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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, April 24, 2022

April 23, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen's Meeting with European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni

April 22, 2022

U.S. Secretary of the Treasury Janet L. Yellen met with European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni to discuss further support for Ukraine.

Federal Reserve Bank of New York

Report: Climate Regulatory Risks and Corporate Bonds

April 22, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Climate Regulatory Risks and Corporate Bonds."

Conference of State Bank Supervisors

Blog Post: Fed's Proposed Tiered Review Framework for Evaluating Account Access Requests is Unequitable

April 22, 2022

The Conference of State Bank Supervisors published a blog post entitled, "Fed's Proposed Tiered Review Framework for Evaluating Account Access Requests is Unequitable."

Office of the Comptroller of the Currency

OCC Launches Discussion Series on Financial Health

April 22, 2022

The Office of the Comptroller of the Currency announced the launch of a discussion series to explore issues relating to the financial wellbeing of consumers.

U.S. Small Business Administration

SBA Introduces Two New Courses, Partnerships and Entrepreneurial Leadership to the Ascent Online Digital Learning Platform

April 22, 2022

The U.S. Small Business Administration announced the launch of two new educational modules:

  • Partnerships Journey: This module explores the value of business partnerships, why they matter, and how they drive business growth and has four components, including the value of business partnerships, opportunities, and strategic growth.
  • Entrepreneurial Leadership Journey: This new module helps position small businesses for growth by building and refining leadership skills and has 11 components designed to build confidence and improve decision management and leadership style techniques.
  • Press Release

Bank Policy Institute

Banking Associations Raise 'Significant Concerns' with Proposed Changes to Fed Master Account Guidelines

April 22, 2022

A coalition of banking associations responded today to the Board of Governors of the Federal Reserve as it seeks to establish guidelines for how institutions applying for a Fed master account will be evaluated.

International

European Commission

Statement on the meetings of the Head of Cabinet of President von der Leyen with US partners on further support for Ukraine

April 22, 2022

Bjoern Seibert, Head of Cabinet of President von der Leyen, met yesterday with US Deputy Secretary of State Wendy Sherman in Brussels and held a virtual meeting with US Deputy Secretary of the Treasury Wally Adeyemo, to further coordinate the transatlantic response to the situation in Ukraine.

European Banking Authority

EBA sees progress in MREL shortfall reduction by largest institutions while smaller institutions are lagging behind

April 22, 2022

The European Banking Authority published its annual Report on minimum requirements for own funds and eligible liabilities (MREL). The Report shows progress in closing MREL shortfalls, as of December 2020, which was mostly driven by largest institutions while smaller institutions lagged somewhat behind.

Bank of England

Working Paper: Heterogeneous effects and spillovers of macroprudential policy in an agent-based model of the UK housing market

April 22, 2022

The Bank of England staff released a working paper entitled, "Heterogeneous effects and spillovers of macroprudential policy in an agent-based model of the UK housing market."

Working Paper: Reducing liquidity mismatch in open-ended funds: a cost-benefit analysis

April 22, 2022

The Bank of England staff published a working paper entitled, "Reducing liquidity mismatch in open-ended funds: a cost-benefit analysis."

UK Financial Conduct Authority

FCA review finds weaknesses in some challenger banks' financial crime controls

April 22, 2022

The UK Financial Conduct Authority released a review finding that challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers' income and occupation. In some instances, challenger banks did not have financial crime risk assessments in place for their customers.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • 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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