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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, February 16, 2022

February 16, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Examining the President's Working Group on Financial Markets Report on Stablecoins

February 15, 2022

The Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, "Examining the President's Working Group on Financial Markets Report on Stablecoins."

Federal Agencies

Federal Reserve Board

Paper: Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms

February 15, 2022

The Federal Reserve Board published a paper titled, "Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms."

Paper: Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges

February 15, 2022

The Federal Reserve Board published a paper titled, "Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges."

Federal Reserve Bank of New York

Report: Empire State Manufacturing Survey

February 15, 2022

The Federal Reserve Bank of New York published its February 2022 Empire State Manufacturing Survey.

Federal Reserve Bank of Boston

Paper: Racial Wealth Disparities: Reconsidering the Roles of Human Capital and Inheritance

February 15, 2022

The Federal Reserve Bank of Boston published a paper titled, "Racial Wealth Disparities: Reconsidering the Roles of Human Capital and Inheritance."

Conference of State Bank Supervisors

Adapting to the Digital Age: Community Bank Tech Usage

February 15, 2022

The Conference of State Bank Supervisors published a blog post titled, "Adapting to the Digital Age: Community Bank Tech Usage."

Federal Deposit Insurance Corporation

FDIC Releases Economic Scenarios for 2022 Stress Testing

February 15, 2022

The Federal Deposit Insurance Corporation released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion.

Office of the Comptroller of the Currency

Acting Comptroller of the Currency Launches Project REACh Efforts in Detroit

February 15, 2022

Acting Comptroller of the Currency Michael J. Hsu joined civic leaders, community advocates and bankers to launch Detroit REACh, the Roundtable for Economic Access and Change.

Consumer Financial Protection Bureau

Bulletin: CFPB Takes Action to Halt Prepaid Card Providers and Government Benefits

February 15, 2022

The Consumer Financial Protection Bureau issued a compliance bulletin reiterating existing prohibitions against prepaid cards being the sole method for distributing government benefits. The bulletin underscores rules intended to protect market competition and to protect consumers' right to have a choice in how they receive their money under the Electronic Fund Transfer Act.

FINRA

Notice: FINRA Adopts Amendments to FINRA Rule 2165

February 15, 2022

The Financial Industry Regulatory Authority adopted amendments to Rule 2165 (Financial Exploitation of Specified Adults) to permit member firms to: (1) place a hold on a securities transaction (in addition to the already-permitted hold on a disbursement of funds or securities) where there is a reasonable belief of financial exploitation; and (2) extend a temporary hold on a disbursement or transaction for an additional 30 business days, beyond the current maximum of 25 business days (for a total of 55 business days), if the member firm has reported the matter to a state regulator or agency, or a court of competent jurisdiction. The amendments become effective March 17, 2022.

U.S. Small Business Administration

Report: SBA's Business Development Assistance to 8(a) Program Participants

February 15, 2022

The U.S. Small Business Administration (SBA) released a report titled, "SBA's Business Development Assistance to 8(a) Program Participants."

Frequently Asked Questions about Small Business Finance, 2022

February 15, 2022

The Office of Advocacy of the U.S. Small Business Administration released the annual update to its Small Business Finance Frequently Asked Questions.

Freddie Mac

Freddie Mac Announces First Automated Assessment of Direct Deposit Income

February 15, 2022

Freddie Mac announced it will launch a new, automated capability that allows mortgage lenders to assess a prospective homebuyer's income paid through direct deposit to reduce the paper documentation burden on borrowers so they can close loans faster and simplify the lending process.

Ginnie Mae

Ginnie Mae Takes a Key Step on Sustainable Investing with Enhanced Multifamily MBS "Green" Disclosure

February 15, 2022

Ginnie Mae announced that it is adding a "Green Status" field to its multifamily disclosure, giving investors information that supports their sustainable investing decisions and solutions. The new disclosure supports the goals outlined in the November 2021 Climate Action Plan from the Department of Housing and Urban Development and aligns with the Biden-Harris Administration's government-wide effort to address climate change while creating economic opportunity.

International

European Commission

Press Release on the EU Participation to the Small Group of Foreign Ministers Meeting to Coordinate Enhanced COVID-19 Response

February 15, 2022

In the COVID-19 Global Action Meeting, convened by U.S. Secretary of State Anthony Blinken and gathering the EU, represented by Commissioner Jutta Urpilainen, and other partner countries, participants discussed a "COVID-19 Global Action Plan."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing held on February 3, 2022)
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022)

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman

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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