and casualty insurance companies, and top five U.S. life insurance companies to inquire about their historical involvement in the financing of slavery in the United States.
Federal Agencies
U.S. Department of the Treasury
Treasury Announces First Capital Projects Fund Awards to Increase Access to Affordable, High-Speed Internet
June 7, 2022
The U.S. Department of the Treasury announced the first group of plans approved under the American Rescue Plan's Coronavirus Capital Projects Fund.
Secretary Yellen Testifies Before the Senate Committee on Finance on the President's Fiscal Year 2023 Budget
June 7, 2022
Secretary of the Treasury Janet L. Yellen testified at a hearing before the U.S. Senate Committee on Finance entitled, "The President's Fiscal Year 2023 Budget."
Readout: U.S. Department of the Treasury and the Office of the U.S. Special Presidential Envoy for Climate (SPEC) Host Discussion on Enhancing the Impact of Net-Zero Finance Commitments
June 7, 2022
The U.S. Department of the Treasury and the Office of the U.S. Special Presidential Envoy for Climate hosted an informal discussion among organizations engaged in work on financial sector net-zero commitments.
Federal Deposit Insurance Corporation
FDIC State Profiles
June 7, 2022
The Federal Deposit Insurance Corporation published the First Quarter 2022 FDIC State Profiles.
Consumer Financial Protection Bureau
Data Spotlight: Financial well-being in America, from 2017 to 2020
June 7, 2022
The Consumer Financial Protection Bureau published a data spotlight entitled, "Financial well-being in America, from 2017 to 2020."
National Credit Union Administration
Quarterly Data Summary Report: Growth in Lending, Assets, Insured Shares Reported in First Quarter of 2022
June 7, 2022
The National Credit Union Administration released the Quarterly Data Summary Report for the first quarter of 2022, showing that total loans outstanding in federally insured credit unions increased $136 billion, or 11.7%, over the year ending in the first quarter of 2022, to $1.30 trillion. During the same period, total assets rose by $169 billion, or 8.7%, to $2.12 trillion. Insured shares and deposits rose $125 billion, or 8.0%, to $1.69 trillion, from one year earlier.
International
European Commission
Commission welcomes political agreement on Gender Balance on Corporate Boards
June 7, 2022
The European Commission welcomed the political agreement reached between the European Parliament and the Council on the Directive on improving the gender balance among non-executive directors of listed companies proposed by the Commission in 2012.
Commission welcomes political agreement on adequate minimum wages for workers in the EU
June 7, 2022
The European Commission welcomed the political agreement reached between the European Parliament and the EU Member States on the Directive on adequate minimum wages proposed by the Commission in October 2020.
European Banking Authority
EBA consults on Guidelines to resolution authorities on the publication of their approach to implementing the bail-in tool
June 7, 2022
The European Banking Authority launched a public consultation on its draft Guidelines addressed to resolution authorities for the publication of their approach to implementing the bail-in tool.
Bank of England
External business of Monetary Financial Institutions operating in the UK - 2022 Q1
June 7, 2022
The Bank of England released statistics on the external business of Monetary Financial Institutions operating in the UK during Q1 2022.
UK International Reserves - May 2022
June 7, 2022
The Bank of England released the UK International Reserves data for May 2022.
UK Financial Conduct Authority
Policy Statement: Preventing claims management phoenixing by financial services firms
June 7, 2022
The Financial Conduct Authority published a policy statement entitled, "Preventing claims management phoenixing by financial services firms."
Feedback Statement: Pensions consumer journey
June 7, 2022
The Financial Conduct Authority published a feedback statement entitled, "Pensions consumer journey."
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022)
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
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.