PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, May 18, 2022
May 18, 2022
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Major Developments
Federal Deposit Insurance Corporation
FDIC Issues Final Rule Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC's Name or Logo
May 17, 2022
The Board of Directors of the Federal Deposit Insurance Corporation approved a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC's name or logo.
- Press Release
- Final Rule
- Financial Institution Letter
- Acting FDIC Chair Statement
- Acting Comptroller of the Currency Statement
- CFPB Director Statement
Federal Agencies
U.S. Department of the Treasury
Counter ISIS Finance Group Leaders Issue Joint Statement
May 17, 2022
The Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS held its sixteenth meeting in Marrakech, Morocco, to discuss global efforts to combat ISIS financing. The CFIG co-leaders issued a joint statement on the meeting.
Remarks by Secretary of the Treasury Janet L. Yellen at the Brussels Economic Forum
May 17, 2022
Secretary of the Treasury Janet L. Yellen gave remarks at the Brussels Economic Forum.
Readout: U.S. Secretary of the Treasury Janet L. Yellen's Meetings in Brussels, Belgium
May 17, 2022
U.S. Secretary of the Treasury Janet L. Yellen met with European Commission President Ursula von der Leyen, as well as European Commission Executive Vice President Valdis Dombrovskis and European Commissioner for the Economy Paolo Gentiloni. The Secretary discussed the need for the international community to provide economic assistance to Ukraine and also discussed Europe's efforts to reduce its reliance on Russian energy.
Remarks on Treasury's Efforts to Promote Transparency and Accountability Around Financial Institutions' Net-Zero Targets
May 17, 2022
Climate Counselor John Mortion gave remarks at the MSCI Capital for Climate Action Conference on the Department of the Treasury's efforts to promote transparency and accountability around financial institutions' net-zero targets.
Federal Reserve Board
Industrial Production and Capacity Utilization - G.17
May 17, 2022
The Federal Reserve Board published its April Industrial Production and Capacity Utilization data.
Federal Reserve Bank of New York
Business Leaders Survey
May 17, 2022
The Federal Reserve Bank of New York published the May Business Leaders Survey.
Blog Post: Do Businesses in the Region Expect High Inflation to Persist?
May 17, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Do Businesses in the Region Expect High Inflation to Persist?"
New York Fed Announces Papers to be Published in High School Fed Challenge
May 17, 2022
The Federal Reserve Bank of New York announced the results of this year's High School Fed Challenge, an academic paper competition in which student teams researched and analyzed an economic theme, then wrote podcast scripts reflecting their research. The selected podcast scripts will be published in this year's issue of the Journal of Future Economists, which will publish this summer.
Conference of State Bank Supervisors
CSBS Board of Directors Announces the Passing of John W. Ryan
May 17, 2022
The Conference of State Bank Supervisors announced that President and CEO John W. Ryan died unexpectedly late Monday in Washington, D.C.
Amendments to Guidelines for Appeals of Material Supervisory Determinations
May 17, 2022
The FDIC has adopted Guidelines for Appeals of Material Supervisory Determinations that restore the Supervision Appeals Review Committee as the final level of review in the agency's supervisory appeals process. The revised Guidelines take effect May 17, 2022.
Office of the Comptroller of the Currency
Acting Comptroller Discusses Risk Management
May 17, 2022
Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of risk management in remarks at Bloomberg Risk & Regulation Week 2022.
Securities and Exchange Commission
Testimony at Hearing before the Subcommittee on Financial Services and General Government U.S. House Appropriations Committee
May 18, 2022
Securities and Exchange Commission Chair Gary Gensler gave testimony at a hearing before the U.S. House Appropriations Committee Subcommittee on Financial Services and General Government regarding capital markets.
Speech: Investor Protection in a Digital Age
May 17, 2022
Securities and Exchange Commission Chair Gary Gensler gave remarks at the 2022 NASAA Spring Meeting & Public Policy Symposium.
Consumer Financial Protection Bureau
CFPB Takes Action to Protect Depositors from False Claims About FDIC Insurance
May 17, 2022
The Consumer Financial Protection Bureau (CFPB) released an enforcement circular that augments prohibited practices on claims about Federal Deposit Insurance Corporation (FDIC) insurance for entities subject to the Consumer Financial Protection Act. In sum, although the Federal Deposit Insurance Act requires an entity knowingly act, the CFPA does not maintain such a requirement when a party misrepresents the deposit insurance status of a product or service.
International
European Banking Authority
EBA publishes peer review on management of non-performing exposures
May 17, 2022
The European Banking Authority published the conclusion of its peer review of how prudential and consumer protection authorities supervise the management of non-performing exposures (NPE) by institutions and have implemented the EBA Guidelines on the management of NPE.
UK Financial Conduct Authority
Reporting sanctions evasions
May 17, 2022
The UK Financial Conduct Authority issued guidance on reporting sanctions evasions.
Newsletter: Market Watch 69
May 17, 2022
The UK Financial Conduct Authority published the 69th Market Watch newsletter on market conduct and transaction reporting issues.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing scheduled for 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 (confirmed May 12, 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)
- 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)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
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)
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.