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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, April 14, 2022

April 14, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen on Way Forward for the Global Economy

April 13, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the Atlantic Council on the way forward for the global economy.

Federal Reserve Board

Paper: The Importance of Technology in Banking during a Crisis

April 13, 2022

The Federal Reserve Board published a paper entitled, "The Importance of Technology in Banking during a Crisis."

Paper: Crisis Liquidity Facilities with Nonbank Counterparties: Lessons from the Term Asset-Backed Securities Loan Facility

April 13, 2022

The Federal Reserve Board published a paper entitled, "Crisis Liquidity Facilities with Nonbank Counterparties: Lessons from the Term Asset-Backed Securities Loan Facility."

Conference of State Bank Supervisors

Community Bankers' Sentiment Hinges on Monetary Policy

April 12, 2022

The CSBS first quarter 2022 Community Bank Sentiment Index indicates that community bankers have returned to a pessimistic outlook driven primarily by diminished expectations regarding future business conditions.

International

European Banking Authority

ESAs see recovery stalling amid existing and new risks

April 13, 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their first joint risk assessment report for 2022. The report highlights the increasing vulnerabilities across the financial sector as well as the rise of environmental and cyber risks.

Bank of England Prudential Regulation Authority

PRA statement on capital arbitrage transactions

April 13, 2022

The Bank of England Prudential Regulation Authority issued a statement providing an update on PRA's approach on capital arbitrage transactions.

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; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 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.

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