PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 30, 2022
March 30, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Economic Impact of the Growing Burden of Medical Debt
March 29, 2022
The Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Economic Impact of the Growing Burden of Medical Debt."
U.S. House of Representatives
Committee on Financial Services
Hearing: Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color
March 29, 2022
The U.S. House Committee on Financial Services held a hearing entitled, "Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color."
Committee Announces April Committee Schedule
March 29, 2022
The House Committee on Financial Services, announced the following schedule updates for the month of April:
- Tuesday, April 5 at 2:00 PM ET: The Subcommittee on Oversight and Investigations will convene for a hybrid hearing entitled, "An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement."
- Wednesday, April 6 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System."
- Wednesday, April 20 at 12:00 PM ET: The Subcommittee on Housing, Community Development and Insurance will convene in the Bronx, New York for a hybrid field hearing entitled, "A Matter of Life and Death: Improving Fire Safety in Federally Assisted Housing."
- Wednesday, April 27 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau."
- Thursday, April 28 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "Oversight of the Financial Crimes Enforcement Network."
- Thursday, April 28 at 2:00 PM ET: The Task Force on Financial Technology will convene for a hybrid hearing entitled, "What's in Your Digital Wallet? A Review of Recent Trends to Mobile Banking and Payments."
- Press Release
Committee on Small Business
Hearing: Catalyzing Economic Growth through SBA Community-Based Lending
March 29, 2022
The Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held hearing entitled, "Catalyzing Economic Growth through SBA Community-Based Lending."
Federal Agencies
U.S. Department of the Treasury
Remarks: Deputy Secretary of the Treasury Wally Adeyemo Addressing Economic Statecraft at the Chatham House in London, England
Deputy Secretary of the Treasury Wally Adeyemo gave remarks on economic statecraft in international affairs at the Chatham House in London, England.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Computer-Security Incident Notification Implementation
March 29, 2022
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued notices informing firms that on May 1, 2022, they must start complying with the joint final rule issued by the agencies establishing computer-security incident notification requirements for banking organizations and their bank service providers.
- Final Rule
- FDIC Financial Institution Letter
- OCC Bulletin
- Federal Reserve Board Supervision and Regulation Letter
Office of the Comptroller of the Currency
Commercial Real Estate Lending: Revised Comptroller's Handbook Booklet and Rescissions
March 29, 2022
The Office of the Comptroller of the Currency issued version 2.0 of the "Commercial Real Estate Lending" booklet of the Comptroller's Handbook.
OCC Hosts Mutual Savings Association Advisory Committee Meeting April 19
March 29, 2022
The Office of the Comptroller of the Currency announced it will host a public meeting of the Mutual Savings Association Advisory Committee on April 19, 2022.
Bank Policy Institute
BPI Recommends Changes to Suspicious Activity Report Sharing Pilot Program to Encourage Participation
March 29, 2022
The Bank Policy Institute commented on the Financial Crimes Enforcement Network's proposed pilot program that would temporarily allow U.S. financial institutions to share reports identifying possible illicit financial activities with foreign branches, subsidiaries and affiliates.
International
Bank of England
Financial education in a digital world
March 29, 2022
The Bank of England published the Quarterly Bulletin 2022 Q1 entitled, "Financial education in a digital world."
Six months left to spend your paper £20 and £50 banknotes
March 29, 2022
The Bank of England issued a press release announcing it will be withdrawing legal tender status of the paper £20 and £50 notes after 30 September 2022 and encouraging consumers to spend or deposit these notes prior to this date.
Minutes of the CBDC Technology Forum - March 2022
March 29, 2022
The Bank of England released the minutes from the CBDC Technology Forum held on March 8, 2022.
Money and Credit - February 2022
March 29, 2022
The Bank of England issued its monthly statistics release on broad money and credit, lending to individual and lending to businesses.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Vacant
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing held on February 3, 2022); committee approval March 16, 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
- 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)
- 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)
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)
- 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)
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.