PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 17, 2022
February 17, 2022
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: An Unprecedented Investment for Historic Results: How Federal Support for MDIs and CDFIs Have Launched a New Era for Disadvantaged Communities
February 16, 2022
The U.S. House Committee on Financial Services held a hearing titled, "An Unprecedented Investment for Historic Results: How Federal Support for Minority Depository Institutions Programs and Community Development Financial Institutions Have Launched a New Era for Disadvantaged Communities."
Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, January 25–26, 2022
February 16, 2022
The Federal Reserve Board and the Federal Open Market Committee (FOMC) released the minutes of the FOMC meeting held on January 25–26, 2022.
Industrial Production and Capacity Utilization - G.17
February 16, 2022
The Federal Reserve Board published its January Industrial Production and Capacity Utilization data release.
Paper: Devaluations, Deposit Dollarization, and Household Heterogeneity
February 16, 2022
The Federal Reserve Board published a paper titled, "Devaluations, Deposit Dollarization, and Household Heterogeneity."
Paper: The Dynamics of Global Sourcing
February 16, 2022
The Federal Reserve Board published a paper titled, "The Dynamics of Global Sourcing."
Federal Reserve Bank of New York
Report: Business Leaders Survey
February 16, 2022
The Federal Reserve Bank of New York published its February 2022 Business Leaders Survey.
Report: Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels
February 16, 2022
The Federal Reserve Bank of New York published a staff report titled, "Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels."
The Omicron Wave Stalled Growth and Led to High Absenteeism in the Region
February 16, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The Omicron Wave Stalled Growth and Led to High Absenteeism in the Region."
Securities and Exchange Commission
Statement: Public Dissemination of Security-Based Swap Transactions
February 16, 2022
Securities and Exchange Commission Chair Gary Gensler released a statement titled, "Public Dissemination of Security-Based Swap Transactions."
Consumer Financial Protection Bureau
Consumer Financial Protection Bureau Launches New Way for the Public to Petition the Agency for Action
February 16, 2022
The Consumer Financial Protection Bureau (CFPB) made it easier for the public to engage with the agency and request regulatory changes. Members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will be posted on public dockets for review and comment.
FINRA
Notice: TRACE Depository Institution Reporting
February 16, 2022
As announced by the Board of the Federal Reserve System in the Federal Register on October 28, 2021, the Financial Industry Regulatory Authority will collect detailed data on depository institutions' daily transactions of marketable U.S. Treasury securities and of the debt and MBS issued by U.S. federal government agencies including government-sponsored enterprises via its Trade Reporting and Compliance Engine. The effective date is September 1, 2022.
Fannie Mae
Paper: Appraising the Appraisal
February 16, 2022
Fannie Mae published a paper titled, "Appraising the Appraisal."
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
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
Federal Reserve Bank of New York
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.