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
- 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)
Federal Reserve Bank of New York
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)
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)
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.