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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, May 26, 2022

May 26, 2022

By FedACTion Task Force

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Major Developments

Federal Reserve Board

Minutes of the Federal Open Market Committee, May 3-4, 2022

May 25, 2022

The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on May 3-4, 2022.

Federal Agencies

U.S. Department of the Treasury

Remarks by Under Secretary for Terrorism and Financial Intelligence Brian Nelson at SIFMA's Anti-Money Laundering and Financial Crimes Conference

May 25, 2022

Under Secretary for Terrorism and Financial Intelligence Brian Nelson gave remarks at SIFMA's Anti-Money Laundering and Financial Crimes Conference.

Federal Reserve Bank of New York

New York Fed and Columbia SIPA to Co-Host Workshop on Monetary Policy Implementation and Digital Innovation

May 25, 2022

On June 1-2, 2022, the Federal Reserve Bank of New York and Columbia University's School of International and Public Affairs will jointly host "Monetary Policy Implementation and Digital Innovation," a two-day conference focused on how central banks can effectively implement monetary policy in an environment of rapid innovation in money and payments.

New York Fed to Co-Host Event June 9 on the Role of Debt in Building Household Wealth

May 25, 2022

On Thursday, June 9, the Federal Reserve Bank of New York, the Federal Reserve Bank of St. Louis and the Aspen Institute Financial Security Program will host a hybrid event on the role of household debt in building wealth.

Conference of State Bank Supervisors

State Regulators Seek Expansion of Cannabis Banking Safe Harbor

May 25, 2022

In letters sent to both the House and Senate, Conference of State Bank Supervisors Acting President & CEO James M. Cooper urged Members of Congress to provide marijuana businesses with access to financial services by retaining the Secure and Fair Enforcement (SAFE) Banking Act in the final conference report of the America COMPETES Act.

Securities and Exchange Commission

SEC Proposes to Enhance Disclosures by Certain Investment Advisers and Investment Companies About ESG Investment Practices

May 25, 2022

The Securities and Exchange Commission today proposed amendments to rules and reporting forms to promote consistent, comparable, and reliable information for investors concerning funds' and advisers' incorporation of environmental, social, and governance (ESG) factors.

SEC Proposes Rule Changes to Prevent Misleading or Deceptive Fund Names

May 25, 2022

The Securities and Exchange Commission proposed amendments to enhance and modernize the Investment Company Act "Names Rule" to address changes in the fund industry and compliance practices that have developed in the approximately 20 years since the rule was adopted.

Commodity Futures Trading Commission

CFTC Staff Renews Temporary No-Action Relief for Entities Submitting Swaps for Clearing with DCOs Acting Under Exemptive Orders or No-Action Relief

May 25, 2022

The Commodity Futures Trading Commission's Division of Data announced it will renew temporary no-action relief to entities submitting swaps for clearing by derivatives clearing organizations operating under CFTC exemptive orders or CFTC staff no-action relief.

The Division of Clearing and Risk Announces Participants and Agenda for May 25 Staff Roundtable on Non-Intermediation

May 24, 2022

The Commodity Futures Trading Commission's Division of Clearing and Risk today released the participant list and agenda for its upcoming staff roundtable on non-intermediation that will be held on May 25 at 9:30 a.m. EDT at the CFTC's headquarters in Washington, D.C. for participants only.

Consumer Financial Protection Bureau

CFPB tells credit card CEOs: Practice of suppressing payment data has potential for consumer harm

May 25, 2022

The Consumer Financial Protection Bureau sent letters to letters to the CEOs of the nation's biggest credit card companies asking them to explain the practice of contributing data to credit reporting companies about the exact monthly payment amounts made by borrowers.

Blog Post: Explainer: What is nonbank supervision?

May 25, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Explainer: What is nonbank supervision?"

National Credit Union Administration

Letter to Credit Unions: Federally Insured Credit Union Use of Distributed Ledger Technologies

May 25, 2022

The National Credit Union Administration issued a letter to credit unions entitled, "Federally Insured Credit Union Use of Distributed Ledger Technologies."

International

European Banking Authority

EBA announces timeline for the 2022 EU-wide Transparency exercise and EBA Risk Assessment Report

May 25, 2022

The European Banking Authority will be launching its annual 2022 EU-wide Transparency exercise in September and expects to release the information on banks' exposures and asset quality at the beginning of December, along with the EBA Risk Assessment Report. The exercise will cover the figures from the second half of 2021 and the first half of 2022.

Bank of England

Fifth edition of the Regulatory Initiatives Grid

May 25, 2022

The Financial Services Regulatory Initiatives Forum has published the fifth edition of the Regulatory Initiatives Grid which sets out the regulatory pipeline in order to give firms a clear view of upcoming regulatory initiatives.

Speech: What will operational resilience look like going forward? An overview of the supervisory regulatory position

May 25, 2022

Executive Director for Supervisory Risk Specialists Duncan Mackinnon gave a speech at the City & Financial 9th Annual Operational Resilience for Financial Institutions Summit entitled, "What will operational resilience look like going forward? An overview of the supervisory regulatory position."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 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 – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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, (confirmed May 25, 2022)

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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