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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, April 1, 2022

April 01, 2022

By Paul Hastings Professional

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Affordability and Accessibility: Addressing the Housing Needs of America's Seniors

March 31, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Affordability and Accessibility: Addressing the Housing Needs of America's Seniors."

Hearing: The Supply Chain Crisis and the Implications for Small Businesses

March 30, 2022

The Senate Committee on Small Business and Entrepreneurship held a hearing entitled, "The Supply Chain Crisis and the Implications for Small Businesses."

U.S. House of Representatives

Committee on Financial Services

Hearing: The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions

March 31, 2022

The House Committee on Financial Services Subcommittee on Consumer Protection and Financial Institutions held a hearing entitled, "The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions."

Committee on Small Business

Hearing: Skill, Upskill, and Reskill: Analyzing New Investments in Workforce Development

March 31, 2022

The House Committee on Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development held hearing entitled, "Skill, Upskill, and Reskill: Analyzing New Investments in Workforce Development."

Federal Agencies

U.S. Department of the Treasury

Treasury Targets Sanctions Evasion Networks and Russian Technology Companies Enabling Putin's War

March 31, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control sanctioned operators in the Russian technology sector to prevent it from evading unprecedented multilateral sanctions and procure critical western technology.

Federal Reserve Board

Paper: Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance

March 31, 2022

The Federal Reserve Board published a working paper entitled, "Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance."

Paper: Dynamic and Stochastic Search Equilibrium

March 31, 2022

The Federal Reserve Board published a working paper entitled, "Dynamic and Stochastic Search Equilibrium."

Federal Reserve Bank of New York

Speech: A New York Moment

March 31, 2022

Federal Reserve Bank of New York President and Chief Executive Officer John C. Williams gave a speech at The Future of New York City: Charting an Equitable Recovery for All.

Federal Deposit Insurance Corporation

FDIC Consumer Compliance Supervisory Highlights

March 31, 2022

The Federal Deposit Insurance Corporation issued the March 2022 edition of the Consumer Compliance Supervisory Highlights.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Managing Tail Risks

March 31, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed managing low probability, high impact risk events, or tail risks, at the American Bankers Association Risk 2022 Conference.

Securities and Exchange Commission

Staff Accounting Bulletin No. 121

March 31, 2022

The Office of the Chief Account issued a Staff Accounting Bulletin expressing the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.

Prepared Remarks Before the 2022 SEC Investor Advocacy Clinic Summit

March 31, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks before the 2022 SEC Investor Advocacy Clinic Summit

Commodity Futures Trading Commission

Testimony of Chairman Rostin Behnam Regarding the State of the CFTC

March 31, 2022

The Chairman of the Commodity Futures Trading Commission testified before the U.S. House of Representatives Committee on Agriculture regarding the state of the CFTC.

Consumer Financial Protection Bureau

2021 Consumer Response Annual Report

March 31, 2022

The Consumer Financial Protection Bureau released its 2021 Consumer Response Annual Report.

FINRA

FINRA Seeks Advisory Committee Members

March 31, 2022

FINRA issued a special notice to encourage securities industry professionals and non-industry stakeholders from diverse backgrounds to become involved in FINRA's advisory committees.

Bank Policy Institute

BPI Responds to CFPB Review of Bank Fees

March 31, 2022

The Bank Policy Institute responded today to the Consumer Financial Protection Bureau's review of fees charged by financial institutions.

International

Bank of England Prudential Regulation Authority

Discussion Paper: The Prudential Liquidity Framework: Supporting Liquid Asset Usability

March 31, 2022

The Bank of England Prudential Regulation Authority published a discussion paper entitled, "The Prudential Liquidity Framework: Supporting Liquid Asset Usability."

Speech: The Road to Enhanced Payments

March 31, 2022

Victoria Cleland, Bank of England Executive Director for Banking, Payments and Innovation, gave a speech entitled, "The Road to Enhanced Payments."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Vacant
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022); committee approval March 16, 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

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.

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