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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, April 6, 2022

April 06, 2022

By 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

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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