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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, August 12, 2022

August 12, 2022

By FedACTion Task Force

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Major Developments

Consumer Financial Protection Bureau

CFPB Takes Action Addressing Breaches of Data Security

August 11, 2022

The Consumer Financial Protection Bureau (CFPB) confirmed in a circular that financial companies may be deemed to violate federal consumer financial protection law if they fail to safeguard consumer data. Such guidance imposes consequences for lax data security practices. The CFPB guidance imposes potentially significant risks for financial companies that fail to have adequate measures to protect against data security incidents as such practices also could be deemed to be a violation of the Consumer Financial Protection Act, enforced by the CFPB.

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen Sends Letter to IRS Commissioner in Support of Funding for IRS to Improve Taxpayer Service & Combat Evasion By High Income Earners and Corporations

August 11, 2022

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to the Commissioner of the Internal Revenue Service (IRS) Charles P. Rettig in support of the funding to the IRS to improve taxpayer service, modernize outdated technological infrastructure, and increase equity in the tax system by enforcing the tax laws against those high-earners, large corporations, and complex partnerships who today do not pay what they owe.

Federal Reserve Bank of Boston

Paper: The Role of Industrial Composition in Driving the Frequency of Price Change

August 11, 2022

The Federal Reserve Bank of Boston published a paper entitled, "The Role of Industrial Composition in Driving the Frequency of Price Change."

Commodity Futures Trading Commission

CFTC Approves a Joint Rule Proposal with the SEC to Amend Form PF

August 10, 2022

The Commodity Futures Trading Commission voted to jointly propose amendments to Form PF with the Securities and Exchange Commission, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Consumer Financial Protection Bureau

CFPB Takes Action Addressing Data Security Practices

August 11, 2022

The Consumer Financial Protection Bureau confirmed in a circular that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data.

Federal Housing Finance Agency

FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests

August 11, 2022

The Federal Housing Finance Agency released a report providing the results of the annual stress tests that Fannie Mae and Freddie Mac are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Administration Changes

Vacancies

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)

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 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, (confirmed May 25, 2022)

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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