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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, January 29, 2022

January 29, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Statement: Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the White House and Department of Justice's Eviction Prevention Convening with Law Schools

January 28, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave prepared remarks at the White House and Department of Justice's Eviction Prevention Convening with Law Schools.

Federal Reserve Board

Notice: Federal Reserve Board Invites Public Comment on Proposed Guidance to Implement a Framework for the Supervision of Certain Insurance Organizations Overseen by the Board

January 28, 2022

The Federal Reserve Board (Board) on invited public comment on proposed guidance to implement a framework for the supervision of certain insurance organizations overseen by the Board.

Federal Reserve Bank of New York

Blog Post: The Global Supply Side of Inflationary Pressures

January 28, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The Global Supply Side of Inflationary Pressures."

Securities and Exchange Commission

Statement: Chair Gensler on Pay versus Performance

January 28, 2022

Securities and Exchange Commission Chair Gary Gensler gave a statement titled, "Pay versus Performance."

Financial Stability Oversight Council

Council Meetings

January 28, 2022

The agenda for the February 4 meeting of the Financial Stability Oversight Council (FSOC) includes nonbank financial intermediation; an update from the FSOC's Hedge Fund Working Group; an update from the FSOC's Open-end Fund Working Group; money market funds; and the FSOC priorities for 2022.

International

Bank of England

Capital Issuance - December 2021

January 28, 2022

The Bank of England published its December 2021 Capital Issuance statistics. Total gross capital issuance by all UK residents was £31.2 billion in December, £20.9 billion lower than in November and £11.1 billion lower than the previous six-month average.

UK Financial Conduct Authority

Exchange of Letters and Work on Multiple-occupancy Residential Buildings Insurance

January 28, 2022

In letters to the chief executives of insurance firms and brokers, the Financial Conduct Authority (FCA) outlined work the FCA carrying out in the insurance market for multiple-occupancy residential buildings. The FCA also responded to a letter from the Department for Levelling Up, Housing and Communities on this issue.

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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