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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, May 17, 2022

May 17, 2022

By FedACTion Task Force

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Major Developments

CFPB to launch new system to promote consistent enforcement of consumer financial protections

May 16, 2022

The Consumer Financial Protection (CFPB) update has launched a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. The CFPB will issue Consumer Financial Protection Circulars to the broad set of government agencies responsible for enforcing federal consumer financial law.

Federal Agencies

U.S. Department of the Treasury

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Conference of African Ministers of Finance, Planning and Economic Development

May 16, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Conference of African Ministers of Finance, Planning and Economic Development addressing current world economic challenges.

Secretary of the Treasury Janet L. Yellen Delivers Remarks at the POLIN Museum in Warsaw, Poland

May 16, 2022

U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the POLIN Museum in Warsaw, Poland addressing economic actions in times of war.

READOUT: U.S. Secretary of the Treasury Janet L. Yellen's Meetings in Warsaw, Poland

May 16, 2022

U.S. Secretary of the Treasury Janet L. Yellen visited Warsaw, Poland from May 14-16. In meetings with Polish Prime Minister Mateusz Morawiecki and Finance Minister Magdalena Rzeczkowska, Secretary Yellen reiterated the United States' support for Ukraine's sovereignty and welcomed Poland's partnership in holding Russia accountable for its war against Ukraine.

U.S. Secretary of the Treasury Janet L. Yellen Discusses Global Food Insecurity Crisis and Highlights Forthcoming Plan to Surge Resources to Meet Urgent Need

May 16, 2022

Secretary of the Treasury Janet L. Yellen visited the World Central Kitchen site in Warsaw, Poland, to highlight important work to serve Ukrainian refugees and preview an action plan from the International Financial Institutions to surge resources to tackle the rising threat of global food insecurity exacerbated by Russia's invasion of Ukraine.

Treasury International Capital Data for March

May 16, 2022

The U.S. Department of the Treasury released Treasury International Capital data for March 2022. The next release, which will report on data for April, is scheduled for June 15, 2022.

Federal Reserve Bank of New York

Empire State Manufacturing Survey

May 16, 2022

The Federal Reserve Bank of New York released the May 2022 Empire State Manufacturing Survey.

SCE Household Spending Survey

May 16, 2022

The Federal Reserve Bank of New York released the April SCE Household Spending Survey results.

Article: Q&A with Clara Miller, Featured Speaker at "Money and Mission" Event on May 17

May 16, 2022

The Federal Reserve Bank of New York published an article entitled, "Q&A with Clara Miller, Featured Speaker at "Money and Mission" Event on May 17."

Federal Deposit Insurance Corporation

National Rates and Rate Caps

May 16, 2022

The Federal Deposit Insurance Corporation released the May 2022 National Rates and Rate Caps.

Consumer Financial Protection Bureau

CFPB Releases Report on Mortgage Servicing Metrics

May 16, 2022

The Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers' responses to the COVID-19 pandemic.

International

European Commission

Commission proposes to further reinforce key rules for EU budget management

May 16, 2022

The European Commission has proposed targeted adjustments to the European Union's financial rules, known as the Financial Regulation.

Spring 2022 Economic Forecast: Russian invasion tests EU economic resilience

May 16, 2022

The European Commission has revised the EU's growth outlook downwards, and the forecast for inflation upwards.

EU-US Trade and Technology Council: strengthening our renewed partnership in turbulent times

May 16, 2022

The EU and the US have reaffirmed their cooperation to address global trade and technology challenges in line with their shared commitment to democracy, freedom and human rights.

European Banking Authority

EBA consults on standardised information requirements to support sales of non-performing loans

May 16, 2022

The European Banking Authority launched a public consultation on the draft Implementing Technical Standards specifying the requirements for the information that sellers of non-performing loans (NPL) shall provide to prospective buyers, seeking to improve the functioning of NPL secondary markets.

Bank of England

Andrew Bailey's Annual Report for the Treasury Select Committee

May 16, 2022

Andrew Bailey, Governor of the Bank of England, presented the annual report to the Treasury Select Committee hearing.

Michael Saunders' Annual Report for the Treasury Select Committee

May 16, 2022

Monetary Policy Committee member Michael Saunders presented an annual report a the Treasury Select Committee Hearing.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing scheduled for May 19, 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 – Jerome H. Powell (confirmed May 12, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

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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