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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, March 9, 2022

March 09, 2022

FedACTion Task Force

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Major Developments

U.S. Bans Importation of Russian Oil

March 8, 2022

The United States is banning the import of Russian oil, liquefied natural gas, and coal. The U.S. Treasury released one General License and several Frequently Asked Questions to aid in the wind-down of deliveries of existing purchases that have already been contracted for.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Examining Mandatory Arbitration in Financial Service Products

March 8, 2022

The Committee on Banking, Housing and Urban Affairs held a hearing entitled, "Examining Mandatory Arbitration in Financial Service Products."

U.S. House of Representatives

Committee on Financial Services

Hearing: The Inflation Equation: Corporate Profiteering, Supply Chain Bottlenecks, and COVID-19

March 8, 2022

The House Committee on Financial Services held a hearing on causes of inflation and its impact on families across this country.

Federal Agencies

U.S. Department of the Treasury

Treasury Launches Consumer Education Effort on Digital Assets

March 8, 2022

The U.S. Department of the Treasury announced that its Financial Literacy and Education Commission (FLEC) would form a new subgroup on digital asset financial education, which will operate alongside the FLEC's current workstream analyzing the impact of climate change on household and community financial resilience. Through this group, the FLEC will work to develop consumer-friendly, trustworthy and consistent educational materials, tools and outreach to help consumers make informed choices about digital assets.

Deputy Secretary of the Treasury Wally Adeyemo Highlights Emergency Rental Assistance Program in Memphis, Tennessee on American Rescue Plan Anniversary Tour

March 8, 2022

Deputy Secretary of the Treasury Wally Adeyemo spoke in Memphis, Tennessee to highlight how American Rescue Plan funds have been used to keep Americans in their homes during the pandemic.

Conference of State Bank Supervisors

Adapting to the Digital Age: Tech Investment and Mergers and Acquisitions

March 8, 2022

The Conference of State Bank Supervisors released its sixth installment of its seven-part series explore 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 examines how community bankers view investments in technology with respect to mergers and acquisitions.

Office of the Comptroller of the Currency

Large Bank Supervision: Updated Comptroller's Handbook Booklet and Rescission

March 8, 2022

The Office of the Comptroller of the Currency issued an updated "Large Bank Supervision" booklet of the Comptroller's Handbook.

National Credit Union Administration

CAMELS Rating System

March 8, 2022

The NCUA Board approved a final rule that added the Sensitivity to Market Risk, or "S," component to the existing CAMEL rating system and redefined the Liquidity Risk, or "L," component. The effective date of the CAMELS final rule(opens new window) is April 1, 2022.

International

European Commission

REPowerEU: Joint European action for more affordable, secure and sustainable energy

March 8, 2022

The European Commission has proposed an outline of a plan to make Europe independent from Russian fossil fuels well before 2030, starting with gas, in light of Russia's invasion of Ukraine.

UK Financial Conduct Authority

Russian invasion of Ukraine: operational and cyber resilience

March 8, 2022

The Financial Conduct Authority released an alert setting out points to consider regarding firms' operational and cyber resilience following Russia's invasion of Ukraine.

FCA strategy for Credit Unions

March 8, 2022

The Financial Conduct Authority issues a letter to credit unions outlining their strategies and expectations for firms.

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

Federal Reserve Bank of New York

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)

Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)

Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective 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)

Federal Housing Finance Agency – Sandra L. Thompson

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 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.