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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, June 25, 2022

June 25, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Waters and Green Complete Investigation of; Release Report on Meme Stock Market Event Leading up to the Trading Frenzy

June 24, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, and Congressman Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations, released a Majority staff report entitled, "Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform."

Federal Agencies

Federal Reserve Bank of New York

New York Fed to Release Next Economic Inequality Research Series on Inflation, Employment, and Equitable Growth

June 24, 2022

On Thursday, June 30, 2022, the Federal Reserve Bank of New York will release a two-part research series on its Liberty Street Economics blog exploring heterogeneity across different demographic groups related to the Federal Reserve's dual mandate of maximum employment and price stability.

Blog Post: How Could Oil Price and Policy Rate Hikes Affect the Near-Term Inflation Outlook?

June 24, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Could Oil Price and Policy Rate Hikes Affect the Near-Term Inflation Outlook?"

Bank Policy Institute

Bank, Credit Union and Consumer Groups Support Committee Vote to Close the Industrial Loan Company Loophole

June 23, 2022

Americans for Financial Reform, Bank Policy Institute, Center for Responsible Lending, Consumer Federation of America, Credit Union National Association, Independent Community Bankers of America, Mid-Size Bank Coalition of America, National Association of Federally-Insured Credit Unions, National Community Reinvestment Coalition, National Consumer Law Center and U.S. PIRG issued a statement in support of the U.S. House Committee on Financial Services' vote to send the "Close the ILC Loophole Act" (H.R. 5912) now heads to the floor for consideration by the entire legislative body.

BPI Statement on the Federal Reserve's Release of the 2022 Stress Test Results

June 23, 2022

Bank Policy Institute Executive Vice President and Head of Research Francisco Covas issued a response to the Federal Reserve's release of the 2022 stress test results.

BPI Statement on Rep. McHenry's Draft Bill on Privacy and Financial Institutions

June 24, 2022

Bank Policy Institute Head of Government Affairs Ed Hill issued a statement on a draft privacy bill released today by House Financial Services Committee Ranking Member Patrick McHenry (R-NC).

State Agencies

California Department of Financial Protection and Innovation

Notice of Proposed Rulemaking: California Consumer Financial Protection Law: Commercial Financial Products and Services

June 24, 2022

The Department of Financial Protection and Innovation has filed a Notice of Proposed Action with the Office of Administrative Law and invites public comments on this proposed rulemaking under the California Consumer Financial Protection Law.

International

European Commission

NextGenerationEU: European Commission to issue €50 billion of bonds in the second half of 2022 to finance the recovery

June 24, 2022

The European Commission has announced its plans to issue €50 billion of EU-Bonds to finance the NextGenerationEU recovery programme between July and December 2022, to be complemented by short-term funding (EU-Bills).

European Banking Authority

EBA replies to European Commission's call for advice on the Mortgage Credit Directive review

June 24, 2022

The European Banking Authority published today an Opinion and Report in response to the European Commission's Call for Advice on the review of the Mortgage Credit Directive.

Bank of England

Paper: Collateral requirements in central bank lending

June 24, 2022

The Bank of England published a staff working paper entitled, "Collateral requirements in central bank lending."

Speech: What did the monetarists ever do for us?

June 24, 2022

Bank of England Chief Economist and Executive Director Hew Pill gave a speech entitled, "What did the monetarists ever do for us?"

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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)

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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, (confirmed May 25, 2022)

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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