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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, February 22, 2022

February 22, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Waters, Brown to Host Fed Chair Powell for Semiannual Monetary Policy Report to Congress

February 21, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the U.S. House Committee on Financial Services, and Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, will host two hearings with Jerome H. Powell, Chair Pro Tempore of the Board of Governors of the Federal Reserve on the state of the economy and monetary policy. The House hearing will occur on Wednesday March 2, 2022 and the Senate hearing will occur on Thursday March 3, 2022.

Federal Agencies

Federal Reserve Board

Speech: Bowman, High Inflation and the Outlook for Monetary Policy

February 21, 2022

Federal Reserve System Governor Michelle W. Bowman gave a speech titled, "High Inflation and the Outlook for Monetary Policy," at the American Bankers Association Community Banking Conference.

International

European Banking Authority

EBA Updates Methodology for Assessing Third Country Equivalence of Regulatory and Supervisory Frameworks

February 21, 2022

The European Banking Authority (EBA) published its updated questionnaires used for the assessment of regulatory and supervisory frameworks of third countries, to reflect certain provisions recently introduced by the revised prudential regulation in the European Union.

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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