PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 6, 2022
April 06, 2022
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Keeping Markets Fair: Considering Insider Trading Legislation
April 5, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Keeping Markets Fair: Considering Insider Trading Legislation."
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Russia-Based Hydra, World's Largest Darknet Market, and Ransomware-Enabling Virtual Currency Exchange Garantex
April 5, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control sanctioned the world's largest and most prominent darknet market, Hydra Market, and virtual currency exchange Garantex.
Federal Reserve Board
Speech: Variation in the Inflation Experiences of Households
April 5, 2022
Governor Lael Brainard gave a speech entitled, "Variation in the Inflation Experiences of Households," at the Spring 2022 Institute Research Conference, Opportunity and Inclusive Growth Institute, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota.
Federal Reserve Bank of New York
New York Fed Launches Innovation Advisory Council
April 5, 2022
The Federal Reserve Bank of New York today launched the Innovation Advisory Council (IAC), a new advisory group. The primary goal of the IAC is to present views and perspectives to the New York Fed on emerging issues related to financial technologies and digital innovation, the application and market impact of these technologies, and the potential impact on the New York Fed's ability to achieve its mission.
Federal Reserve Bank of Boston
Report: Good if you can get it: Benefits and inequalities in the expansion of paid sick leave during COVID-19
April 5, 2022
The Federal Reserve Bank of Boston released a report entitled, "Good if you can get it: Benefits and inequalities in the expansion of paid sick leave during COVID-19."
Office of the Comptroller of the Currency
Home Mortgage Disclosure Act: FFIEC's 2022 "A Guide to HMDA Reporting: Getting It Right!"
April 5, 2022
The Office of the Comptroller of the Currency announced the issuance of the Federal Financial Institutions Examination Council's revised "A Guide to HMDA Reporting: Getting It Right!"
Securities and Exchange Commission
Remarks at 2022 Small Business Forum
April 5, 2022
Commissioner Hester M. Peirce gave remarks at the 2022 Small Business Forum addressing small business capital raising.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Makes Additional $3.3 Million in American Rescue Plan Funds Available to Fight Housing Discrimination Related to the Coronavirus Pandemic
April 5, 2022
The U.S. Department of Housing and Urban Development (HUD) announced that it is making an additional $3.3 million in American Rescue Plan funding available to help HUD's Fair Housing Initiatives Program agencies combat housing discrimination related to the COVID-19 pandemic.
Bank Policy Institute
Banks, Credit Unions and Consumer Groups Call for Passage of Bipartisan Solution to Close the so-called ILC Loophole
April 5, 2022
A broad coalition of bank and credit union associations and consumer organizations submitted a letter to the U.S. House Committee on Financial Services urging passage of the Close the ILC Loophole Act, introduced by Representatives Chuy Garcia (D-IL) and Lance Gooden (R-TX).
International
European Commission
Press statement by President von der Leyen on the fifth round of sanctions against Russia
April 5, 2022
European Commission President von der Leyen gave a statement outlining the six pillars of the fifth sanctions package against Russia, including:
i. a ban on coal imports from Russia;
ii. a full transaction bank on four banks;
iii. a ban on Russian vessels and Russian-operated vessels in EU ports;
iv. an export bank on certain technology to Russia;
v. an import bank on certain products from Russian and Belarus; and
vi. targeted measures precluding EU participation in Russian companies and other financial support.
European Banking Authority
EBA publishes final Report on the amendment of its technical standards on the exemption to strong customer authentication for account access
April 5, 2022
The European Banking Authority published today its final Report on the amendment of its Regulatory technical standards on strong customer authentication and secure communication under the Payment Services Directive.
EBA launches survey for banks on the application of the infrastructure supporting factor
April 5, 2022
The European Banking Authority launched a survey for banks on their experiences with the application of the so-called infrastructure supporting factor in accordance with the Capital Requirement Regulation.
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
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa cook (March 29, 2022)
Federal Reserve Bank of New York
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.