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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, February 19, 2022

February 19, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Hearing: Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery

February 18, 2022

The U.S. House Committee on Financial Services conducted a hearing titled, "Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery."

Federal Agencies

U.S. Department of the Treasury

Statement: G20 Finance Ministers and Central Bank Governors Meeting Communiqué

February 18, 2022

The U.S. Department of the Treasury published the G20 Finance Ministers and Central Bank Governors Meeting Communiqué.

Federal Reserve Board

FOMC Formally Adopts Comprehensive New Rules for Investment and Trading Activity

February 18, 2022

The Federal Open Market Committee (FOMC) announced that it unanimously formally adopted comprehensive new rules for the investment and trading activity of senior officials. The rules, which were first announced in October 2021, aim to support public confidence in the impartiality and integrity of the FOMC's work by guarding against even the appearance of any conflict of interest.

Speech: Governor Brainard on Preparing for the Financial System of the Future

February 18, 2022

Federal Reserve System Governor Lael Brainard gave a speech titled, "Preparing for the Financial System of the Future," at the 2022 U.S. Monetary Policy Forum.

Speech: Governor Waller's Comments on "Some Benefits and Risks of a Hot Economy"

February 18, 2022

Federal Reserve System Governor Christopher J. Waller gave a speech titled, "Comments on 'Some Benefits and Risks of a Hot Economy,'" at the 2022 U.S. Monetary Policy Forum.

Consumer Financial Protection Bureau

Bulletin: CFPB Steps Up Scrutiny of Student Loan Servicers That Deceive Borrowers About Public Service Loan Forgiveness

February 18, 2022

The Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers' obligation to halt unlawful conduct regarding borrowers' eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. The bulletin recommends actions servicers should consider taking to ensure they do not misrepresent borrower eligibility or make deceptive statements to borrowers about the PSLF program and the Waiver.

Inaccurate Small Business Credit Reports Can Block Access to Loans

February 18, 2022

The Consumer Financial Protection Bureau published a blog post titled, "Inaccurate Small Business Credit Reports Can Block Access to Loans."

International

Bank of England

Paper: Competition, Profitability and Financial Leverage

February 18, 2022

The Bank of England published a staff working paper titled, "Competition, Profitability, and Financial Leverage."

Administration Changes

Vacancies

Federal Reserve Board

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

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • 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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