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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, April 12, 2022

April 12, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Targets Actors for Destabilizing Behavior Throughout the Western Balkans

April 11, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control designated seven individuals and one entity across four countries in the Western Balkans pursuant to Executive Order 14033.

Federal Reserve Bank of New York

March 2022 Survey of Consumer Expectations: Inflation Expectations Decline in Medium Term, Increase in Short Term

April 11, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data released the March 2022 Survey of Consumer Expectations, which shows another increase in short-term inflation expectations, but a decline in medium-term inflation expectations.

Blog Post: The Fed's Balance Sheet Runoff and the ON RRP Facility

April 11, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Fed's Balance Sheet Runoff and the ON RRP Facility."

International

UK Financial Conduct Authority

Thematic Review: Observations on wind-down planning: liquidity, triggers & intragroup dependencies

April 11, 2022

The Financial Conduct Authority published a thematic review entitled, "Observations on wind-down planning: liquidity, triggers & intragroup dependencies."

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; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 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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