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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, January 28, 2022

January 28, 2022

By FedACTion Task Force

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Federal Agencies

Federal Deposit Insurance Corporation

Paper: The Long-Run Effects of Losing Failed Bank Auctions

January 27, 2022

The Federal Deposit Insurance Corporation published a staff working paper titled, "The Long-Run Effects of Losing Failed Bank Auctions."

Securities and Exchange Commission

SEC Reopens Comment Period for Pay Versus Performance

January 27, 2022

The Securities and Exchange Commission reopened the comment period on proposed rules under the Dodd-Frank Act requiring disclosure of information reflecting the relationship between executive compensation actually paid by a company and the company's financial performance.

Observations from Examinations of Private Fund Advisers

January 27, 2022

On June 23, 2020, the Division of Examinations (EXAMS) published a Risk Alert providing an overview of compliance issues observed by EXAMS staff in examinations of registered advisers that manage private funds (private fund advisers). In light of the significant role of private fund advisers in the financial markets, EXAMS published a Risk Alert detailing additional observations. This Risk Alert is intended to assist private fund advisers in reviewing and enhancing their compliance programs and to provide investors with information concerning private fund adviser deficiencies.

Commodity Futures Trading Commission

Speech: Keynote Address of Chairman Rostin Behnam at the ABA Business Law Section Derivatives & Futures Law Committee Winter Meeting

January 27, 2022

Commodity Futures Trading Commission Chairman Rostin Behnam gave the keynote address at the American Bar Association Business Law Section Derivatives & Futures Law Committee Winter Meeting.

Consumer Financial Protection Bureau

CFPB Identifies Consumer Reporting Companies

January 27, 2022

The Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies reporting companies that collect and sell access to people's data, including individuals' finances, employment, check writing histories, or rental history records. The CFPB notes that using the list, people can exercise their right to see what information these firms have, dispute inaccuracies, and file lawsuits if the firms are violating the Fair Credit Reporting Act.

National Credit Union Administration

NCUA Board Approves Proposed Rule on Succession Planning

January 27, 2022

The National Credit Union Administration (NCUA) Board held its first open meeting of 2022 and approved a proposed rule on succession planning. The NCUA Board was briefed on the NCUA's 2022 supervisory priorities and the status of the Central Liquidity Facility following the statutory expiration of its enhanced authority. The NCUA Board was also briefed on required inflation adjustments to the agency's civil monetary penalties, which were approved by a notation vote at the end of 2021.

International

European Banking Authority

ESAs Welcome ESRB Recommendation to Create a Pan-European Systemic Cyber Incident Coordination Framework

January 27, 2022

The three European Supervisory Authorities (ESAs) – the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority – published a statement welcoming the European Systemic Risk Board's recommendation on systemic cyber risk, which calls on the ESAs to prepare for the gradual development of a Pan-European systemic cyber incident coordination framework. This will support an effective and coordinated response at EU-level in the event of a major cross-border cyber incident that could have a systemic impact on the EU's financial sector.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
  • Governor – Lisa Cook nominated January 14, 2022
  • Governor – Phillip Jefferson, nominated January 14, 2022

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

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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