PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, February 25, 2022

February 25, 2022

FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Announces Unprecedented and Expansive Sanctions Against Russia, Intended to Impose Severe Economic Costs

February 24, 2022

The United States took significant and unprecedented action to respond to Russia's further invasion of Ukraine by imposing severe economic costs that will have both immediate and long-term effects on the Russian economy and financial system. The U.S. Department of the Treasury's Office of Foreign Assets Control imposed expansive economic measures, in partnership with allies and partners, that target the core infrastructure of the Russian financial system — including Russia's largest financial institutions and the ability of state-owned and private entities to raise capital — and further restrictions upon Russia from participating in the global financial system. The actions are anticipated to target nearly 80% of all banking assets in Russia.

U.S. Treasury Targets Belarusian Support for Russian Invasion of Ukraine

February 24, 2022

As part of the United States' response to Russia's further invasion of Ukraine, the U.S. Department of the Treasury's Office of Foreign Assets Control is sanctioning 24 Belarusian individuals and entities due to Belarus's support for, and facilitation of, the invasion. Today's action focuses on Belarus's defense sector and financial institutions, two areas in which Belarus has especially close ties to Russia.

New Treasury Data Shows Over 80% of Emergency Rental Assistance Delivered to Lowest-Income Households

February 24, 2022

The U.S. Department of the Treasury (Treasury) released demographic data showing that funds delivered to millions of households through its Emergency Rental Assistance (ERA) program are reaching underserved and vulnerable communities. These findings follow a series of actions taken by the Treasury to ensure an equitable distribution of funds by state and local ERA grantees.

National Credit Union Administration

Alert: Current Geopolitical Events Increase Likelihood of Imminent Cyberattacks on Financial Institutions

February 24, 2022

The U.S. Department of Homeland Security's Cybersecurity and Infrastructure Security Agency has issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.

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

Statement: Secretary Marcia L. Fudge on Black Homeownership Remaining Lower Than A Decade Ago Despite The U.S. Homeownership Rate Experiencing Largest Annual Increase On Record

February 24, 2022

U.S. Housing and Urban Development Secretary Marcia L. Fudge released a statement on the National Association of Realtors' 2022 Snapshot of Race and Home Buying in America report, which examines current racial disparities in the housing market.

Federal Housing Finance Agency

FHFA Re-Proposes Updated Eligibility Requirements for Enterprise Single-Family Seller/Servicers

February 24, 2022

The Federal Housing Finance Agency re-proposed minimum financial eligibility requirements for Fannie Mae and Freddie Mac seller/servicers. This update will strengthen, and provide transparency and consistency of, required capital and liquidity for seller/servicers with different business models.


European Commission

Statements Regarding Russia's Aggression in Ukraine

February 24, 2022

European Council President Charles Michel and European Commission President Ursula von der Leyen released a joint statement regarding Russia's aggression against Ukraine. High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell also released a statement on Russia's military actions in Ukraine.

European Banking Authority

EBA Publishes Final Guidelines on the Limited Network Exclusion under the Payment Services Directive

February 24, 2022

The European Banking Authority published its final guidelines on the limited network exclusion under the Payment Service Directive. These guidelines clarify how national competent authorities should assess whether a network of service providers or a range of goods and services qualify as 'limited' and are, therefore, not subject to the directive. The guidelines aim at addressing significant inconsistencies on how this exclusion has in the past been applied across the EU, contributing to the Single Market for payment services in the EU and ensuring transparency for supervisors and customers.

UK Financial Conduct Authority

Number of STORs Received: 2021

February 24, 2022

The Financial Conduct Authority (FCA) published its 2021 data for how may suspicious transaction and order reports the FCA received last year.

Administration Changes


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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