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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, April 26, 2022

April 26, 2022

By FedACTion Task Force

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Major Developments

Consumer Financial Protection Bureau

CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers

April 25, 2022

The Consumer Financial Protection Bureau (CFPB) announced that the CFPB plans to invoke a largely unused legal provision to examine nonbank financial companies that pose risks to consumers, materially expanding the universe of consumer finance entities that could be subject to CFPB oversight

Federal Agencies

Federal Reserve Bank of New York

March 2022 SCE Labor Market Survey

April 25, 2022

The Federal Reserve Bank of New York released the March 2022 SCE Labor Market Survey.

Federal Reserve Bank of Boston

Federal Reserve Bank of Boston and community partners launch research effort to explore wealth divides

April 25, 2022

The Federal Reserve Bank of Boston, in collaboration with a coalition of community partners, is launching a multiyear research initiative to explore wealth disparities in Greater Boston and across Massachusetts.

International

European Commission

Russian/Ukraine Crisis: Commission proposes to reinforce the mandate of Eurojust to collect and preserve evidence of war crimes

April 25, 2022

The European Commission has proposed to amend the Eurojust Regulation to give the Agency the legal possibility to collect, preserve and share evidence on potential war crimes.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • 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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