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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, February 24, 2022

February 24, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Schedule for March Hearings

The House Committee on Financial Services announced the following schedule for the month of March:

  • March 2 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "Monetary Policy and the State of the Economy."
  • March 8 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "The Inflation Equation: Corporate Profiteering, Supply Chain Bottlenecks, and COVID-19."
  • March 16 at 10:00 AM ET: The full Committee will convene for a hybrid markup.
  • March 29 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "The Future of Money: Assessing the Benefits and Risks of a U.S. Central Bank Digital Currency."
  • March 30 at 10:00 AM ET: The Task Force on Artificial Intelligence will convene for a hybrid hearing entitled, "Keeping Up with the Codes – Using AI for Effective RegTech."
  • March 30 at 2:00 PM ET: The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will convene for a hybrid hearing entitled, "Oversight of America's Stock Exchanges: Examining Their Role in Our Economy."
  • March 31 at 10:00 AM ET: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hybrid hearing entitled, "The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions."

Federal Agencies

Federal Reserve Board

Paper: Revisiting the Effect of Education on Later Life Health

February 23, 2022

The Federal Reserve Board published a paper titled, "Revisiting the Effect of Education on Later Life Health."

Federal Deposit Insurance Corporation

2021 Annual Report

February 23, 2022

The Federal Deposit Insurance Corporation released its 2021 Annual Report.

Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Outlines Options to Prevent Algorithmic Bias in Home Valuations

February 23, 2022

The Consumer Financial Protection Bureau outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses.

CFPB Issues Factsheet on Prepaid Interest and the General QM APR Calculation Rule for Certain ARMs

February 23, 2022

The Consumer Financial Protection Bureau has released a factsheet on the interest rate that is used for calculating prepaid interest under the price-based General Qualified Mortgages Annual Percentage Rate calculation rule for certain adjustable rate mortgages and step-rate loans.

National Credit Union Administration

Letter: Equal Credit Opportunity Act Nondiscrimination Requirements

February 23, 2022

National Credit Union Administration Chairman Todd M. Harper wrote a letter titled, "Equal Credit Opportunity Act Nondiscrimination Requirements," to boards of directors and chief executive officers of federally insured credit unions.

International

European Commission

Data Act: Commission Proposes Measures for a Fair and Innovative Data Economy

February 23, 2022

The European Commission proposes new rules on who can use and access data generated in the EU across all economic sectors. The Data Act will ensure fairness in the digital environment, stimulate a competitive data market, open opportunities for data-driven innovation and make data more accessible for all. It will lead to new, innovative services and more competitive prices for aftermarket services and repairs of connected objects.

Bank of England

Speech: The Economy and Policy Trade-Offs

February 23, 2022

External Member of the Bank of England's Monetary Policy Committee Silvana Tenreyro gave a speech titled, "The Economy and Policy Trade-Offs."

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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