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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, March 5, 2022

March 05, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Committee on Financial Services

Representatives Request Information on Financing of Domestic Violent Extremism

March 4, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Senator Sherrod Brown (D-OH), Chairman of the Committee on Banking, Housing, and Urban Affairs, and Congressman Josh Gottheimer (D-NJ), sent a letter to the Government Accountability Office (GAO) requesting a review of the methods by which domestic violent extremists (DVE) and homegrown violent extremists (HVE) fund their activities and how financial institutions are addressing the risks posed by these extremists.

Federal Agencies

U.S. Department of the Treasury

FATF Strengthens Financial Transparency Standards and Updates Evaluation Methodology

March 4, 2022

The Financial Action Task Force (FATF) concluded its sixth plenary since the start of the ongoing COVID-19 pandemic, in a hybrid virtual/in-person session. The FATF agreed upon a revised standard to combat the misuse of anonymous shell companies and set the stage for its members and the broader global FATF network to be held accountable to more stringent standards.

Remarks by Secretary of the Treasury Janet L. Yellen at Stanford Institute for Economic Policy Research's 2022 Economic Summit

March 4, 2022

Secretary of the Treasury Janet L. Yellen provided remarks on economic disparities across communities and racial groups. The Secretary argued that targeted investments to address these disparities can not only mitigate growing inequality, but also propel sustainable macroeconomic growth.

Federal Reserve Board

Updated Primer on the Forward-Looking Analysis of Risk Events (FLARE) Model: A Top-Down Stress Test Model

March 4, 2022

The Federal Reserve Board released a technical note describing the FLARE model, which is a top-down model that helps assess how well the banking system is positioned to weather exogenous macroeconomic shocks.

Federal Reserve Board announces six new members of its Community Advisory Council (CAC)

March 4, 2022

The Federal Reserve Board announced six new members of its Community Advisory Council (CAC). The new members are:

  • Ivey Allen, President, Foundation for the Mid South;
  • Melanie Hogan, Executive Director, Linking Employment Abilities and Potential;
  • Chan U Lee, President and CEO, Devine & Gong, Inc.;
  • Christie McCravy, Executive Director, Louisville Metro Affordable Housing Trust Fund;
  • Ceyl Prinster, President and CEO, Colorado Enterprise Fund;
  • Eric Robertson, Executive Director, The Formanek Foundaction.
  • Press Release

Federal Reserve Bank of New York

Monetary Policy and the Run Risk of Loan Funds

March 4, 2022

The Federal Reserve Bank of New York released a staff report documenting that loan funds are significantly more susceptible to run risk than any other category of debt funds, including corporate bond funds. The report establishes a link between loan funds' flows and monetary policy, based on the institutional characteristics of their portfolio holdings.

Conference of State Bank Supervisors

Adapting to the Digital Age: How are Core Services Providers Viewed?

March 4, 2022

The Conference of State Bank Supervisors released part 5 of their Adapting to the Digital Age Series on how community bankers view their core service providers.

Office of the Comptroller of the Currency

Amanda Freedle Named Deputy Comptroller and Chief Accountant

March 4, 2022

The Office of the Comptroller of the Currency (OCC) announced the selection of Amanda Freedle to be the agency's next Deputy Comptroller and Chief Accountant.

Securities and Exchange Commission

Send Lawyers, Guns and Money: (Over-) Zealous Representation by Corporate Lawyers; Remarks at PLI's Corporate Governance – A Master Class 2022

March 4, 2022

Commissioner Allison Herren Lee presented a speech at PLI's Corporate Governance – A Master Class 2022 considering whether the SEC should adopt (and enforce) a minimum set of standards for lawyers who practice before the Commission to better protect investors and markets.

State Agencies

California Department of Financial Protection and Innovation

DFPI Issues Guidance Regarding Russia Sanctions

March 4, 2022

The DFPI issued guidance reminding licensees of their obligationsunder regulations issued by the U.S. Treasury Department's Office of Foreign Assets Control.

International

European Commission

Press statement by President von der Leyen with US Secretary of State Blinken

March 4, 2022

European Commission President von der Leyen issued a statement at a press conference with US Secretary of State Blinken on the cooperation between the EU and the US in response to Russia's invasion of Ukraine.

Bank of England

Financial concerns and the marginal propensity to consume in Covid times: evidence from UK survey data

March 4, 2022

The Bank of England released a staff working paper studying how household concerns about their future financial situation may affect the marginal propensity to consume (MPC) during the Covid-19 pandemic.

FX option volume

March 4, 2022

The Bank of England released a staff working paper studying the information content of foreign exchange (FX) option volume using a unique dataset on over-the-counter FX options with disclosed counterparty identities and contract characteristics.

External business of Monetary Financial Institutions operating in the UK - 2021 Q4

March 4, 2022

The Bank of England released Q4 2021 statistics on all claims and liabilities to other countries by UK-resident banks and building societies.

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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