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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, January 27, 2022

January 27, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

America COMPETES Act Contains Significant Provisions Impacting Financial Services

January 26, 2022

Nine provisions included in the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022 originated from the House Committee on Financial Services. The America COMPETES Act of 2022 is intended to strengthen the competitiveness of the U.S. economy and U.S. businesses, and seeks to counter anti-competitive actions taken by bad actors and explicitly China. The COMPETES Act also directs the executive branch government to work with Congress to ensure the safety and security of America's and our allies' economies.

  • U.S. Policy on World Bank Group and Asian Development Bank Loans to China (Title I)
  • Prohibitions or Conditions on Certain Transmittal of Funds (Title II)
  • U.S. Stock Exchange Trading Prohibition for Two Consecutive Auditor Non-Inspection Years (Title III)
  • Combating Wildlife Trafficking Financing and Proceeds Study Act (Title IV)
  • Study on Chinese Support for Afghan Illicit Finance (Title V)
  • U.S. Policy on Multilateral Development Bank Co-Financing Arrangements with China's Infrastructure Bank (Title VI)
  • China Financial Threat Mitigation (Title VII)
  • Support for Debt Relief for Developing Countries (Title VIII)
  • COVID-19 Emergency Medical Supplies Enhancement (Title X)
  • Press Release

Federal Agencies

Federal Reserve Board

Statement: Federal Reserve Issues FOMC statement

January 26, 2022

The Board of Governors of the Federal Reserve System issued a Federal Open Market Committee statement and implementation note regarding decisions to implement its monetary policy stance.

Statement: Federal Open Market Committee Reaffirms its "Statement on Longer-Run Goals and Monetary Policy Strategy"

January 26, 2022

The Federal Open Market Committee unanimously reaffirmed its "Statement on Longer-Run Goals and Monetary Policy Strategy."

Principles for Reducing the Size of the Federal Reserve's Balance Sheet

January 26, 2022

The Federal Open Market Committee agreed that it is appropriate at this time to provide information regarding its planned approach for significantly reducing the size of the Federal Reserve's balance sheet.

Federal Reserve Bank of New York

Statement: Treasury Securities and Agency Mortgage-Backed Securities Operations

January 26, 2022

The Federal Reserve Bank of New York published a statement regarding treasury securities and agency mortgage-backed securities operations.

Federal Deposit Insurance Corporation

Report: Legal Claims and Administrative Enforcement Proceedings 2008–2013 Banking Crisis

January 26, 2022

The Federal Deposit Insurance Corporation published a report titled, "Legal Claims and Administrative Enforcement Proceedings 2008-2013 Banking Crisis."

Securities and Exchange Commission

SEC Proposes Amendments to Enhance Private Fund Reporting

January 26, 2022

The Securities and Exchange Commission (SEC) voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The proposed amendments are designed to enhance the Financial Stability Oversight Council's (FSOC) ability to assess systemic risk as well as to bolster the SEC's regulatory oversight of private fund advisers and its investor protection efforts in light of the growth of the private fund industry.

SEC Proposes Amendments to Include Significant Treasury Markets Platforms Within Regulation ATS

January 26, 2022

The Securities and Exchange Commission proposed rules to better protect investors and enhance cybersecurity by bringing more Alternative Trading Systems (ATS) that trade Treasuries and other government securities under the regulatory umbrella. The proposal builds upon a 2020 proposal and public comments received in response to that proposal. It would extend Regulation ATS to include systems that offer the use of non-firm trading interest and provide protocols to bring together buyers and sellers for trading any type of security. These Communication Protocol Systems would be required to either register as exchanges or register as broker-dealers and comply with Regulation ATS.

Statement: Market Volatility Experienced in January 2021

January 26, 2022

Securities and Exchange Commission Chair Gary Gensler gave a statement on the market volatility experienced in January 2021.

Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Launches Initiative with Respect to So-called Junk Fees

January 26, 2022

The Consumer Financial Protection Bureau launched an initiative to reduce exploitative fees charged by banks and financial companies. The request is a chance for the public to share input that will help shape the agency's rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.

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

HUD and Census Bureau Report New Residential Sales in December 2021

January 26, 2022

The U.S. Department of Housing and Urban Development and the U.S. Census Bureau announced new residential sales statistics for December 2021.

International

European Commission

Commission Puts Forward Declaration on Digital Rights and Principles for Everyone in the EU

January 26, 2022

The European Commission proposed to the European Parliament and Council to sign up to a declaration of rights and principles that will guide the digital transformation in the EU.

European Banking Authority

EBA Amends Standards on Currencies with Constraints on the Availability of Liquid Assets

January 26, 2022

The European Banking Authority published its final report on amendments to its Implementing Technical Standards on currencies with constraints on the availability of liquid assets in the context of the liquidity coverage ratio. The proposed amendments remove the Norwegian Krone from the list. As a result, no currency will be recognized as having constraints on the availability of liquid assets.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
  • Governor – Lisa Cook nominated January 14, 2022
  • Governor – Phillip Jefferson, nominated January 14, 2022

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

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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