PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 16, 2022
March 16, 2022
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Fintech Tracker on Executive Order for Digital Assets
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Advancing Public Transportation Under the Bipartisan Infrastructure Law
March 15, 2022
The Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled "Advancing Public Transportation under the Bipartisan Infrastructure Law."
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Russians Connected to Human Rights Violations and Leader of Belarus
March 15, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control designated four individuals and one entity pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012. These sanctions targets were involved in concealing events surrounding the death of Russian whistleblower Sergei Magnitsky, or were connected to violations of human rights against Russian human rights defender Oyub Titiev. Treasury is also re-designating Alyaksandr Lukashenka of Belarus, the head of the government in Belarus and newly designating his wife pursuant to Executive Order 13405.
Federal Reserve Bank of New York
Report: Empire State Manufacturing Survey
March 15, 2022
The Federal Reserve Bank of New York published its March 2022 Empire State Manufacturing Survey.
Conference of State Bank Supervisors
Adapting to the Digital Age: Community Bankers' View of Technology
March 15, 2022
The Conference of State Bank Supervisors released its seventh and final installment of its seven-part series exploring how community banks are adapting to a changing digital landscape by analyzing banking and technology questions from the 2021 CSBS National Survey of Community Banks. This installment shares interview responses with community bankers from around the nation on their views about technology.
Federal Deposit Insurance Corporation
Rescission of Statement on Part 363 Annual Reports in Response to the Coronavirus
March 15, 2022
The Federal Deposit Insurance Corporation, in consultation with federal and state financial regulators, announced that is rescinding Financial Institution Letter FIL-30-2020, State on Part 363 Annual Reports in Response to the Coronavirus. FIL30-2020 provided an additional 45 days for insured depository institutions subject to Part 363 of the FDIC's regulations to file their Part 363 Annual Reports and Other Reports and Notices.
Securities and Exchange Commission
Commissioner Allison Herren Lee Announces =Departure from the SEC
March 15, 2022
Commissioner Allison Herren Lee has announced that her term as Commissioner expires in June of this year and that she has notified President Biden of her intention to step down from the Commission once her successor has been confirmed.
National Credit Union Administration
NCUA Releases Q4 2021 State Credit Union Data Report
March 15, 2022
The National Credit Union Administration has released its latest Quarterly U.S. Map Review which shows that federally insured credit unions, overall, experienced continued growth in assets and loans during 2021, an increase in return on average assets, and a decline in total delinquency rate.
U.S. Small Business Administration
SBA Announces Key Policy Change: Existing COVID Economic Injury Disaster Loan Program Borrowers to Receive an Additional Deferment
March 15, 2022
The U.S. Small Business Administration has announced a new policy providing additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID-19 EIDL loans.
U.S. Small Business Administration and Public Private Strategies Institute Announce Launch of New Engagement Series, Building a Better America: A Small Business Resource Community
March 15, 2022
The U.S. Small Business Administration and Public Private Strategies Institute announced the launch of Building a Better America: A Small Business Resource Community, a new engagement series geared toward connecting America's 32.5 million small businesses with critical resources and information about the Biden-Harris Administration's efforts to support entrepreneurs.
SBA Announces National Small Business Week: Building a Better America Through Entrepreneurship
March 15, 2022
The U.S. Small Business Administration has announced that National Small Business Week (NSBW): Building a Better America Through Entrepreneurship will take place May 1-7, 2022.
International
European Commission
Ukraine: EU agrees fourth package of restrictive measures against Russia
March 15, 2022
The European Commission announced its support for the European Union Council's agreement to adopt a fourth package of restrictive measures against Russia in response to its invasion of Ukraine.
Bank of England Prudential Regulation Authority
Bank of England Prudential Regulation Authority Proposes Amendments to Standards and Rules
March 15, 2022
The Bank of England Prudential Regulation Authority (PRA) issued a consultation paper setting out the PRA's proposals to make minor amendments to the UK Technical Standards, PRA rules, supervisory statements, Legacy Supervisory Statements and a Statement of Policy.
UK Financial Conduct Authority
FCA sets out broad approach to assessing LCF Complaints
March 15, 2022
The Financial Conduct Authority has published its response to the Financial Regulators Complaints Commissioner's Final Report on the London Capital & Finance complaints that have been referred to the Office of the Complaints Commissioner.
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.