PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, February 9, 2022
February 08, 2022
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."
- Committee Memorandum
- Hearing Page
- Treasury Under Secretary Liang Testimony
- Committee Chair Waters Statement
- Bank Policy Institute Statement
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
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
Federal Reserve Bank of New York
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.