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Daily Financial Regulation Update -- Wednesday, January 12, 2022

January 12, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Nomination Hearing

January 11, 2022

The Committee on Banking, Housing, and Urban Affairs conducted a hearing on the nomination of Chairman Powell to serve a second term as Chairman of the Board of Governors of the Federal Reserve System.

Federal Agencies

Federal Reserve Board

Minutes of the Board's Discount and Advance Rates at Meetings on December 6 and December 15, 2021

January 11, 2022

The Federal Reserve Board released the minutes of discount and advance rate meetings on December 6, 2021 and December 15, 2021.

Federal Reserve Bank of New York

Blog Post: How the Fed's Overnight Reverse Repo Facility Works

January 11, 2022

The Federal Reserve Bank of New York published a Liberty Economics blog post titled, "How the Fed's Overnight Reverse Repo Facility Works."

Conference of State Bank Supervisors

Community Bankers' Economic Outlook Inches Up Amid Ongoing Concerns

January 11, 2022

According to the most recent Community Bank Sentiment Index published by the Conference of State Bank Supervisors, community bankers are slightly more optimistic about future business conditions and the economic outlook than they were at the end of last year but are more concerned about future profitability than at any point since the pandemic began.

Federal Deposit Insurance Corporation

FDIC and FinCEN Launch Digital Identity Tech Sprint

January 11, 2022

The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing – the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC's tech lab and FinCEN seek to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.

 

International

European Commission

UK Financial Conduct Authority

FCA to Review Competition Concerns in Wholesale Data Markets

January 11, 2022

The Financial Conduct Authority (FCA) will launch 2 market studies and gather further information to investigate access to wholesale data. In response to a call for input, the FCA heard concerns that limited competition in the markets for benchmarks and indices, credit ratings and trading data may increase costs for investors and affect investment choices.

FCA Has Decided to Register the First UK Securitisation Repositories

January 11, 2022

The Financial Conduct Authority (FCA) announced that it has completed its assessment of applications received from European DataWarehouse Ltd and SecRep Limited as Securitization Repositories (SRs) under the UK Securitization Regulation and has decided to register both entities with effect from January 17, 2022.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair
  • Vice Chair for Supervision

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

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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