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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, April 27, 2022

April 27, 2022

By FedACTion Task Force

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Major Developments

U.S. Senate

Senate Confirms Lael Brainard as Fed Vice Chair

April 26, 2022

The U.S. Senate voted to confirm Lael Brainard as Vice Chair of the Board of Governors of the Federal Reserve System.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: The Consumer Financial Protection Bureau's Semi-Annual Report to Congress

April 26, 2022

The Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress."

Federal Agencies

Conference of State Bank Supervisors

Blog Post: Data Corner: Core Deposit Surge Drives Increase in Bank Balance Sheets

April 26, 2022

The Conference of State Bank Supervisors published a blog post entitled, "Data Corner: Core Deposit Surge Drives Increase in Bank Balance Sheets."

Securities and Exchange Commission

Risk Alert: Investment Adviser MNPI Compliance Issues

April 26, 2022

The Division of Examinations ("EXAMS") issued a risk alert to provide investment advisers, investors, and other market participants with information concerning notable deficiencies that the staff has cited related to Section 204A of the Investment Advisers Act of 1940 and Code of Ethics Rule 204A-1 thereunder. Deficiencies related to Section 204A and the Code of Ethics Rule have been among the most commonly observed by EXAMS.

Speech: "The Name's Bond:" Remarks at City Week in London, UK

April 26, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks at City Week entitled "The Name's Bond" addressing the fixed-income markets.

U.S. Small Business Administration

SBA Proposes Changes to Expand Small Business Eligibility in Manufacturing for Federal Contracting and Loan Programs

April 26, 2022

The U.S. Small Business Administration is seeking public comments on a proposed rule that would revise the employee-based small business size standards for businesses in nine North American Industrial Classification System sectors including mining, quarrying and gas extraction, utilities, manufacturing, transportation and information. The proposed changes would increase small business eligibility for SBA's federal contracting and loan programs.

Federal Housing Finance Agency

FHFA House Price Index Up 2.1 Percent in February; Up 19.4 Percent From Last Year

April 26, 2022

The Federal Housing Finance Agency (FHFA) released the April 2022 House Price Index (HPI) with data for February 2022. FHFA will release its next HPI report on May 31, 2022, including data for the first quarter of 2022 and monthly data for March.

International

Bank of England

Speech: Bufferati: Remarks at City Week in London, UK

April 26, 2022

Bank of England Deputy Governor of Prudential Regulation and CEO of the Prudential Regulation Authority Sam Woods gave a speech at City Week 2022 entitled, "Bufferati."

UK Financial Conduct Authority

Speech: Critical issues in financial regulation: The FCA's perspective

April 26, 2022

UK Financial Conduct Authority CEO Nikhil Rathi gave a speech entitled, "Critical issues in financial regulation: The FCA's perspective."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • 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 – Jerome H. Powell (effective February 4, 2022, named Chair Pro Tempore pending Senate confirmation)

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 (effective January 20, 2021)

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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