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PH FedACTion: Financial Regulatory Updates

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

March 24, 2022

By FedACtion Task Force

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Federal Agencies

Federal Reserve Board

Paper: Moldy Lemons and Market Shutdowns

March 23, 2022

The Federal Reserve Board released a paper titled, "Moldy Lemons and Market Shutdowns," addressing market operations in times of stress.

Paper: A Stock Return Decomposition Using Observables

March 23, 2022

The Federal Reserve Board released a paper titled, "A Stock Return Decomposition Using Observables."

Consumer Financial Protection Bureau

Report: Emergency Savings and Financial Security: Insights from the Making Ends Meet Survey and Consumer Credit Panel

March 23, 2022

The Consumer Financial Protection Bureau released a report titled, "Emergency Savings and Financial Security: Insights from the Making Ends Meet Survey and Consumer Credit Panel."

Report: New Data on the Characteristics of Mortgage Borrowers During the COVID-19 Pandemic

March 23, 2022

The Consumer Financial Protection Bureau released a report titled, "New Data on the Characteristics of Mortgage Borrowers During the COVID-19 Pandemic."

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

Biden-Harris Administration Releases Action Plan of Reforms to Advance Equity in Appraisals

March 23, 2022

The U.S. Department of Housing and Urban Development (HUD) announced the delivery of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan to President Biden.

State Agencies

California Department of Financial Protection and Innovation

DFPI Issues Report on Implementation of the California Consumer Financial Protection Law

March 23, 2022

The California Department of Financial Protection and Innovation issued its first annual report on the implementation of the California Consumer Financial Protection Law on year after the law was signed.

International

European Commission

Commission outlines options to mitigate high energy prices with common gas purchases and minimum gas storage obligations

March 23, 2022

The European Commission has set out ideas for collective European action to address the root causes of the problem in the gas market and ensure security of supply at reasonable prices for next winter and beyond.

State aid: Commission adopts Temporary Crisis Framework to support the economy in context of Russia's invasion of Ukraine

March 23, 2022

The European Commission has adopted a Temporary Crisis Framework to enable Member States to use the flexibility foreseen under State aid rules to support the economy in the context of Russia's invasion of Ukraine.

Ukraine: EU support to help Member States meet the needs of refugees

March 23, 2022

The European Commission outlined the actions being taken to support Member States in meeting the needs of those fleeing the war against Ukraine and its people.

Main messages from the Tripartite Social Summit

March 23, 2022

EU leaders and social partners met, via video conference, at the tripartite social summit to discuss a united tripartite response to the social and economic impact of the Russian military aggression against Ukraine.

UK Financial Conduct Authority

Speech: Supporting consumers through tough times – priorities for credit regulation

March 23, 2022

Speech by Brian Corr, Interim Director of Retail Lending at the UK Financial Conduct Authority, delivered at Credit Summit 2022, on 23 March 2022.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Vacant
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; committee approval March 16, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022); committee approval March 16, 2022)

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Vacant

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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