PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 10, 2022
March 10, 2022
FedACTion Task Force
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Major Developments
President Biden Signs Executive Order on Ensuring Responsible Development of Digital Assets
March 9, 2022
President Joseph R. Biden signed an Executive Order outlining the whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. The Executive Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.
- Executive Order
- Factsheet
- Treasury Secretary Statement
- CFPB Director Chopra Statement
- Senate Banking Committee Chair Brown Statement
- Senate Banking Committee Ranking Member Toomey Statement
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Brown Issues Statement on President Biden's Ban on Russian Energy Imports
March 9, 2022
U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released a statement following President Biden's announcement to ban Russian energy imports following the invasion of Ukraine.
Committee on Small Business and Entrepreneurship
Cardin Statement on Status of Bipartisan COVID Relief Package
March 9, 2022
U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) issued a statement on the status of bipartisan legislation to replenish the Restaurant Revitalization Fund (RRF).
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Factsheet and Secretary Yellen Participates in White House Call with U.S. Mayors on the Impact of the American Rescue Plan after One Year
March 9, 2022
The U.S. Department of the Treasury has released a factsheet outlining the impact the American Rescue Plan has on the U.S. one year after its signing. Treasury Secretary Janet L. Yellen also issued remarks on the White House call with U.S. mayors to mark the anniversary of the law.
Securities and Exchange Commission
SEC Proposes Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies
March 9, 2022
The Securities and Exchange Commission has proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance and incident reporting by public companies.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Peirce Dissenting Statement
Munter: Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors
March 9, 2022
Acting Chief Accountant Paul Munter issued a statement on assessing materiality and reasonable investors when evaluating errors in financial statements.
Jones: The Shareholder Proposal Rule: A Cornerstone of Corporate Democracy
March 9, 2022
Division of Corporation Finance Director Renee Jones gave a speech at the Council of Institutional Investors Spring Conference regarding the November 2021 Rule 14a-8 guidance.
Consumer Financial Protection Bureau
Shining a Spotlight on Workers' Financial Experiences
March 9, 2022
The Consumer Financial Protection Bureau released a blog post discussing the results of a recent round table discussion with worker organizations and labor unions representing workers in a wide range of sectors and occupations who their members' financial experiences and challenges.
FINRA
FINRA Reminds Members of Their Sales Practice Obligations for Complex Products and Options and Solicits Comment on Effective Practices and Rule Enhancements
March 9, 2022
FINRA issued a regulatory notice reminding members of their current regulatory obligations, including the application of Regulation Best Interest (Reg BI) when broker-dealers and their associated persons make securities recommendations, and recommendations of investment strategies involving securities, to retail customers.
Fannie Mae
Mortgage costs as a share of housing costs—placing the cost of credit in broader context
March 9, 2022
Fannie Mae issued a working paper focusing on the different components of housing costs to show the contribution of each expense to overall housing costs, specifically focusing on a breakdown of mortgage costs.
Bank Policy Institute
Cyber Incident Reporting Modernization Included in Omnibus, Will Help Strengthen U.S. Cybersecurity
March 9, 2022
Bank Policy Institute President and CEO Greg Baer released a statement on the 2022 omnibus appropriations package before the U.S. House of Representatives, which includes additional requirements for critical infrastructure companies to report cyber incidents to the government.
BPI Statement on Inclusion of LIBOR Bill in Omnibus
March 9, 2022
Bank Policy Institute President and CEO Greg Baer released a statement on a LIBOR transition bill included as part of the omnibus appropriations package before the U.S. House of Representatives.
International
European Commission
Ukraine: EU agrees to extend the scope of sanctions on Russia and Belarus
March 9, 2022
The European Commission issued a press release welcoming the agreement of Member States to adopt further targeted sanctions in view of the situation in Ukraine and in response to Belarus's involvement in the aggression.
Bank of England
Minutes of the Working Group on Sterling Risk-Free Reference Rates - January 2022
March 9, 2022
The Working Group on Sterling Risk-Free Reference Rates, which is comprised of a diverse set of market participants and is working to catalyze a broad-based transition to SONA, has released the minutes of their January 2022 meeting.
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.