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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, February 17, 2022

February 17, 2022

By 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

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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