PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 20, 2022
May 20, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Nomination Hearing for Vice Chairman for Supervision of the Federal Reserve and for members of the Securities and Exchange Commission
May 19, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the following nominations: The Honorable Michael S. Barr, of Michigan, to be a Member and Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System; Mr. Jaime E. Lizárraga, of Virginia, to be a Member of the Securities and Exchange Commission; and Mr. Mark Toshiro Uyeda, of California, to be a Member of the Securities and Exchange Commission.
- Hearing Page
- Acting Committee Chair Statement
- Committee Ranking Member Statement
- Federal Reserve Board Designate Barr's Testimony
- SEC Designate Lizarraga's Testimony
- SEC Designate Uyeda's Testimony
Federal Agencies
U.S. Department of the Treasury
Treasury Announces First State Small Business Credit Initiative Awards to Support Underserved Entrepreneurs and Small Business Growth in Key Industries
May 19, 2022
The U.S. Department of the Treasury announced the first group of plans approved under the new round of the State Small Business Credit Initiative including programs for Hawaii, Kansas, Maryland, Michigan and West Virginia. Treasury is also announcing that it will have specialized programming to enable jurisdictions to share best practices for targeting investments in key industries and businesses owned by underserved entrepreneurs.
Readout: Deputy Secretary Adeyemo Convenes Roundtable Discussion to Develop a Modernized, Equitable IRS
May 19, 2022
U.S. Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable discussion with key tax and equity policy stakeholders on ways to modernize and ensure a more equitable tax administration in the years ahead.
Federal Reserve Board
Federal Reserve Board finalizes rule that governs funds transfers over the Federal Reserve Banks' FedNow Service
May 19, 2022
The Federal Reserve Board finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments.
Paper: Monetary Policy and Homeownership: Empirical Evidence, Theory, and Policy Implications
May 19, 2022
The Federal Reserve Board published an International Finance Discussion Paper entitled, "Monetary Policy and Homeownership: Empirical Evidence, Theory, and Policy Implications."
Federal Reserve Bank of New York
Article: Investing in Rural Prosperity: A Framework for Advancing Economic Resilience and Opportunity
May 19, 2022
The Federal Reserve Bank of New York published an article entitled, "Investing in Rural Prosperity: A Framework for Advancing Economic Resilience and Opportunity."
Conference of State Bank Supervisors
Indiana's Tom Fite Elected CSBS Chair
May 19, 2022
The Conference of State Bank Supervisors announced the election of Director of the Indiana Department of Financial Institutions Tom Fite as the new chair of the Board of Directors.
Federal Deposit Insurance Corporation
Minority Depository Institution (MDI) Designations
May 19, 2022
The Federal Deposit Insurance Corporation (FDIC) announced it has established a process for an insured institution or applicant for deposit insurance to make a request that the FDIC recognize the institution as a Minority Deposit Institution.
Consumer Financial Protection Bureau
CFPB Bolsters Enforcement Efforts by States
May 19, 2022
The Consumer Financial Protection Bureau issued an interpretive rule that describes states' authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law.
Financial Crimes Enforcement Network
Prepared Remarks of Alessio Evangelista, Associate Director, Enforcement and Compliance Division, During Chainalysis Links Conference
May 19, 2022
Enforcement and Compliance Division Associate Director Alessio Evangelista gave remarks during the Chainalysis Links Conference.
International
Bank of England
Market Notice: The Bank's risk management approach to collateral referencing USD LIBOR for use in the Sterling Monetary Framework
May 19, 2022
The Bank of England issued a Market Notice setting out the Bank's risk management approach to collateral referencing overnight, 1-month, 3-month, 6-month and 12-month USD LIBOR settings for use in the SMF.
Speech: Central clearing: three lessons and a path forward
May 19, 2022
Executive Director for Financial Markets Infrastructure Christina Segal-Knowles gave a speech at the European Association of CCP Clearing Houses entitled, "Central clearing: three lessons and a path forward."
UK Financial Conduct Authority
FCA strengthens consumer protection by speeding up removal of firms that do not use their regulatory permission
May 19, 2022
The Financial Conduct Authority issued a policy statement outlining its new expedited process for canceling or changing what regulated activities firms are permitted to do, these are known as permissions. The FCA will provide a firm with two warnings if it believes it is not using its regulatory permission. The FCA will then be able to cancel the permission, or change it, 28 days after the first warning if the firm has not taken appropriate action.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022)
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- Vice Chairman – Vacant
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 – Jerome H. Powell (confirmed May 12, 2022)
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
- HUD Announces Key Staff Appointments (April 11, 2022)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.