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Daily Financial Regulation Update -- Thursday, January 13, 2022

January 13, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Small Business

Review of SBA's Top Management and Performance Challenges in Fiscal Year 2022 and SBA OIG's Semiannual Report to Congress

January 12, 2022

The House Small Business Committee held a hearing examining the top management and performance challenges facing the Small Business Administration (SBA) according to a report recently published by the SBA Office of the Inspector General.

Federal Agencies

Federal Reserve Bank of New York

Blog Post: How the Fed Adjusts the Fed Funds Rate within Its Target Range

January 12, 2022

The Federal Reserve Bank of New York published a Liberty Economics blog post titled, "How the Fed Adjusts the Fed Funds Rate within Its Target Range."

Underlying Inflation Gauge (UIG): January 2022

January 12, 2022

The Federal Reserve Bank published its monthly Underlying Inflation Gauge (UIG). The UIG "full data set" measure for December is currently estimated at 4.5%, a 0.2 percentage point increase from the previous month.

Consumer Financial Protection Bureau

CFPB Conducts Public Inquiry on Buy Now, Pay Later Products

January 12, 2022

The Consumer Financial Protection Bureau is inviting interested parties in the "buy now, pay later" (BNPL) market to submit comments, including families, small businesses and international regulators.

U.S. Department of Housing and Urban Development/Federal Housing Administration

Report: HUD Did Not Have Adequate Controls in Place to Track, Monitor, and Issue FHA Refunds Owed to Homeowners

January 12, 2022

The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General audited HUD's oversight of Federal Housing Administration (FHA) refunds based on a hotline complaint alleging that HUD was trying to make it difficult for claimants to obtain refunds or discourage them from pursuing the refunds, which are due to eligible homeowners from the unearned portion of the upfront mortgage insurance premium paid.

Freddie Mac

Freddie Mac's AIMI Shows Favorable Multifamily Investment Environment Across All Markets in Third Quarter

January 12, 2022

The Freddie Mac Multifamily Apartment Investment Market Index® remained positive in Q3 2021 driven by net operating income growth, bolstering the investment environment for multifamily properties.

Equal Employment Opportunity Council

EEOC and OFCCP Launch "Hire" Initiative to Advance Equal Opportunity

January 12, 2022

The U.S. Equal Employment Opportunity Commission (EEOC) and the U.S. Department of Labor's Office of Federal Contract Compliance Programs (OFCCP) launched a new initiative to reimagine hiring practices to advance equal employment opportunity. The goal of the initiative is to identify innovative and evidence-based practices that will help workers access good jobs and help employers utilize the talent across America's workforce.

International

Bank of England Prudential Regulation Authority

Letter: Nathanael Benjamin and Rebecca Jackson "International banks active in the UK: 2022 priorities"

January 12, 2022

Nathanael Benjamin, Executive Director of Authorizations, Regulatory Technology, and International Solutions (ARTIS) of the Prudential Regulation Authority (PRA), and Rebecca Jackson, Director of ARTIS wrote a letter to chief executive officers of PRA-regulated international banks active in the UK titled, "International Banks Active in the UK: 2022 Priorities."

Letter: David Bailey and Melanie Beaman "UK Deposit Takers Supervision: 2022 Priorities"

January 12, 2022

David Bailey, Executive Director of UK Deposit Takers of the Prudential Regulation Authority (PRA) and Melanie Beaman, Director of UK Deposit Takers wrote a letter to chief executive officers of PRA-regulated UK Deposit Takers titled, "UK Deposit Takers Supervision: 2022 Priorities."

Letter: Anna Sweeney and Charlotte Gerken "Insurance Supervision: 2022 Priorities"

January 12, 2022

Anna Sweeney and Charlotte Gerken, Executive Directors of Insurance Supervision of the Prudential Regulation Authority (PRA), wrote a letter to chief executive officers of PRA-regulated Insurance firms, titled "Insurance Supervision: 2022 Priorities."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair
  • Vice Chair for Supervision

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
  • 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

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.