PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update --Wednesday, January 19, 2022

January 19, 2022

FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for November

January 18, 2022

The U.S. Department of the Treasury released Treasury International Capital data for November 2021. The next release, which will report on data for December 2021, is scheduled for February 15, 2022.

Federal Reserve Board

Federal Reserve Board Releases Results of Survey of Senior Financial Officers at Banks about Their Strategies and Practices for Managing Reserve Balances

January 18, 2022

The Federal Reserve Board (Board) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management strategies and practices. The survey includes responses from banks that held approximately three quarters of total banking system reserve balances at the time of the survey.

Federal Reserve Bank of New York

At a Glance: Findings from the December SCE Public Policy Survey

January 18, 2022

The Federal Reserve Bank of New York published its December 2021 Survey of Consumer Expectations. The average probability assigned to an increase in housing assistance over the next twelve months retreated to 41% in December, after reaching a series high of 52% in August. The decline was broad-based across age, education and income groups.

Conference of State Bank Supervisors

State Regulators Settle with Hundreds of Mortgage Loan Originators over SAFE Act Education Requirements

January 18, 2022

Forty-four state financial agencies, led by the California Department of Financial Protection and Innovation, have reached settlements with more than 400 mortgage loan originators nationwide who claimed to have completed annual continuing education as required under state and federal law.

Federal Deposit Insurance Corporation

You're Invited - Advancing Diversity and Inclusion Across Financial Services

January 18, 2022

The Federal Deposit Insurance Corporation (FDIC) is having a conversation about advancing diversity and inclusion across the financial services sector and the important role of minority depository institutions in creating jobs, growing small businesses and building wealth in low- and moderate-income communities on January 21, at 11 a.m. Eastern. Leaders from the FDIC and the National Bankers Association will discuss ongoing efforts to preserve and promote minority depository institutions and ensure access to capital and other resources that support economic development and mobility in minority communities.

National Credit Union Administration

Letter: NCUA's 2022 Supervisory Priorities

January 18, 2022

National Credit Union Administration (NCUA) Chairman Todd M. Harper wrote a letter to federal insured credit unions outlining NCUA's supervisory priorities and other aspects of NCUA's examination program for 2022.

U.S. Small Business Administration

Report: SBA OIG Report 22-07: SBA's Oversight of the Grant Recipient's Implementation of the CARES Act Resource Partners Training Portal

January 18, 2022

The Office of Inspector General evaluated the Small Business Administration's (SBA) handling of the grant to train small businesses on federal resources available in the wake of the COVID-19 pandemic and published a report titled, "SBA's Oversight of the Grant Recipient's Implementation of the CARES Act Resource Partners Training Portal."


European Banking Authority

Paper: EBA Publishes a Discussion Paper on its Preliminary Observations on Selected Payment Fraud Data under the Payment Services Directive

January 17, 2022

The European Banking Authority (EBA) published a discussion paper on its preliminary observations on selected payment fraud data under the Payment Services Directive (PSD2), as reported by the industry for the years 2019 and 2020. The paper presents the main findings related to three payment instruments: credit transfers, card-based payments and cash withdrawals and also outlines other patterns that appear to be inconclusive and that would benefit from comments and views from market stakeholders. The responses to the questions raised in the Discussion Paper will support the EBA, the European Central Bank and national authorities in interpreting the fraud data that will be reported in future years.

EBA Confirms the Continued Application of COVID-19 Related Reporting and Disclosure Requirements until Further Notice

January 17, 2022

Following the uncertainty over COVID-19 developments, the European Banking Authority confirms the need to continue monitoring exposures and the credit quality of loans benefitting from various public support measures. To facilitate such monitoring, the guidelines on the reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis continue to apply until further notice.

UK Financial Conduct Authority

FCA Confirms Approach to European Firms Temporarily Operating in the UK

January 18, 2022

European firms wishing to remain in the temporary permissions regime need to meet the Financial Conduct Authority's standards to continue operating in the UK.

Administration Changes


Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022
  • Governor – Lisa Cook nominated January 14, 2022
  • Governor – Phillip Jefferson, nominated January 14, 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

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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