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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, February 23, 2022

February 23, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Imposes Immediate Economic Costs in Response to Actions in the Donetsk and Luhansk Regions

February 22, 2022

The United States is taking action to respond to President Vladimir Putin's decision to recognize the so-called Donetsk and Luhansk People's Republics (DNR and LNR) as "independent" states and to deploy troops to these regions by sanctioning two major Russian state-owned financial institutions, imposing additional restrictions on Russian sovereign debt, and sanctioning five Kremlin-connected elites. This action from the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) builds on yesterday's Executive Order imposing severe restrictions on economic activity with the DNR and LNR regions of Ukraine.

Federal Reserve Board

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

Consumer Financial Protection Bureau

Department of Housing and Urban Development

Department of Justice

Federal Housing Finance Agency

Interagency Statement: Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B

February 22, 2022

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, the Department of Housing and Urban Development, the Department of Justice and the Federal Housing Finance Agency are issuing an interagency statement to remind creditors of the ability under the Equal Credit Opportunity Act (ECOA) and Regulation B to establish special purpose credit programs to meet the credit needs of specified classes of persons. Many financial institutions have publicly committed billions of dollars to better meet the needs of underserved communities, and the statement calls attention to the special purpose credit options under ECOA and Regulation B.

Minutes of the Board's Discount Rate Meetings on January 18 and January 26, 2022

February 22, 2022

The Federal Reserve Board released the minutes of its discount rate meetings from January 18 and January 26, 2022.

Conference of State Bank Supervisors

Blog: Adapting to the Digital Age: Tech - Opportunity or Threat?

February 22, 2022

The Conference of State Bank Supervisors published a blog post titled, "Adapting to the Digital Age: Tech – Opportunity or Threat?"

Office of the Comptroller of the Currency

Community Reinvestment Act: Frequently Asked Questions Regarding the Final Rule to Rescind the OCC's June 2020 CRA Rule

February 22, 2022

The Office of the Comptroller of the Currency (OCC) issued responses to frequently asked questions about the December 2021 final rules to rescind the OCC's Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule). The December 2021 CRA final rule, effective January 1, 2022, replaced the June 2020 CRA rule with provisions largely based on the rules adopted jointly by the OCC, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation in 1995, as revised.

Securities and Exchange Commission

Statement: The FASB's Agenda Consultation: Engagement with Investors and Other Stakeholders Vital to Development of High Quality Accounting Standards

February 22, 2022

U.S. Securities and Exchange Commission's Acting Chief Accountant Paul Munter released a statement titled," Statement on the Financial Accounting Standards Board's Agenda Consultation: Engagement with Investors and Other Stakeholders Vital to Development of High Quality Accounting Standards."

Consumer Financial Protection Bureau

Blog: Using Special Purpose Credit Programs to Serve Unmet Credit Needs

February 22, 2022

The Consumer Financial Protection Bureau published a blog post titled, "Using Special Purpose Credit Programs to Serve Unmet Credit Needs."

International

European Banking Authority

EBA Publishes Annual Assessment of Banks' Internal Approaches for the Calculation of Capital Requirements

February 22, 2022

The European Banking Authority published its reports on the annual market and credit risk benchmarking exercises. These exercises aim at monitoring the consistency of risk weighted assets (RWAs) across all EU institutions authorized to use internal approaches for the calculation of capital requirements.

Bank of England

Speech: Shocks, Uncertainty, and the Monetary Policy Response

February 22, 2022

Deputy Governor for Markets, Banking and Resolution at the Bank of England Dave Ramsden gave a speech titled, "Shocks, Uncertainty, and the Monetary Policy Response."

UK Financial Conduct Authority

New Financial Sanctions Measures in Relation to Russia

February 22, 2022

The UK announced a tranche of sanctions on Russia following the Prime Minister's statement to the House of Commons on February 22, 2022.

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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