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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, March 10, 2022

March 10, 2022

By 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.

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.

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

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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