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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, March 29, 2022

March 29, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Committee Announces Updates to March Committee Schedule

March 28, 2022

The House Committee on Financial Services announced the following schedule updates for the month of March:

  • March 29 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color."
  • POSTPONED – March 30 at 10:00 AM ET: The Task Force on Artificial Intelligence will convene for a hybrid hearing entitled, "Keeping Up with the Codes – Using AI for Effective RegTech."
  • March 30 at 2:00 PM ET: The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will convene for a hybrid hearing entitled, "Oversight of America's Stock Exchanges: Examining Their Role in Our Economy."
  • March 31 at 10:00 AM ET: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hybrid hearing entitled, "The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions."

Federal Agencies

U.S. Department of the Treasury

Biden Administration Releases FY 2023 Budget

March 28, 2022

The Biden Administration submitted to Congress the President's Budget for FY 2023 and Treasury published its Strategic Plan for FY 2022-2026.

U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals Will Help Build a Better America

March 28, 2022

Following the release of President Biden's FY 2023 Budget, the U.S. Department of the Treasury released a document to explain the Administration's revenue proposals included in the budget – the General Explanations of the Administration's FY2023 Revenue Proposals, or "Greenbook."

Federal Reserve Board

OIG Report: The Federal Reserve Board Can Strengthen Inventory and Cybersecurity Life Cycle Processes for Cloud Systems

March 28, 2022

The Office of Inspector General of the Board of the Federal Reserve released a report entitled, "The Board Can Strengthen Inventory and Cybersecurity Life Cycle Processes for Cloud Systems."

Office of the Comptroller of the Currency

Acting Comptroller of the Currency Launches Project REACh Efforts in Dallas

March 28, 2022

Acting Comptroller of the Currency Michael J. Hsu joined civic leaders, community advocates, bankers, and business leaders to launch Dallas the Roundtable for Economic Access and Change, to bring together leaders from the banking industry, civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal, and fair participation in the nation's economy.

Securities and Exchange Commission

SEC Proposes Rules to Include Certain Significant Market Participants as "Dealers" or "Government Securities Dealers"

March 28, 2022

The Securities and Exchange Commission (SEC) proposed two rules that would require market participants, such as proprietary (or principal) trading firms, who assume certain dealer functions, in particular those who as act as liquidity providers in the markets, to register with the SEC, become members of a self-regulatory organization, and comply with federal securities laws and regulatory obligations.

Remarks at the ICI Investment Management Conference

March 28, 2022

William Birdthistle, Director of the Division of Investment Management, gave remarks at the ICI Investment Management Conference on the role of funds in the U.S. economy.

Consumer Financial Protection Bureau

Speech: Reining in Repeat Offenders

March 28, 2022

Director Rohit Chopra gave a speech entitled, "Reigning in Repeat Offenders," as the Distinguished Lecturer on Regulation, at the University of Pennsylvania.

International

UK Financial Conduct Authority

Innovation Hub: market insights

March 28, 2022

The Financial Conduct Authority released data on the type of firms and technology supported by the Regulatory Sandbox and Innovation Pathways, including firm sizes, sectors and locations.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Vacant
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; committee approval March 16, 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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