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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, February 9, 2022

February 08, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Digital Assets and the Future of Finance: The President's Working Group on Financial Markets' Report on Stablecoins

February 8, 2022

The U.S. House Committee on Financial Services held a hearing titled, "Digital Assets and the Future of Finance: The President's Working Group on Financial Markets' Report on Stablecoins."

Federal Agencies

Federal Reserve Board

Federal Deposit Insurance Corporation

Commodity Futures Trading Commission

Securities and Exchange Commission

Joint Readout of Principals' Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution

February 8, 2022

Senior officials from the Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission and Federal Reserve Board convened a meeting to discuss certain issues relating to the resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017 to share views on CCP resolution and review the progress of an ongoing program of joint work among the agencies.

Federal Reserve Bank of New York

Report: Robust Mortgage and Auto Loan Originations Help Drive Total Household Debt to $15.58 Trillion in Q4 2021

February 8, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit. The report shows that total household debt increased by $333 billion (2.2%) to $15.58 trillion in the fourth quarter of 2021. The total debt balance reflects an increase of $1 trillion during 2021 and is $1.4 trillion higher than at the end of 2019. In nominal terms, the 2021 total increase in overall debt is the largest seen since 2007. The report is based on data from the New York Fed's nationally representative Consumer Credit Panel.

Report: Mortgage-Backed Securities

February 8, 2022

The Federal Reserve Bank of New York published a report titled, "Mortgage-Backed Securities." The paper reviews the mortgage-backed securities (MBS) market, with a particular emphasis on agency residential MBS in the United States.

Car Prices Drive Up Borrowing

February 8, 2022

The Federal Reserve Bank published a Liberty Economics blog post titled, "Car Prices Drive Up Borrowing."

Federal Reserve Bank of Boston

Paper: Interest Rate Surprises: A Tale of Two Shocks

February 8, 2022

The Federal Reserve Bank of Boston published a working paper titled, "Interest Rate Surprises: A Tale of Two Shocks."

Conference of State Bank Supervisors

Adapting to the Digital Age: Competitive Forces

February 8, 2022

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

COVID-19 Consumer Resources

February 8, 2022

The Conference of State Bank Supervisors published a blog post titled, "COVID-19 Consumer Resources."

Financial Crimes Enforcement Network

Statement: FinCEN Statement Regarding Beneficial Ownership Information Reporting and Next Steps

February 8, 2022

The Financial Crimes Enforcement Network (FinCEN) released a statement noting that the comment period to the December 8, 2021 notice of proposed rulemaking requiring the reporting of beneficial ownership information has closed. FinCEN received more than 230 comments.

International

European Commission

Capital Markets Union: Commission Extends Time-limited Equivalence for UK Central Counterparties and Launches Consultation to Expand Central Clearing activities in the EU

February 8, 2022

The European Commission adopted a decision to extend equivalence for UK central counterparties until June 30, 2025. This decision will ensure the European Union's financial stability in the short-term.

Digital Sovereignty: Commission Proposes European Chips Act to Confront Semiconductor Shortages and Strengthen Europe's Technological Leadership

February 8, 2022

The European Commission proposes a comprehensive set of measures to ensure the EU's security of supply, resilience and technological leadership in semiconductor technologies and applications. The European Chips Act will bolster Europe's competitiveness, resilience and help achieve both the digital and green transition.

UK Financial Conduct Authority

Speech: Enhancing the UK's Capital Markets – The FCA's Role and Priorities

February 8, 2022

Sarah Pritchard, Executive Director of Markets at the Financial Conduct Authority (FCA), gave a speech titled, "Enhancing the UK's Capital Markets – The FCA's Role and Priorities," to the City & Financial Global – The Future of UK Financial Regulation Summit.

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 as of February 4, 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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