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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, February 15, 2022

February 15, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Board

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Report: Agencies Issue 2021 Shared National Credit Review

February 14, 2022

The Federal bank regulatory agencies have released the 2021 Shared National Credit (SNC) Review Report. According to the two SNC examinations conducted last year, credit risk for large syndicated loans improved modestly in 2021, but remains high due to the effects of COVID-19. The report notes that the recovery in commodity prices led to significant improvement in the loans to the oil and gas sector that is partially offset by year-over-year weakening in commercial real estate, particularly in the hotel, office, and retail sub-sectors.

Federal Reserve Bank of New York

Inflation Expectations Decline at the Short- and Medium-Term Horizons

February 14, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data released the January 2022 Survey of Consumer Expectations, which shows a decrease in short- and medium-term inflation expectations. Median home price expectations, however, increased above its 2021 average. Labor, income, and spending expectations were all largely stable in January.

Office of the Comptroller of the Currency

Speech: Acting Comptroller Discusses Modernization of the Community Reinvestment Act

February 14, 2022

Acting Comptroller of the Currency Michael J. Hsu gave prepared remarks titled, "The Community Reinvestment Act in Perspective," before the National Community Reinvestment Coalition, where he discussed the history of the Community Reinvestment Act (CRA). His remarks highlighted how a modernized CRA can help address persistent disparities and gaps in wealth and economic opportunities in minority, rural, and other vulnerable communities.

Securities and Exchange Commission

Investor Bulletin: Crypto Asset Interest-bearing Accounts

February 14, 2022

The Securities and Exchange Commission's Office of Investor Education and Advocacy and the Division of Enforcement's Retail Strategy Task Force issued an Investor Bulletin to educate investors about risks associated with accounts that pay interest on crypto asset deposits.

2022 Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold

February 14, 2022

The Consumer Financial Protection Bureau published annual adjustments for asset-size exemption thresholds under the Truth in Lending Act, as implemented by Regulation Z, which became effective on January 1, 2022. The asset-size thresholds exempt certain credit unions from escrow account requirements for higher-priced mortgage loans and specific qualified mortgages under Regulation Z.

Bank Policy Institute

Letter: Bank Climate Risk Guidance Needs Flexibility

February 14, 2022

Banks and financial regulators are considering different ways to manage climate-related financial risk. In two separate comment letters filed with the OCC and the Basel Committee, the Bank Policy Institute offers principles to guide regulators' approaches.

State Agencies

New York State Department of Financial Services

DFS Superintendent Adrienne A. Harris Announces Emergency Regulation on Maximum Check Cashing Fee

February 14, 2022

Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services (DFS) is issuing a new emergency regulation to halt annual increases and maintain the current maximum check cashing fee at 2.27% while a new fee methodology is developed.

California Department of Financial Protection and Innovation

Monthly Bulletin

February 14, 2022

The California Department of Financial Protection and Innovation published its monthly bulletin.

International

Bank of England

Financial Conduct Authority

Prudential Regulation Authority

Payment Systems Regulator

Payment Systems Memorandum of Understanding

February 14, 2022

The Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority and the Payment Systems Regulator have a Memorandum of Understanding (MoU) that sets out the high-level framework the Authorities use to cooperate with one another, in relation to payment systems in the UK. The Financial Services (Banking Reform Act) 2013 requires the Authorities to review this MoU annually.

Blog Post: How is the Bank of England responding to climate change?

February 14, 2022

Climate change will affect the UK economy, including the financial system. Our job is to keep the financial system stable as the UK moves to a net zero economy. So we work to:

UK Financial Conduct Authority

FCA Secures Contract Changes for Buy-Now-Pay-Later Customers

February 14, 2022

The Financial Conduct Authority (FCA) has secured changes to potentially unfair and unclear terms in the contracts of several buy-now-pay-later companies. The FCA was concerned there was a potential risk of harm to consumers as a result of the way some of the firm's terms were drafted.

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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