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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, February 2, 2022

February 02, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Secretary Yellen Meets with Puerto Rico's Governor Pierluisi

February 1, 2022

Janet L. Yellen, Secretary of the U.S. Department of the Treasury, met with Governor Pedro Pierluisi of Puerto Rico to discuss the island's economic progress and recovery from the COVID-19 pandemic.

Federal Reserve Bank of Boston

Boston Fed Publishes Working Paper on Job Displacement and Sectoral Mobility

February 1, 2022

The Federal Reserve Bank of Boston released a working paper entitled "Job Displacement and Sectoral Mobility" by Osborne Jackson, a Reserve Bank economist. The paper examines the relationship between job displacement and sectoral mobility for long-tenured workers in the U.S. over the 1996-2019 period.

Conference of State Bank Supervisors

CSBS Blog Series Examines Community Bankers' Perspectives on Technology

February 1, 2022

The Conference of State Bank Supervisors (CSBS) published the first of a seven-part blog series entitled "Adapting to the Digital Age: Community Bankers' Perspectives on Technology". In the blog series, CSBS explores how community banks are adapting to a changing digital landscape by analyzing banking and technology questions from the 2021 CSBS National Survey of Community Banks.

Federal Deposit Insurance Corporation

FDIC and FinCEN Open Registration for Digital Identity Tech Sprint

February 1, 2022

The Federal Deposit Insurance Corporation and Financial Crimes Enforcement Network opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—i.e., the process used to collect, validate, and verify information about a person.

International

European Banking Authority

EBA Selects Marilin Pikaro as Innovation, Conduct and Consumers Department Director

February 1, 2022

The European Banking Authority (EBA) selected Marilin Pikaro to become the Director of its Innovation, Conduct and Consumers Department. Ms. Pikaro will be responsible for the EBA's thematic and policy work on digital finance and information and communication technology and security risks, consumer protection, and Anti-Money Laundering and Countering the Financing of Terrorism.

Administration Changes

Vacancies

Federal Reserve Board

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

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg will become Acting Chair as of February 1, 2022
  • 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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