left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, March 26, 2022

March 26, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Send Letters Banks to Regarding Overdraft Fees

March 25, 2022

U.S. Senator Reverend Raphael Warnock (D-GA), chair of the U.S. Senate Banking Subcommittee on Financial Institutions and Consumer Protection, joined Senator Sherrod Brown (D-OH), chair of the Senate Committee on Banking, Housing, and Urban Affairs, to send letters to major banks urging them to lower or fully eliminate their overdraft fees.

Committee on Small Business and Entrepreneurship

Committee Releases Staff Report on Second Anniversary of CARES Act

March 25, 2022

The U.S. Senate Committee on Small Business & Entrepreneurship marked the second anniversary of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was enacted on March 27, 2020, by releasing a staff report on the COVID-19 relief programs created by Congress since the beginning of the COVID-19 pandemic.

Federal Agencies

Federal Reserve Board

Federal Reserve Board announces it will extend comment period for proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board until May 5, 2022

March 25, 2022

The Federal Reserve Board announced that it will extend until May 5, 2022, the comment period for its proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board.

Paper: The Role of Observed and Unobserved Heterogeneity in the Duration of Unemployment Spells

March 25, 2022

The Federal Reserve Board published a paper entitled, "The Role of Observed and Unobserved Heterogeneity in the Duration of Unemployment Spells."

Paper: Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey

March 25, 2022

The Federal Reserve Board published a paper entitled, "Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey."

Paper: Measuring Geopolitical Risk

The Federal Reserve Board published a paper entitled, "Measuring Geopolitical Risk."

Federal Reserve Bank of New York

Speech: Global Issues, Global Implications

March 25, 2022

Federal Reserve Bank of New York President and CEO John Williams gave remarks at the Central Reserve Bank of Peru Centenary Conference.

Federal Deposit Insurance Corporation

FDIC Issues Request for Information on Bank Mergers

March 25, 2022

The Federal Deposit Insurance Corporation issued a request for information soliciting comments regarding the application of the laws, practices, rules, regulations, guidance and statements of policy that apply to merger transactions involving one or more insured depository institutions, including the merger between an insured depository institution and a noninsured institution.

Acting Chairman Gruenberg Issues Statement on the Property Appraisal and Valuation Equity (PAVE) Task Force Report

March 25, 2022

Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg issued the following statement regarding the release of the Action Plan to Advance Property Appraisal and Valuation Equity (PAVE).

Office of the Comptroller of the Currency

OCC Reports Fourth Quarter 2021 Bank Trading Revenue

March 25, 2022

The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $7.5 billion in the fourth quarter of 2021. The fourth quarter trading revenue was $713.0 million, or 10.5%, more than in the previous quarter.

Financial Crimes Enforcement Network

Prepared Remarks of FinCEN Acting Director Himamauli Das During NYU Law's Program on Corporate Compliance and Enforcement

March 25, 2022

Himamauli Das, Acting Director of the Financial Crimes Enforcement Network (FinCEN), provided a keynote address during New York University School of Law's Program on Corporate Compliance and Enforcement. He discussed how FinCEN is working to ensure the effectiveness of corporate compliance programs through its ongoing anti-money laundering and anti-corruption efforts, regulatory and enforcement initiatives, and by fostering responsible innovation.

Bank Policy Institute

BPI Comments on CFPB Review of Buy-Now-Pay-Later Products

March 25, 2022

The Bank Policy Institute (BPI) commented on the Consumer Financial Protection Bureau's (CFPB) evaluation of five Buy-Now-Pay-Later (BNPL) providers. BPI made six recommendations to the CFPB intended to better protect consumers and their data when they use BNPL products, including by requiring product providers to increase transparency and enhance data privacy and cybersecurity.

International

European Commission

Digital Markets Act: Commission welcomes political agreement on rules to ensure fair and open digital markets

March 25, 2022

The European Commission issued a press release welcoming the political agreement reached between the European Parliament and EU Member States on the Digital Markets Act.

European Commission and United States Joint Statement on Trans-Atlantic Data Privacy Framework

March 25, 2022

The European Commission and the United States announced that they have agreed in principle on a new Trans-Atlantic Data Privacy Framework.

Joint Statement between the European Commission and the United States on European Energy Security

March 25, 2022

The United States and the European Commission issued a joint statement on reducing Europe's dependency on Russian energy.

European Banking Authority

ESAs issue updated supervisory statement on the application of the Sustainable Finance Disclosure Regulation

March 25, 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have updated their joint supervisory statement on the application of the Sustainable Finance Disclosure Regulation.

Bank of England

Bank of England and Massachusetts Institute of Technology joint Central Bank Digital Currency collaboration

March 25, 2022

In February 2022, the Bank of England and the Massachusetts Institute of Technology agreed to collaborate on a twelve-month research project on Central Bank Digital Currency.

Paper: House price dynamics, optimal LTV limits and the liquidity trap

March 25, 2022

The Bank of England staff published a working paper entitled, "House price dynamics, optimal LTV limits and the liquidity trap."

Paper: Value of information, search, and competition in the UK mortgage market

March 25, 2022

The Bank of England staff published a working paper entitled, "Value of information, search, and competition in the UK mortgage market."

Paper: Turning in the widening gyre: monetary and fiscal policy in interwar Britain

March 25, 2022

The Bank of England staff published a paper entitled, "Turning in the widening gyre: monetary and fiscal policy in interwar Britain."

Bank of England Prudential Regulation Authority

Policy Statement: Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23

March 25, 2022

The Prudential Regulation Authority published policy statement PS3/22 | CP1/22 entitled, "Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23."

UK Financial Conduct Authority

HM Treasury, CMA, FCA and PSR joint statement on Open Banking future

March 25, 2022

HM Treasury, the Competition and Markets Authority, the Financial Conduct Authority and the Payment Systems Regulator have published a joint statement on the future of Open Banking.

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; committee approval March 16, 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.

Get In Touch With Us

Contact Us