PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, May 25, 2022
May 25, 2022
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Major Developments
Federal Deposit Insurance Corporation
Quarterly Banking Profile: Insured Institutions Reported Net Income of $59.7 Billion in First Quarter 2022
May 24, 2022
The Federal Deposit Insurance Corporation published the First Quarter 2022 Quarterly Banking Profile showing reports from 4,796 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reflect aggregate net income of $59.7 billion in first quarter 2022, a decline of $17.0 billion (22.2 percent) from a year ago.
Congress
U.S. Senate
Senate Committee on Banking, Housing, and Urban Affairs
House Committee on Financial Services
Waters and Brown Urge SEC Chair Gensler to Require Data Reporting to Improve Future Rulemakings on Human Capital and Diversity Disclosure
May 24, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee and Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to Gary Gensler, Chair of the Securities and Exchange Commission (SEC) urging him to require disclosure of standardized data to help investors and other stakeholders include race, ethnicity, gender, sexual orientation, and disability status in all future rulemakings.
U.S. House of Representatives
Hearing: Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID
May 24, 2022
The House Financial Services Committee held a hearing entitled, "Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID."
Federal Agencies
Federal Reserve Board
Paper: Financial Repercussions of SNAP Work Requirements
May 24, 2022
The Federal Reserve Board published a paper entitled, "Financial Repercussions of SNAP Work Requirements."
Speech: Welcoming Remarks
May 24, 2022
The Federal Reserve Board Chair Jerome H. Powell gave welcoming remarks at the Reservation Economic Summit 2022 hosted by the National Center for American Indian Enterprise Development in Las Vegas, Nevada.
Federal Reserve Bank of New York
Staff Report: Expectations Data in Structural Microeconomic Models
May 24, 2022
The Federal Reserve Bank of New York published a staff report entitled, "Expectations Data in Structural Microeconomic Models."
Statement Regarding the Annual Report on Open Market Operations during 2021
May 24, 2022
The Open Market Trading Desk at the New York Fed published its annual report, Open Market Operations During 2021.
Office of the Comptroller of the Currency
Acting Comptroller Discusses Vulnerabilities, Volatility with Cryptocurrency
May 24, 2022
Acting Comptroller of the Currency Michael J. Hsu today discussed vulnerabilities in the cryptocurrency framework and recent volatility with stablecoins in remarks at the DC Blockchain Summit 2022.
Securities and Exchange Commission
Speech: Resolving the Lack of Audit Transparency in China and Hong Kong: Remarks at the International Council of Securities Associations (ICSA) Annual General Meeting
May 24, 2022
Office of International Affairs Director YJ Fischer gave a speech at the International Council of Securities Associations Annual General Meeting entitled, "Resolving the Lack of Audit Transparency in China and Hong Kong."
Consumer Financial Protection Bureau
CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance
May 24, 2022
The Consumer Financial Protection Bureau is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the Office of Innovation that focused on an application-based process to confer special regulatory treatment on individual companies.
U.S. Small Business Administration
Report: African-American Entrepreneurs: Contributions and Challenges
May 24, 2022
The U.S. Small Business Administration Office of Advocacy published a report entitled, "African-American Entrepreneurs: Contributions and Challenges."
International
European Commission
Special Address by President von der Leyen at the World Economic Forum
May 24, 2022
European Commission President von der Leyen gave a special address at the World Economic Forum.
Joint Statement between the European Commission and the United States on European Energy Security
May 24, 2022
The European Commission and United States issued a joint statement condemning Russia for cutting off electricity and natural gas to EU nations and reaffirming their commitment to strengthening Europe's energy security.
Bank of England
Bank of England publishes results of the 2021 Biennial Exploratory Scenario: Financial risks from climate change
May 24, 2022
The Bank of England has published the results of the Climate Biennial Exploratory Scenario, which explores the financial risks posed by climate change for the largest banks and insurers operating in the UK.
Speech: Climate capital
May 24, 2022
Bank of England Deputy Governor Sam Woods gave a speech at a webcast hosted by the Global Association of Risk Professionals entitled, "Climate capital."
UK Financial Conduct Authority
Feedback Statement: Driving Value for Money in Defined Contribution Pensions
May 24, 2022
The Financial Conduct Authority published a feedback statement entitled, "Driving Value for Money in Defined Contribution Pensions."
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)
- Richard R. Best Named Director of Division of Examinations (May 24, 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
- 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.