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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, February 18, 2022

February 18, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: The State of the American Economy: A Year of Unprecedented Economic Growth and Future Plans

February 17, 2022

The Committee on Banking, Housing, and Urban conducted a hearing entitled, "The State of the American Economy: A Year of Unprecedented Economic Growth and Future Plans."

Committee on Small Business and Entrepreneurship

Senate Small Business Committee Passes Bipartisan Bills

February 15, 2022

The U.S. Senate Committee on Small Business & Entrepreneurship passed four bipartisan bills – S. 1617, S. 2042, S. 2521, and H.R. 3451 – to make the U.S. Small Business Administration's (SBA) programs more inclusive, protect small business owners from cyber-threats, increase the availability of SBA disaster loans in rural communities, and reauthorize an interagency committee to encourage women's business ownership.

U.S. House of Representatives

Committee on Financial Services

Hearing: The Role of the International Monetary Fund in a Changing Global Landscape

February 17, 2022

The U.S. House Committee on Financial Services conducted a hearing titled, "The Role of the International Monetary Fund in a Changing Global Landscape."

Chairwoman Maxine Waters and Representative Jimmy Gomez Send Letter to Treasury Secretary Janet Yellen About Unused Emergency Rental Assistance

February 16, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Jimmy Gomez (D-CA) co-led a letter with 36 Members of California's Congressional delegation to Treasury Secretary Janet Yellen urging the Department of the Treasury to reallocate unused Emergency Rental Assistance Program funds to states with the highest need for such aid.

Federal Agencies

U.S. Department of the Treasury

Report: Treasury Releases Financial Report of the U.S. Government

February 17, 2022

The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2021 (FY 2021) Financial Report of the U.S. Government. The report presents the government's current financial position and condition and discusses key financial topics and trends.

Treasury's Federal Insurance Office Continues Efforts on Climate-Related Financial Risks in the Insurance Sector, Joins the NGFS

February 17, 2022

The U.S. Department of the Treasury's Federal Insurance Office announced that it has joined the Network of Central Banks and Supervisors for Greening the Financial System.

Deputy Secretary of the Treasury Wally Adeyemo's Meeting with the Bank Policy Institute's Technology Policy Division

February 16, 2022

U.S. Deputy Secretary of the Treasury Wally Adeyemo, joined by Jen Easterly, Director of the Cybersecurity and Infrastructure Agency and Bryan Vorndran, Assistant Director of the Federal Bureau of Investigation's Cyber Division, met with the Bank Policy Institute's Technology Division as part of the Treasury Department's ongoing engagement with the private sector on cyber threats.

Federal Reserve Bank of New York

How (Un-)Informed Are Depositors in a Banking Panic? A Lesson from History

The Federal Reserve Bank of New York published a Liberty Street Economics blog titled, "How (Un-)Informed Are Depositors in a Banking Panic? A Lesson from History."

Federal Reserve Bank of Boston

Can the Fed Promote Stability Through Agility?

February 17, 2022

The Federal Reserve Bank of Boston published an article titled, "Can the Fed Promote Stability Through Agility?"

Federal Deposit Insurance Corporation

Report: Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation

February 17, 2022

The Federal Deposit Insurance Corporation's (FDIC) Office of Inspector General (OIG) published a report, "Top Management and Performance Challenges Facing the FDIC." The report summarizes the most serious challenges facing the FDIC and briefly assesses the FDIC's progress to address them.

National Credit Union Administration

NCUA Board Proposes Increasing Threshold for ONES Supervision

February 17, 2022

The National Credit Union Administration (NCUA) Board held its second open meeting of 2022 and unanimously approved two items:

  • A notice of proposed rulemaking for assigning certain federally insured credit unions to the appropriate NCUA supervisory office; and
  • An interim final rule that extends two temporary changes to the NCUA's prompt corrective action regulations.

In addition, the NCUA's Chief Financial Officer briefed the Board on the performance of the Share Insurance Fund during the fourth quarter of 2021.

Freddie Mac

Freddie Mac Announces First Automated Assessment of Direct Deposit Income

February 17, 2022

Freddie Mac announced that the company will launch a new, automated capability that allows mortgage lenders to assess a prospective homebuyer's income paid through direct deposit to reduce the paper documentation burden on borrowers so they can close loans faster and simplify the lending process.

International

Bank of England

Financial Conduct Authority

Report: The AI Public-Private Forum

February 17, 2022

The Bank of England and the Financial Conduct Authority published a report titled, "Artificial Intelligence Public-Private Forum Final Report."

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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