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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, April 15, 2022

April 15, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Releases Equity Action Plan

April 14, 2022

The U.S. Department of the Treasury released its Equity Action Plan alongside equity plans from more than 90 federal agencies in accordance with Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through the Federal Government."

Treasury Announces Inaugural CFIUS Conference

April 14, 2022

The U.S. Department of the Treasury announced the first Committee on Foreign Investment in the United States (CFIUS) Conference to take place on June 16th at the U.S. Department of the Treasury.

Federal Deposit Insurance Corporation

Consolidated Reports of Condition and Income for First Quarter 2022

April 14, 2022

The Federal Deposit Insurance Corporation issued a financial institution letter pertaining to the Consolidated Reports of Condition and Income for the March 31, 2022, report date and providing guidance on certain reporting issues.

Office of the Comptroller of the Currency

OCC Issues Final Rule Amending Exemptions to Suspicious Activity Report Requirements

April 14, 2022

The Office of the Comptroller of the Currency (OCC) issued a final rule amending the OCC's suspicious activity report (SAR) regulations. This rule allows the OCC to issue exemptions from the requirements of those regulations based on a request from a bank subject to those regulations that meets the criteria specified in the final rule. The final rule takes effect on May 1, 2022.

Securities and Exchange Commission

Speech: "Working On 'Team Cyber'"

April 14, 2022

Securities and Exchange Commission Chair Gary Gensler gave a speech before the Joint Meeting of the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council entitled, "Working on 'Team Cyber'."

Consumer Financial Protection Bureau

Report: Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends

April 14, 2022

The Consumer Financial Protection Bureau published a report entitled, "Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends."

Financial Crimes Enforcement Network

FinCEN Issues Advisory on Kleptocracy and Foreign Public Corruption

April 14, 2022

The Financial Crimes Enforcement Network issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption.

National Credit Union Administration

NCUA's New Guide Simplifies, Clarifies Federal Credit Union Charter Application Process

April 14, 2022

The National Credit Union Administration released its new Charter Application Guide and other resources to assist people who want to bring federally insured financial services to their communities by starting a federal credit union.

U.S. Small Business Administration

SBA Releases New Equity Action Plan

April 14, 2022

U.S. Small Business Administrator (SBA) Isabella Casillas Guzman issued a statement announcing the SBA's Equity Action Plan, released alongside equity plans from more than 90 federal agencies in accordance with Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through the Federal Government."

OIG Report: Evaluation of SBA's Disaster Assistance Loan Recommendation Services

April 14, 2022

The U.S. Small Business Administration Office of Inspector General issued a report entitled, "Evaluation of SBA's Disaster Assistance Loan Recommendation Services."

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Releases Equity Action Plan

April 14, 2022

The U.S. Department of Housing and Urban Development released its Equity Action Plan alongside equity plans from more than 90 federal agencies in accordance with Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through the Federal Government."

Federal Housing Finance Agency

FHFA Finalizes Strategic Plan for Fiscal Years 2022 – 2026

April 14, 2022

The Federal Housing Finance Agency (FHFA) issued the FHFA Strategic Plan: Fiscal Years 2022-2026.

U.S. Department of Labor

Labor Releases Equity Action Plan

April 14, 2022

The U.S. Department of Labor released its Equity Action Plan alongside equity plans from more than 90 federal agencies in accordance with Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through the Federal Government."

U.S. Department of Education

Department of Education Releases Equity Action Plan

April 14, 2022

The U.S. Department of Education released its Equity Action Plan alongside equity plans from more than 90 federal agencies in accordance with Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through the Federal Government."

International

Bank of England

Working Paper: A tale of two global monetary policies

April 14, 2022

The Bank of England staff published a working paper entitled, "A tale of two global monetary policies."

Working Paper: Comparing search and intermediation frictions across markets

April 14, 2022

The Bank of England staff published a working paper entitled, "Comparing search and intermediation frictions across markets."

Working Paper: Identification with external instruments in structural VARs

April 14, 2022

The Bank of England staff published a working paper entitled, "Identification with external instruments in structural VARs."

Consultation Papers: FMI outsourcing and third party risk management

April 14, 2022

The Bank of England published three consultation papers pertaining to FMI outsourcing and third party risk management

Credit Conditions Survey - 2022 Q1

April 14, 2022

The Bank of England released the 2022 Q1 Credit Conditions Survey.

Bank Liabilities Survey - 2022 Q1

April 14, 2022

The Bank of England released the 2022 Q1 Bank Liabilities Survey.

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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