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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, April 28, 2022

April 28, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau

April 27, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau."

Federal Agencies

Office of the Comptroller of the Currency

Acting Comptroller Issues Statement on Standards for Stablecoins

April 27, 2022

Acting Comptroller of the Currency Michael J. Hsu issued a statement after his appearance today at the Artificial Intelligence and the Economy: Charting a Path for Responsible and Inclusive AI symposium hosted by the U.S. Department of Commerce, National Institute of Standards and Technology (NIST), FinRegLab, and the Stanford Institute for Human-Centered Artificial Intelligence.

Federal Housing Finance Agency

FHFA Announces Fannie Mae's and Freddie Mac's Duty to Serve Underserved Markets Plans for 2022-2024

April 27, 2022

The Federal Housing Finance Agency published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac under the Duty to Serve Program.

Ginnie Mae

The Ginnie Mae Global Market Analysis Report

April 27, 2022

Ginnie Mae released the Global Market Analysis Report for April 2022.

International

European Commission

European Banking Authority

EBA calls on financial institutions and supervisors to provide access to the EU's financial system

April 27, 2022

The European Banking Authority published a statement addressed to both financial institutions and supervisors to ensure they make every effort to provide access for Ukrainian refugees to at least basic financial products and services.

Bank of England

Transforming data collection nomination process

April 27, 2022

The Bank of England issued a communication to firms to provide an update on the progress of the joint transformation program, which is being led by the Bank of England and FCA with industry to transform data collection from the UK financial sector.

UK Financial Conduct Authority

Financial promotions quarterly data 2022 Q1

April 27, 2022

The Financial Conduct Authority released the financial promotions quarterly data for 2022 Q1.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • 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 – Jerome H. Powell (effective February 4, 2022, named Chair Pro Tempore pending Senate confirmation)

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

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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