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Daily Financial Regulation Update -- Friday, January 14, 2022

January 14, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs


Nomination Hearing

January 13, 2022

The Committee on Banking, Housing, and Urban Affairs conducted a hearing on the following nominations:

U.S. House of Representatives

Committee on Financial Services

Committee Victories in 2022 National Defense and Authorization Act

January 13, 2022

The House Committee on Financial Services (Committee), announced the provisions that the Committee successfully secured in the Fiscal Year 2022 National Defense Authorization Act – legislation that authorizes the federal government to spend money on the nation's defense. Provisions enacted into law as part of the National Defense Authorization Act:

  • H.R. 4111, the Sovereign Debt Contract Capacity Act, which helps protect developing countries from predatory and destabilizing Chinese lending practices through technical assistance from the International Monetary Fund (IMF) that will enhance the capacity of developing country debt managers to evaluate and negotiate the financial and legal terms of sovereign debt contracts,
  • H.R. 6340, which establishes at the International Monetary Fund, the World Bank Group, and the Asian Development Bank, a U.S. policy against the provision of any assistance from these institutions to the brutal military junta in Burma, which overthrew the country's democratically government early last year,
  • H.R. 6388, extends the delivery of the Department of the Treasury's "National Strategy for Combating Terrorist and Other Illicit Financing" for an additional five years,
  • H.R. 6343, the Illicit Finance Improvements Act, which facilitates a Financial Crimes Enforcement Network (FinCEN) report on Russian illicit finance and encourages information sharing and public-private partnerships to counter illicit finance activities,
  • H.R. 5320, the Financial Crimes Enforcement Network Exchange Improvement Act, which ensures that private-sector, non-financial entities can participate in the FinCEN Exchange, that agency's Congressionally mandated public-private partnership program, and
  • H.R. 6328, the FinCEN Exam Delegation Study, which directs the Secretary of the Treasury to conduct a Congressional briefing that evaluates the delegations of FinCEN's Bank Secrecy Act examination authority.
  • Press Release

Federal Agencies

Federal Reserve Board

Paper: The Federal Reserve's New Framework: Context and Consequences

January 13, 2022

The Board of Governors of the Federal Reserve published a staff working paper titled, "The Federal Reserve's New Framework: Context and Consequences."

Report: Beige Book

January 13, 2022

The Board of Governors of the Federal Reserve published its January 2022 Beige Book.

Letter: SR 22-2: Status of Covered Savings Associations and Holding Companies of Covered Savings Associations Under Statutes and Regulations Administered by the Federal Reserve

January 13, 2022

The Board of Governors of the Federal Reserve System issued a letter to make the financial institutions aware of recently issued FAQs regarding the laws and regulations applicable to savings associations and companies controlling savings associations.

Federal Reserve Bank of New York

Blog Post: The Fed's Latest Tool: A Standing Repo Facility

January 13, 2022

The Federal Reserve Bank of New York published a Liberty Economics blog post titled, "The Fed's Latest Tool: A Standing Repo Facility."

Conference of State Bank Supervisors

State Regulators Withdraw OCC Litigation Challenging proposed Uninsured Fintech After Applicant Amends Bank Charter Application to include FDIC Insurance

January 13, 2022

The Conference of State Bank Supervisors withdrew its complaint from the U.S. District Court for the District of Columbia challenging the Office of the Comptroller of the Currency's (OCC) nonbank charter program and a fintech's application for an OCC nonbank charter.

Office of the Comptroller of the Currency

Speech: Acting Comptroller Discusses Crypto-Assets and Regulation

January 13, 2022

Acting Comptroller of the Currency Michael J. Hsu gave remarks on the regulation of stablecoins and other crypto-assets before the BritishAmerican Business Transatlantic Finance Forum 2021-2022 Executive Roundtable.

Commodity Futures Trading Commission

Securities and Exchange Commission

Speech: Remarks of Commissioner Dawn D. Stump: We Can Do Hard Things

January 13, 2022

Securities and Exchange Commission Commissioner Dawn D. Stump gave prepared remarks titled, "We Can Do Hard Things," at the Chamber of Digital Commerce.

Consumer Financial Protection Bureau

Bulletin: CFPB Issues Bulletin to Prevent Unlawful Medical Debt Collection and Credit Reporting

January 13, 2022

The Consumer Financial Protection Bureau (CFPB) released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to collect on medical bills that are prohibited by the No Surprises Act, or who furnish information to credit bureaus about such invalid debts, may face significant legal liability under the Fair Debt Collection Practices Act and the Fair Credit Reporting Act (FCRA). The bulletin advises credit bureaus that the accuracy and dispute obligations imposed by the FCRA apply with respect to debts stemming from charges that exceed the amount permitted by the No Surprises Act.

Financial Crimes Enforcement Network

Speech: FinCEN Acting Director Addresses Annual ABA/ABA Conference

January 13, 2022

Him Das, Acting Director of the Financial Crimes Enforcement Network (FinCEN), gave prepared remarks before the annual Financial Crimes Enforcement Conference, hosted by the American Bankers Association and American Bar Association. He discussed how FinCEN is helping to transform the nation's anti-money laundering/counter-terrorist financing (AML/CFT) regime from the post-9/11 era to the post-pandemic era, and how financial institutions fit into that process.

FINRA

Speech: Testimony Before the Senate Special Committee on Aging

January 13, 2022

Gerri Walsh, the Financial Industry Regulatory Authority (FINRA) Senior Vice President of Investor Education and President of the FINRA Investor Education Foundation, testified in front of the Senate Special Committee on Aging.

Federal Housing Finance Agency

Final Rule: 2022 Rules of Practice and Procedure; Civil Money Penalty Inflation Adjustment

January 13, 2022

The Federal Housing Finance Agency (FHFA) is adopting the final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.

International

European Banking Authority

EBA Publishes Guidelines for Institutions and resolution authorities on improving banks' resolvability and consults on transferability

January 13, 2022

The European Banking Authority (EBA) published its final Guidelines for institutions and resolution authorities on improving banks' resolvability.

Bank of England

Bank Liabilities Survey - 2021 Q4

January 13, 2022

The Bank of England (BoE) published the results of its Q4 2021 Bank Liabilities Survey. This quarterly survey of banks and building societies in aimed at improving the BoE's understanding of the role of lenders' liabilities and capital in driving credit and monetary conditions.

Credit Conditions Survey - 2021 Q4

January 13, 2022

The Bank of England published the results of its Q4 2021 Credit Conditions Survey. This quarterly survey of bank and building society lenders is aimed at improving our understanding of trends and developments in credit conditions.

UK Financial Conduct Authority

Supervisory Flexibility on the Short Selling Indicator

January 13, 2022

The Financial Conduct Authority published a statement titled, "Supervisory Flexibility on the Short Selling Indicator."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair
  • Vice Chair for Supervision

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
  • 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

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.