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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Monday, January 31, 2022

January 31, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Chairman Brown Meets with Federal Reserve Nominees

January 28, 2022

Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released a statement after meetings with the Honorable Sarah Bloom Raskin, nominee to be Federal Reserve Vice Chair for Supervision; and Dr. Lisa Cook and Dr. Philip Jefferson, nominees to be Governors of the Federal Reserve.

Federal Agencies

Federal Deposit Insurance Corporation

FDIC Names Three New Members to Its Systemic Resolution Advisory Committee

January 28, 2022

The Federal Deposit Insurance Corporation (FDIC) named three new members to its Systemic Resolution Advisory Committee (SRAC), which was created by the FDIC Board of Directors in 2011 to provide the agency with advice and recommendations on a broad range of issues regarding the resolution of systemically important financial companies. The three individuals of the SRAC are:

  • Jay Clayton, Former Chairman, U.S. Securities and Exchange Commission;
  • Margaret E. Tahyar, Partner, Davis Polk; and
  • D. Wilson Ervin, Former Vice Chairman, Credit Suisse.
  • Press Release

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing scheduled for February 3, 2022)
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing scheduled for February 3, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing scheduled for February 3, 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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