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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, April 7, 2022

April 07, 2022

By FedACTion Task Force

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Major Developments

U.S. Treasury Escalates Sanctions on Russia for Its Aggression in Ukraine; President Issues Executive Order Banning New Investment in the Russian Federation

April 6, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control issued further sanctions against the Russian Federation in response to Russia's continued aggression against Ukraine. Treasury is imposing full blocking sanctions on Sberbank, Russia's largest state-owned bank, and Alfa-Bank, Russia's largest private bank. Treasury is also targeting family members of President Vladimir Putin and Foreign Minster Sergey Lavrov as well as Russian Security Council members. In addition, U.S. President Joseph R. Biden is issuing a new Executive Order which bans new investment in the Russian Federation and the provision of certain services to any person located in the Russian Federation by U.S. persons, wherever located.

United States, G7 and EU Impose Severe and Immediate Costs on Russia

April 6, 2022

The United States, the G7 and the European Union, announced additional sanctions against Russia in response to its aggression in the Ukraine.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Toomey Announces Legislation to Create Responsible Regulatory Framework for Stablecoins

April 6, 2022

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released a discussion draft of legislation establishing a new regulatory framework for payment stablecoins.

U.S. House of Representatives

Committee on Financial Services

Hearing: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System

April 6, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "The Annual Testimony of the Secretary of the Treasury on the State of the International Finance System."

Federal Agencies

Federal Reserve Board

Minutes of the Federal Open Market Committee, March 15-16, 2022

April 6, 2022

The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on March 15-16, 2022.

Conference of State Bank Supervisors

Community Bankers Begin Year with Dim Economic Outlook

April 6, 2022

The Conference of State Bank Supervisors released the first quarter 2022 Community Bank Sentiment Index which finds that community bankers have a pessimistic view of the economy driven by diminished expectations of future business conditions.

Securities and Exchange Commission

SEC Proposes Rules for the Registration and Regulation of Security-Based Swap Execution Facilities

April 6, 2022

The Securities and Exchange Commission proposed new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities.

Commission Statement Relating to Certain Administrative Adjudications

April 5, 2022

The Securities and Exchange Commission released the findings of a review into a control deficiency related to the separation of its enforcement and adjudicatory functions within its system for administrative adjudications and how that deficiency relates to two adjudicatory matters currently in litigation in federal court.

Consumer Financial Protection Bureau

Semi-Annual Report of the Consumer Financial Protection Bureau

April 6, 2022

The Consumer Financial Protection Bureau presented its Semi-Annual Report to Congress for the period beginning April 1, 2021 and ending September 30, 2021.

CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans

April 6, 2022

The Consumer Financial Protection Bureau published a report entitled, "Consumer Use of State Payday Loan Extended Payment Plans."

Director Chopra's Opening Remarks to the Consumer Advisory Board

April 6, 2022

The Director of the Consumer Financial Protection Bureau, Rohit Chopra, gave opening remarks to the Consumer Advisory Board.

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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