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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, April 2, 2022

April 02, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Small Business

Committee Leadership Introduce Bills to Extend Statute of Limitations on COVID Small Business Fraud Cases

April 1, 2022

House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) and Ranking Member Blaine Luetkemeyer (R-MO) introduced two pieces of legislation to extend the statute of limitations for certain fraud cases involving the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program.

Federal Agencies

Federal Reserve Board

Saving and Wealth Accumulation among Student Loan Borrowers: Implications for Retirement Preparedness

April 1, 2022

The Federal Reserve Board published a paper entitled, "Saving and Wealth Accumulation among Student Loan Borrowers: Implications for Retirement Preparedness."

Paper: Reusing Natural Experiments

April 1, 2022

The Federal Reserve Board published a paper entitled, "Reusing Natural Experiments."

Paper: Monetary Policy in a Model of Growth

April 1, 2022

The Federal Reserve Board published a paper entitled, "Monetary Policy in a Model of Growth."

Federal Reserve Bank of New York

Statement Regarding the Publication of Reference Rates on Friday, April 15, 2022

April 1, 2022

The Federal Reserve Bank of New York issued a statement indicating that the Securities Industry and Financial Markets Association recommends a full market closure on Friday, April 15, 2022, which will be widely treated as a holiday in the repo market.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Large Bank Resolvability

April 1, 2022

Acting Comptroller of the Currency Michael J. Hsu gave remarks on financial stability and large bank resolvability at the University of Pennsylvania Wharton School of Business.

Securities and Exchange Commission

Speech: Is that a Fish Behind the Wheel?

April 1, 2022

Commissioner Hester M. Peirce gave a speech entitled, "Is that a Fish Behind the Wheel?" at the University of Central Florida's Inaugural FinTech Summit.

U.S. Small Business Administration

SBA Announces Expanded Efforts to Aggressively Crack Down on Bad Actors and Prevent Fraud in Programs

April 1, 2022

The U.S. Small Business Administration announced an expansion of efforts to identify and support the SBA Inspector General's recovery of fraudulently obtained COVID economic relief funds and to prevent potential future theft of taxpayer dollars.

U.S. Department of Labor

BLS Releases March 2022 Jobs Report

The Bureau of Labor Statistics published the March 2022 Employment Situation Report.

International

UK Financial Conduct Authority

Cryptoassets: AML / CTF regime

April 1, 2022

The UK Financial Conduct Authority updated its guidance page entitled, "Cryptoassets: AML / CTF regime."

Personal data and supervision

April 1, 2022

The UK Financial Conduct Authority updated is privacy notice on the use of personal data and supervision.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Vacant
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022); committee approval March 16, 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

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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