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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, February 1, 2022

February 01, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Borrowing Advisory Committee's Assistant Secretary for Economy Policy Releases Statement on the U.S. Economy

January 31, 2022

Benjamin Harris, the Assistant Secretary of Economy Policy for the Treasury Borrowing Advisory Committee, released a statement regarding the state of the United States economy.

Treasury Announces Marketable Borrowing Estimates

January 31, 2022

The U.S. Department of the Treasury announced its current estimates of privately-held net marketable borrowing for the January – March 2022 and April – June 2022 quarters.

Remarks by Deputy Secretary of the Treasury Adeyemo

January 31, 2022

Wally Ademayo, Deputy Secretary of the U.S. Department of the Treasury, delivered remarks at a White House Event with the National Governors Association.

Federal Reserve Board

Federal Reserve Board Releases Senior Loan Officer Opinion Survey Results

January 31, 2022

The Board of Governors of the Federal Reserve System released the results of its January 2022 Senior Loan Officer Opinion Survey on Bank Lending Practices. The survey addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.

Federal Reserve Board Releases Paper on Stablecoins

January 31, 2022

The Federal Reserve Board, as part of its International Finance Discussion Papers series, released a paper entitled "Stablecoins: Growth Potential and Impact on Banking".

Federal Reserve Bank of New York

Blog Post: Pricing Liquidity without Preemptive Runs

January 31, 2022

The Federal Reserve Bank of New York published a blog post entitled "Pricing Liquidity without Preemptive Runs" on its Liberty Street Economics blog. The authors describe how mechanisms, like swing pricing, that charge a price for liquidity, reduce the vulnerability of prime money market funds without triggering preemptive runs.

Federal Reserve Bank of Boston

Q&A: Sectoral Mobility among Reemployed Displaced Workers in New England

January 31, 2022

The Federal Reserve Bank of Boston published a Q&A with Reserve Bank economist Osborne Jackson, in which Mr. Jackson discusses findings about industry switching after job loss.

Conference of State Bank Supervisors

Blog Post: Understanding How Congress Included State Bank Supervisors in the FDIC Board

January 31, 2022

The Conference of State Bank Supervisors (CSBS) sent a letter to U.S. Senate leadership calling for the nomination and confirmation of a state bank commissioner to serve on the Federal Deposit Insurance Corporation's Board of Directors. CSBS also published a blog post explaining the relevant law.

Securities and Exchange Commission

SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations

January 31, 2022

The U.S. Securities and Exchange Commission issued its annual Staff Report on Nationally Recognized Statistical Rating Organizations (NRSROs), providing a summary of the SEC staff's examinations of NRSROs and discussing the state of competition, transparency, and conflicts of interest among NRSROs.

Consumer Financial Protection Bureau

CFPB Report Shows Criminal Justice Financial Ecosystem Exploits Families at Every Stage

January 31, 2022

The Consumer Financial Protection Bureau published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, entitled "Justice-Involved Individuals and the Consumer Financial Marketplace," describes an ecosystem rife with burdensome fees and lack of choice, and where families are increasingly being forced to shoulder the costs.

Fannie Mae

Fannie Mae Releases December 2021 Monthly Summary

January 31, 2022

Fannie Mae released its December 2021 Monthly Summary, which contains information about Fannie Mae's monthly and year-to-date activities for its gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.

Ginnie Mae

Ginnie Mae Releases January 2022 Global Market Analysis Report

January 31, 2022

Ginnie Mae released its Global Markets Analysis Report for January 2022. According to the report, in calendar year 2021, $903 billion of Ginnie Mae mortgage-backed securities (MBS) were issued, which is an increase of 11.2% from 2020 and an increase of 72.3% from 2019. However, market participants expect that in 2022 the market may see a decrease in Agency MBS gross issuance. As potential rate hikes are on the horizon, market participants anticipate that the majority of mortgage originations will shift from refinance to purchase as we move into 2022.

International

European Banking Authority

ESAs Publish Thematic Repository on Financial Education and Digitalization Initiatives of National Competent Authorities

January 31, 2022

The three European Supervisory Authorities (EBA, ESMA and EIOPA) published today a Joint ESAs thematic repository on financial education and digitalization initiatives of National Competent Authorities (NCAs), with a specific focus on cybersecurity, scams and fraud. The repository contains 127 national initiatives that provide consumers with helpful information on how to improve their financial literacy. In addition, the EBA also published the second edition of its general repository of national education initiatives in the banking sector, which contains another 200 initiatives.

EBA Launches 'EuReCA', the EU's Central Database for Anti-Money Laundering and Counter-Terrorism Financing

January 31, 2022

The European Banking Authority (EBA) launched its central database for anti-money laundering and counter-terrorist financing (AML/CFT). This European reporting system for material CFT/AML weaknesses, EuReCA, will be central to coordinating efforts by competent authorities and the EBA to prevent and counter money laundering and terrorist financing risks in the Union.

Bank of England

Credit Union Quarterly Statistics - 2021 Q3

January 31, 2022

The Bank of England published its 2021 Credit Union Quarterly Statistics, which showed that in the third quarter of 2021, for the first time, assets in the UK exceeded £4.3 billion, a 10% increase over the third quarter of 2020.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing scheduled for February 3, 2022)
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing scheduled for February 3, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing scheduled for February 3, 2022)

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
  • 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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