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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, April 29, 2022

April 20, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Holds "Tackling Food Insecurity: The Challenge and Call to Action" Event; Issues Fact Sheet on Food and Humanitarian Sanctions Authorizations

April 19, 2022

The U.S. Department of the Treasury convened an event entitled, "Tackling Food Insecurity: The Challenge and Call to Action." Following the event, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued additional public guidance, "Fact Sheet: Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russia's War Against Ukraine".

Remarks by Secretary of the Treasury Janet L. Yellen at the Coalition of Finance Ministers for Climate Action

April 19, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the Coalition of Finance Ministers for Climate Action.

Federal Reserve Bank of Boston

Article: How should organizations handle the switch to a hybrid work environment?

April 19, 2022

The Federal Reserve Bank of Boston published an article entitled, "How should organizations handle the switch to a hybrid work environment?"

Conference of State Bank Supervisors

Blog Post: Inflation Overtakes Cyberattacks and Regulation as Community Bankers' Top Concern

April 19, 2022

The Conference of State Bank Supervisors published a blog post entitled, "Inflation Overtakes Cyberattacks and Regulation as Community Bankers' Top Concern."

Office of the Comptroller of the Currency

Remarks: Acting Comptroller Discusses Expanding Access to Homeownership for Minorities

April 19, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed expanding access to homeownership for minorities at the Black Homeownership Collaborative's Fair Housing Month Virtual Forum.

Fannie Mae

Economic Growth Forecast Downgraded as 'Soft Landing' Appears Increasingly Unlikely

April 19, 2022

Fannie Mae's Economic and Strategic Research Group issued their April 2022 commentary finding that expectations of aggressive monetary policy tightening through 2023 by the Federal Reserve are likely to further soften economic output already being weighed down by decades-high inflation and the ongoing effects stemming from the Russian invasion of Ukraine.

U.S. Department of Education

Department of Education Announces Actions to Fix Issues in the Student Loan Programs

April 19, 2022

The Department of Education announced steps that will bring borrowers closer to public service loan and income-driven repayment (IDR) forgiveness by addressing issues in the administration of the federal student loan programs.

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

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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