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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, February 11, 2022

February 11, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: How Institutional Landlords Are Changing the Housing Market

February 10, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, "How Institutional Landlords Are Changing the Housing Market."

Federal Agencies

Federal Reserve Board

Federal Reserve Board Releases Hypothetical Scenarios for Its 2022 Bank Stress Tests

February 10, 2022

The Federal Reserve Board released the hypothetical scenarios for its annual bank stress tests, which help ensure that large banks are able to lend to households and businesses even in a severe recession. This year, 34 large banks will be tested against a severe global recession with heightened stress in commercial real estate and corporate debt markets.

Paper: Balancing Before and After: Treasury Market Reform Proposals and the Connections Between Ex-Ante and Ex-Post Liquidity Tools

February 10, 2022

The Federal Reserve Board published a paper titled, "Balancing Before and After: Treasury Market Reform Proposals and the Connections Between Ex-Ante and Ex-Post Liquidity Tools."

Federal Reserve Bank of New York

Report: The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the Fourth Quarter

February 10, 2022

The Federal Reserve Bank of New York published a report to Congress titled, "Treasury and Federal Reserve Foreign Exchange Operations." In the report, the Federal Reserve Bank of New York stated that the Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the October – December 2021 quarter.

Underlying Inflation Gauge (UIG)

February 10, 2022

The Federal Reserve Bank of New York published its January 2021 Underlying Inflation Gauge (UIG). The UIG measure for January is currently estimated at 4.6%, a 0.1 percentage point increase from the previous month.

Office of the Comptroller of the Currency

OCC Releases Dodd-Frank Act Stress Test Scenarios for 2022

February 10, 2022

The Office of the Comptroller of the Currency released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.

Securities and Exchange Commission

SEC Proposes Rule Amendments to Modernize Beneficial Ownership Reporting

February 10, 2022

The Securities and Exchange Commission announced that it proposed rule amendments governing beneficial ownership reporting under Exchange Act Sections 13(d) and 13(g). The proposed amendments would update those rules to provide more timely information to meet the needs of today's financial markets.

SEC Proposed Changes to Two Whistleblower Program Rules

February 10, 2022

The Securities and Exchange Commission (SEC) proposed two amendments to the rules governing its whistleblower program. The first proposed amendment concerns award claims for related actions that would be otherwise covered by an alternative whistleblower program. The second affirms the SEC's authority to consider the dollar amount of a potential award for the limited purpose of increasing an award but not to lower an award.

Statement: Chair Gensler Before the Small Business Capital Formation Advisory Committee

February 10, 2022

Securities and Exchange Commission (SEC) Chair Gary Gensler and SEC Commissioner Hester M. Peirce gave prepared remarks before the SEC Small Business Capital Formation Advisory Committee meeting.

Consumer Financial Protection Bureau

Comparing Overdraft Fees and Policies across Banks

February 10, 2022

The Consumer Financial Protection Bureau (CFPB) published a blog post titled, "Comparing Overdraft Fees and Policies Across Banks."

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

Report: HUD Did Not Have Adequate Policies and Procedures for Ensuring That Public Housing Agencies Properly Processed Requests for Reasonable Accommodation

February 10, 2022

The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General published a report titled, "HUD Did Not Have Adequate Policies and Procedures for Ensuring that Public Housing Agencies Properly Processed Requests for Reasonable Accommodation."

Federal Housing Finance Agency

Report: Foreclosure Prevention, Refinance and FPM Report - November 2021

February 10, 2022

The Federal Housing Finance Agency released its November 2021 Foreclosure Prevention and Refinance Report.

Bank Policy Institute

Mid-Size Bank Coalition of America

Banks Thrive at Scale, and So Do Consumers

February 10, 2022

The Bank Policy Institute and the Mid-Size Bank Coalition of America wrote a letter to Jonathan Kanter, Assistant Attorney General for the Antitrust Division of the U.S. Department of Justice (DOJ), commenting on the DOJ's request for public input on bank merger analysis.

International

Bank of England

Financial Conduct Authority

Transforming Data Collection Communication to Firms

February 10, 2022

The Bank of England (BoE) and the Financial Conduct Authority (FCA) are leading a joint transformation program with industry, to transform data collection from the UK financial sector. The BoE and FCA wrote a joint communication to provide updates on the program.

Bank of England

Speech: A Resilient Financial System

February 10, 2022

Bank of England Governor Andrew Bailey gave a speech titled, "A Resilient Financial System."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing held on February 3, 2022)
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022)

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman

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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