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PH FedACTion: Financial Regulatory Updates

January 26, 2022

FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Letter: Senator Toomey Raises Concerns Over Fed Nominees' Lack of Geographical and Professional Diversity

January 25, 2022

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) wrote a letter to the President regarding the lack of diversity in geography and professional experience in the recent slate of nominees to serve on the Board of Governors of the Federal Reserve System.

U.S. House of Representatives

Committee on Financial Services

Committee on Financial Services Announces February Committee Schedule

January 25, 2022

The House Committee on Financial Services, announced the following schedule for the month of February:

  • February 2 at 10:00 AM E.T.: "Housing America: Addressing Challenges in Serving People Experiencing Homelessness"
  • February 3 at 10:00 AM E.T.: "Building Opportunity: Addressing the Financial Barriers to Minority and Women-Owned Businesses' Involvement in Infrastructure Projects"
  • February 8 at 10:00 AM E.T.: "Digital Assets and the Future of Finance: The President's Working Group on Financial Markets' Report on Stablecoins"
  • February 16 at 12:00 PM E.T.: "An Unprecedented Investment for Historic Results: How Federal Support for MDIs and CFDIs Have Launched a New Era for Disadvantaged Communities"
  • February 17 at 12:00 PM E.T.: "The Role of the IMF in a Changing Global Landscape"
  • February 17 at 3:00 PM E.T.: "Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery"
  • Press Release

Committee on Small Business

Letter: Congresswomen Velázquez and Chu Urge SBA to Utilize Shuttered Venue Grant Operator to Help Small Businesses Hurt by Omicron

January 25, 2022

Nydia M. Velázquez (D-NY), Chairwoman of the House Small Business Committee, and Congresswoman Judy Chu (D-CA) penned a letter to the Small Business Administration (SBA) calling on the SBA to continue efforts to help live venues through the Shuttered Venue Grant Operator (SVOG) program. To date, the SVOG program has delivered $14 billion in emergency grants to theatres, concert venues, and other entities that rely on in-person events. However, the program currently has $2 billion in unspent funds sitting in its coffers.

Federal Agencies

U.S. Department of the Treasury

Statement: Remarks by Secretary of the Treasury Janet L. Yellen at the President's Interagency Task Force to Monitor and Combat Trafficking in Persons Meeting

January 25, 2022

Secretary of the Treasury Janet L. Yellen gave prepared remarks at the President's Interagency Task Force to Monitor and Combat Trafficking in Persons Meeting.

Statement: Remarks by Assistant Secretary for Tax Policy Lily Batchelder at the New York State Bar Association's Annual Meeting

January 25, 2022

Assistant Secretary for Tax Policy Lily Batchelder gave prepared remarks at the New York State Bar Association's Annual Meeting.

Conference of State Bank Supervisors

Community Bankers Expect Declining Profitability Yet Plan to Expand

January 25, 2022

The Conference of State Bank Supervisors fourth quarter 2021 Community Bank Sentiment Index indicates that community bankers are slightly more optimistic than they were in the previous quarter, but expectations on future profitability have fallen to the lowest level recorded since the survey's inception in 2019.

Federal Deposit Insurance Corporation

Report: Construction and Evaluation of a Net Stable Funding Ratio Proxy Using Publicly Available Data

January 25, 2022

The Federal Deposit Insurance Corporation published a staff study report titled, "Construction and Evaluation of a Net Stable Funding Ratio Proxy Using Publicly Available Data."

Ginnie Mae

Report: 2021 Annual Report

January 25, 2022

Ginnie Mae published its 2021 Annual Report.

State Agencies

New York State Department of Financial Services

Statement: Adrienne A. Harris Following New York State Senate Confirmation of Her Appointment as Superintendent of Financial Services

January 25, 2022

Adrienne A. Harris gave a statement after the New York State Senate voted to confirm Ms. Harris as Superintendent of the New York State Department of Financial Services.

International

Bank of England

BIS Innovation Hub to Focus on CBDC, Payments, DeFi and Green Finance in 2022 Work Program

January 25, 2022

In 2022, the Bank for International Settlements Innovation Hub will launch new projects into central bank digital currencies, next generation payments systems and decentralized finance, expanding its portfolio of explorations seeking to develop new technological public goods for central banks. The Innovation Hub's work program will also see new projects in green finance, regulatory and supervisory technology and cyber security.

UK Financial Conduct Authority

FCA Publishes Guidance Consultation for Firms Who Seek to Limit Their Liabilities

January 25, 2022

Firms using company or insolvency law to manage their liabilities have been warned they could face assertive action by the Financial Conduct Authority if their proposals unfairly benefit them at the expense of their customers.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
  • Governor – Lisa Cook nominated January 14, 2022
  • Governor – Phillip Jefferson, nominated January 14, 2022

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
  • 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.

READ NEXT

SEC Chair Suggests Potential New Cybersecurity Requirements

January 25, 2022

Practice Areas

Global Finance

Financial Services

Fintech and Payments