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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, May 27, 2022

May 27, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency

May 26, 2022

The House Committee on Financial Services held a hearing entitled, "Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency."

Federal Agencies

U.S. Department of the Treasury

Article: Measuring the Strength of the Recovery

May 26, 2022

U.S. Department of the Treasury Assistant Secretary for Economic Policy Ben Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra published an article entitled, "Measuring the Strength of the Recovery."

Federal Reserve Bank of New York

Blog Post: What Do Consumers Think Will Happen to Inflation?

May 26, 2022

The New York Fed published a Liberty Street Economics blog post entitled, "What Do Consumers Think Will Happen to Inflation?"

Closing Remarks at "Money and Mission: Creating 21st Century Capital Markets for Better Social Outcomes"

May 26, 2022

On Tuesday, May 17, the Federal Reserve Bank of New York (FRBNY) hosted "Money and Mission: Creating 21st Century Capital Markets for Better Social Outcomes." Otho Kerr, the FRBNY's director of strategic partnerships and community impact investing, delivered closing remarks.

Securities and Exchange Commission

Commissioner Statements on Proposed Rule to Enhance Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices

May 22, 2022

Securities and Exchange Commissioners released statements on the SEC's proposed rule to enhance disclosures by certain investment advisers and investment companies about ESG investment practices.

Commissioner Statements on Investment Company Names Proposed Rule

May 25, 2022

Securities and Exchange Commissioners released statements on the SEC's proposed rule regarding investment company names.

Consumer Financial Protection Bureau

CFPB Publishes Circular on Black-Box Credit Models Using Complex Algorithms

May 26, 2022

The Consumer Financial Protection Bureau published a Consumer Financial Protection Circular to remind the public, including those responsible for enforcing federal consumer financial protection law, of creditors' adverse action notice requirements under the Equal Credit Opportunity Act.

Data Spotlight: Financial challenges faced by recently widowed older adults

May 26, 2022

The Consumer Financial Protection Bureau published a data spotlight entitled, "Financial challenges faced by recently widowed older adults."

National Credit Union Administration

NCUA Board Briefed on Share Insurance Fund in First Quarter of 2022

May 26, 2022

The National Credit Union Administration Board held its fifth open meeting of 2022 and was briefed on the performance of the National Credit Union Share Insurance Fund. The Share Insurance Fund reported a net income of $54.4 million and a net position of $20.4 billion for the first quarter of 2022. The Fund's total assets decreased to $20.6 billion at the end of the quarter from $20.7 billion at the end of the fourth quarter of 2021.

U.S. Small Business Administration

SBA OIG Spring 2022 Semiannual Report to Congress

May 26, 2022

The U.S. Small Business Administration Office of Inspector General issued its Spring 2022 Semiannual Report to Congress.

OIG Report: SBA's Handling of Potentially Fraudulent Paycheck Protection Program Loans

May 26, 2022

The U.S. Small Business Administration Office of Inspector General published a report entitled, "SBA's Handling of Potentially Fraudulent Paycheck Protection Program Loans."

Federal Housing Finance Agency

FHFA Announces Final Rule Introducing New Public Disclosure Requirements to the Enterprise Regulatory Capital Framework

May 26, 2022

The Federal Housing Finance Agency published a final rule that amends the Enterprise Regulatory Capital Framework by introducing new public disclosure requirements for Fannie Mae and Freddie Mac. The requirements include quarterly quantitative and annual qualitative disclosures related to risk management, corporate governance, capital structure, and capital requirements and buffers under the standardized approach.

Freddie Mac

Freddie Mac Announces Automation of Key Underwriting Criteria

May 26, 2022

Freddie Mac has unveiled new automated underwriting capabilities that allow lenders to verify assets, income and employment using borrower-approved bank account data.

International

Bank of England

Speech: Four Rs: Creating the conditions for long-term sustainable growth in the life annuity sector

May 26, 2022

Bank of England Executive Director of Insurance Charlotte Gerken gave a speech at the 19th Annual Conference on Bulk Annuities entitled, "Four Rs: Creating the conditions for long-term sustainable growth in the life annuity sector."

UK Financial Conduct Authority

FCA planning reform of the listing regime to boost growth and competitiveness

May 26, 2022

The Financial Conduct Authority has published a discussion paper entitled, "Primary Markets Effectiveness Review: Feedback to the discussion of the purpose of the listing regime and further discussion." This paper continues its discussion on how it can make the listing regime, the rules companies must follow to be allowed to list their shares in the UK, more effective, easier to understand and more competitive.

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 (effective May 23, 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)

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, (confirmed May 25, 2022)

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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