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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, May 20, 2022

May 20, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Nomination Hearing for Vice Chairman for Supervision of the Federal Reserve and for members of the Securities and Exchange Commission

May 19, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the following nominations: The Honorable Michael S. Barr, of Michigan, to be a Member and Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System; Mr. Jaime E. Lizárraga, of Virginia, to be a Member of the Securities and Exchange Commission; and Mr. Mark Toshiro Uyeda, of California, to be a Member of the Securities and Exchange Commission.

Federal Agencies

U.S. Department of the Treasury

Treasury Announces First State Small Business Credit Initiative Awards to Support Underserved Entrepreneurs and Small Business Growth in Key Industries

May 19, 2022

The U.S. Department of the Treasury announced the first group of plans approved under the new round of the State Small Business Credit Initiative including programs for Hawaii, Kansas, Maryland, Michigan and West Virginia. Treasury is also announcing that it will have specialized programming to enable jurisdictions to share best practices for targeting investments in key industries and businesses owned by underserved entrepreneurs.

Readout: Deputy Secretary Adeyemo Convenes Roundtable Discussion to Develop a Modernized, Equitable IRS

May 19, 2022

U.S. Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable discussion with key tax and equity policy stakeholders on ways to modernize and ensure a more equitable tax administration in the years ahead.

Federal Reserve Board

Federal Reserve Board finalizes rule that governs funds transfers over the Federal Reserve Banks' FedNow Service

May 19, 2022

The Federal Reserve Board finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments.

Paper: Monetary Policy and Homeownership: Empirical Evidence, Theory, and Policy Implications

May 19, 2022

The Federal Reserve Board published an International Finance Discussion Paper entitled, "Monetary Policy and Homeownership: Empirical Evidence, Theory, and Policy Implications."

Federal Reserve Bank of New York

Article: Investing in Rural Prosperity: A Framework for Advancing Economic Resilience and Opportunity

May 19, 2022

The Federal Reserve Bank of New York published an article entitled, "Investing in Rural Prosperity: A Framework for Advancing Economic Resilience and Opportunity."

Conference of State Bank Supervisors

Indiana's Tom Fite Elected CSBS Chair

May 19, 2022

The Conference of State Bank Supervisors announced the election of Director of the Indiana Department of Financial Institutions Tom Fite as the new chair of the Board of Directors.

Federal Deposit Insurance Corporation

Minority Depository Institution (MDI) Designations

May 19, 2022

The Federal Deposit Insurance Corporation (FDIC) announced it has established a process for an insured institution or applicant for deposit insurance to make a request that the FDIC recognize the institution as a Minority Deposit Institution.

Consumer Financial Protection Bureau

CFPB Bolsters Enforcement Efforts by States

May 19, 2022

The Consumer Financial Protection Bureau issued an interpretive rule that describes states' authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law.

Financial Crimes Enforcement Network

Prepared Remarks of Alessio Evangelista, Associate Director, Enforcement and Compliance Division, During Chainalysis Links Conference

May 19, 2022

Enforcement and Compliance Division Associate Director Alessio Evangelista gave remarks during the Chainalysis Links Conference.

International

Bank of England

Market Notice: The Bank's risk management approach to collateral referencing USD LIBOR for use in the Sterling Monetary Framework

May 19, 2022

The Bank of England issued a Market Notice setting out the Bank's risk management approach to collateral referencing overnight, 1-month, 3-month, 6-month and 12-month USD LIBOR settings for use in the SMF.

Speech: Central clearing: three lessons and a path forward

May 19, 2022

Executive Director for Financial Markets Infrastructure Christina Segal-Knowles gave a speech at the European Association of CCP Clearing Houses entitled, "Central clearing: three lessons and a path forward."

UK Financial Conduct Authority

FCA strengthens consumer protection by speeding up removal of firms that do not use their regulatory permission

May 19, 2022

The Financial Conduct Authority issued a policy statement outlining its new expedited process for canceling or changing what regulated activities firms are permitted to do, these are known as permissions. The FCA will provide a firm with two warnings if it believes it is not using its regulatory permission. The FCA will then be able to cancel the permission, or change it, 28 days after the first warning if the firm has not taken appropriate action.

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 (confirmed May 12, 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)

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.

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