PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, January 25, 2022

January 25, 2022

FedACTion Task Force

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U.S. House of Representatives

Committee on Small Business

Committee Announces February Hearings

January 24, 2022

The U.S. House of Representatives Small Business Committee will hold several committee hearings throughout February:

  • February 3, 2022 at 10:00 A.M. E.T.: Full Committee Markup
  • February 15, 2022 at 11:00 A.M. E.T.: "The Infrastructure Investment and Job Act's Benefits for Small Businesses"
  • Press Release

Federal Agencies

U.S. Department of the Treasury

Treasury and The White House Announce New ChildTaxCredit.gov to Help Families Access the Full Child Tax Credit

January 24, 2022

The U.S. Department of the Treasury and the White House announced the re-launch of a revamped website – ChildTaxCredit.gov – with several new features to help taxpayers file their taxes and access the remainder of the expanded Child Tax Credit (CTC) or the full amount of the CTC as tax filing season begins.

Federal Reserve Bank of New York

Household Survey Shows Sustained Rise in Reported and Expected Spending Growth

January 24, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2021 Survey of Consumer Expectations Household Spending Survey, which provides information on individuals' experiences and expectations regarding household spending.

Securities and Exchange Commission

Statement: Cybersecurity and Securities Laws

January 24, 2022

Securities and Exchange Commission Chair Gary Gensler gave speech titled, "Cybersecurity and Securities Laws," before the Northwestern Pritzker School of Law's Annual Securities Regulation Institute.

Financial Crimes Enforcement Network

Notice: FinCEN Issues Proposed Rule for Suspicious Activity Report Sharing Pilot Program to Combat Illicit Finance Risks

January 24, 2022

The Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking that proposes and solicits public comment on the establishment of a limited-duration pilot program for sharing suspicious activity reports, in accordance with Section 6212 of the Anti-Money Laundering Act of 2020.


European Banking Authority

EBA Publishes Binding Standards on Pillar 3 Disclosures on ESG Risks

January 24, 2022

The European Banking Authority (EBA) published its final draft implementing technical standards (ITS) on Pillar 3 disclosures on Environmental, Social and Governance risks. The final draft ITS put forward comparable disclosures to show how climate change may exacerbate other risks within institutions' balance sheets, how institutions are mitigating those risks and their ratios on exposures financing taxonomy-aligned activities, such as those consistent with the Paris agreement goals.

Bank of England

Report: Asset Purchase Facility Quarterly Report - 2021 Q4

January 24, 2022

The Bank of England (BoE) published its 2021 Q4 Asset Purchase Facility Quarterly Report. The report contains information on the BoE's Asset Purchase Facility (APF) for 2021 Q4, describing operations from October 1, 2021 to December 31, 2021.

Administration Changes


Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
  • Governor – Lisa Cook nominated January 14, 2022
  • Governor – Phillip Jefferson, nominated January 14, 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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