PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 15, 2022
April 15, 2022
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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
- Central Counterparties Consultation Paper
- Central Securities Depositories Consultation Paper
- Recognised Payment System Operators and Specified Service Providers Consultation Paper
- Overview
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
- 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)
- HUD Announces Key Staff Appointments (April 11, 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.