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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, April 13, 2022

April 13, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of New York

Underlying Inflation Gauge (UIG)

April 12, 2022

The Federal Reserve Bank of New York published its March 2022 Underlying Inflation Gauge (UIG). The UIG measure for March is currently estimated at 5.8%, a 0.1 percentage point increase from the current estimate for the previous month.

Blog Post: The Fed's Balance Sheet Runoff: The Role of Levered NBFIs and Households

April 12, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Fed's Balance Sheet Runoff: The Role of Levered NBFIs and Households."

Securities and Exchange Commission

Speech: Building Upon a Long Tradition

April 12, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks before the Ceres Investor Briefing entitled, "Building Upon a Long Tradition."

Consumer Financial Protection Bureau

Litigation: CFPB v. TransUnion, TransUnion, LLC, TransUnion Interactive, Inc., and John T. Danaher

April 12, 2022

The Consumer Financial Protection Bureau filed a complaint asserting against a Credit Reporting Agency, Two subsidiaries and its former executive alleging violation of a past CFPB enforcement action. This is the first case the CFPB has brought since the Director addressed recidivism by entities subject to enforcement actions.

Blog Post: Busting myths about bankruptcy and private student loans

April 12, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Busting myths about bankruptcy and private student loans."

International

European Banking Authority

EBA publishes final draft technical standards on the risk retention requirements for securitisations

April 12, 2022

The European Banking Authority published its final draft Regulatory Technical Standards specifying the requirements for originators, sponsors and original lenders related to risk retention as laid down in the Securitisation Regulation and as amended by the Capital Markets Recovery Package.

UK Financial Conduct Authority

FCA, TPR and MaPS joint statement on P&O defined benefit pension schemes

April 12, 2022

The Financial Conduct Authority, the Pensions Regulator and the Money and Pensions Service raised concerns given the heightened risk of pension transfers following recent redundancies.

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; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 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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