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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, March 3, 2022

March 03, 2022

By FedACtion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Express Concerns to Treasury Regarding Potential Use of Cryptocurrency to Evade Sanctions

March 2, 2022

United States Senator Elizabeth Warren (D-Mass.), Senate Intelligence Committee Chairman Mark Warner (D-Va.), Senate Banking, Housing, and Urban Affairs Chairman Sherrod Brown (D-Ohio), and Senate Armed Services Committee Chairman Jack Reed (D-R.I.) led a letter to Treasury Secretary Janet Yellen raising concerns regarding the potential use of cryptocurrency to evade sanctions, including sanctions imposed on Russia after their invasion of Ukraine.

Bipartisan Legislation to Protect Consumers, Provide Certainty for Financial Institutions

March 2, 2022

U.S. Senators Jon Tester (D-Mont.), Thom Tillis (R-N.C.), and Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and Ranking Member Pat Toomey (R-Penn.) today introduced the bipartisan Economic Continuity and Stability Act that would provide certainty for American consumers and businesses with respect to LIBOR-based contracts.

U.S. House of Representatives

Committee on Financial Services

Monetary Policy and the State of the Economy

March 2, 2022

The House Committee on Financial Services held a hearing entitled, "Monetary Policy and the State of the Economy."

Committee on Small Business

The 8(a) Program: Overview and Next Steps to Promote Small Business Success

March 2, 2022

The House Small Business Committee Subcommittee on Contracting and Infrastructure, held a hearing examining the current state of the U.S. Small Business Administration's 8(a) program.

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen's Remarks at the University of Illinois Chicago's Innovation Center

March 2, 2022

Secretary of the Treasury Janet L. Yellen addressed the Biden Administration's economic agenda and the continued efforts to hold Russia accountable for its unprovoked invasion in Ukraine. The Secretary delivered remarks at the University of Illinois Chicago's Innovation Center following a tour of the facility with Illinois Governor J. B. Pritzker and Chicago Mayor Lori Lightfoot.

Federal Reserve Board

Report: Beige Book

March 2, 2022

The Board of Governors of the Federal Reserve published the March 2022 Beige Book.

Federal Reserve Bank of New York

Blog: Disinflation Policies with a Flat Phillips Curve

March 2, 2022

The Federal Reserve Bank of New York's Liberty Street Economics blog released a post titled "Disinflation Policies with a Flat Phillips Curve."

Remarks: Federal Reserve Asset Purchases: The Pandemic Response and Considerations Ahead

March 2, 2022

Remarks by Lorie K. Logan, Executive Vice President, at New York University's Stern School of Business (delivered via videoconference)

State Agencies

New York State Department of Financial Services

Governor Hochul Announces Actions to Strengthen Department of Financial Services Enforcement of Sanctions Against Russia

March 2, 2022

Governor Kathy Hochul announced actions to strengthen the Department of Financial Services' (DFS) enforcement of sanctions against Russia, including the expedited procurement of additional blockchain analytics technology. These tools will bolster the Department of Financial Services ability to detect exposure among DFS-licensed virtual currency businesses to Russian individuals, banks and other entities that the Biden Administration has sanctioned.

International

European Commission

Towards a green, digital and resilient economy: our European Growth Model

March 2, 2022

The European Commission has put forward a Communication on the European Growth Model. It recalls the common objectives the EU and its Member States have committed to with respect to the green and digital transition and to strengthening social and economic resilience. It acknowledges that the European economy is undergoing unprecedented transformations in the context of major uncertainties linked to the global and security outlook. The Communication confirms that those developments underscore the need to work closely with our international partners and to reinforce our long-term sustainable growth agenda.

Ukraine: EU agrees to exclude key Russian banks from SWIFT

March 2, 2022

The European Union agreed to exclude key Russian banks from the SWIFT system, the world's dominant financial messaging system.

Ukraine: Sanctions on Kremlin-backed outlets Russia Today and Sputnik

March 2, 2022

The European Union adopted sanctions against the Kremlin's disinformation and information manipulation assets. Following the announcement by Commission President Ursula von der Leyen, the Council of the European Union decided to suspend the distribution of State-owned disinformation outlets Russia Today and Sputnik across the EU.

Ukraine: Commission proposes temporary protection for people fleeing war in Ukraine and guidelines for border checks

March 2, 2022

The European Commission is proposing to activate the Temporary Protection Directive to offer quick and effective assistance to people fleeing the war in Ukraine. Under this proposal, those fleeing the war will be granted temporary protection in the EU, meaning that they will be given a residence permit, and they will have access to education and to the labour market.

European Banking Authority

EBA recommends adjustments to the proposed EU Green Bond Standard as regards securitisation transactions

March 2, 2022

The European Banking Authority (EBA) published a Report which analyses the recent developments and challenges of introducing sustainability in the EU securitisation market.

Bank of England

Speech: Recollections on financial stability - speech by Jon Cunliffe

March 2, 2022

Jon Cunliffe reflects on the key lessons he has learnt about financial stability over the past few years. In particular, he highlights longer-term issues such as climate change and crypto, and also the challenges of the current situation for financial markets.

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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