PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, January 26, 2022
January 26, 2022
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Letter: Senator Toomey Raises Concerns Over Fed Nominees' Lack of Geographical and Professional Diversity
January 25, 2022
U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) wrote a letter to the President regarding the lack of diversity in geography and professional experience in the recent slate of nominees to serve on the Board of Governors of the Federal Reserve System.
U.S. House of Representatives
Committee on Financial Services
Committee on Financial Services Announces February Committee Schedule
January 25, 2022
The House Committee on Financial Services, announced the following schedule for the month of February:
- February 2 at 10:00 AM E.T.: "Housing America: Addressing Challenges in Serving People Experiencing Homelessness"
- February 3 at 10:00 AM E.T.: "Building Opportunity: Addressing the Financial Barriers to Minority and Women-Owned Businesses' Involvement in Infrastructure Projects"
- February 8 at 10:00 AM E.T.: "Digital Assets and the Future of Finance: The President's Working Group on Financial Markets' Report on Stablecoins"
- February 16 at 12:00 PM E.T.: "An Unprecedented Investment for Historic Results: How Federal Support for MDIs and CFDIs Have Launched a New Era for Disadvantaged Communities"
- February 17 at 12:00 PM E.T.: "The Role of the IMF in a Changing Global Landscape"
- February 17 at 3:00 PM E.T.: "Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery"
- Press Release
Committee on Small Business
Letter: Congresswomen Velázquez and Chu Urge SBA to Utilize Shuttered Venue Grant Operator to Help Small Businesses Hurt by Omicron
January 25, 2022
Nydia M. Velázquez (D-NY), Chairwoman of the House Small Business Committee, and Congresswoman Judy Chu (D-CA) penned a letter to the Small Business Administration (SBA) calling on the SBA to continue efforts to help live venues through the Shuttered Venue Grant Operator (SVOG) program. To date, the SVOG program has delivered $14 billion in emergency grants to theatres, concert venues, and other entities that rely on in-person events. However, the program currently has $2 billion in unspent funds sitting in its coffers.
Federal Agencies
U.S. Department of the Treasury
Statement: Remarks by Secretary of the Treasury Janet L. Yellen at the President's Interagency Task Force to Monitor and Combat Trafficking in Persons Meeting
January 25, 2022
Secretary of the Treasury Janet L. Yellen gave prepared remarks at the President's Interagency Task Force to Monitor and Combat Trafficking in Persons Meeting.
Statement: Remarks by Assistant Secretary for Tax Policy Lily Batchelder at the New York State Bar Association's Annual Meeting
January 25, 2022
Assistant Secretary for Tax Policy Lily Batchelder gave prepared remarks at the New York State Bar Association's Annual Meeting.
Conference of State Bank Supervisors
Community Bankers Expect Declining Profitability Yet Plan to Expand
January 25, 2022
The Conference of State Bank Supervisors fourth quarter 2021 Community Bank Sentiment Index indicates that community bankers are slightly more optimistic than they were in the previous quarter, but expectations on future profitability have fallen to the lowest level recorded since the survey's inception in 2019.
Federal Deposit Insurance Corporation
Report: Construction and Evaluation of a Net Stable Funding Ratio Proxy Using Publicly Available Data
January 25, 2022
The Federal Deposit Insurance Corporation published a staff study report titled, "Construction and Evaluation of a Net Stable Funding Ratio Proxy Using Publicly Available Data."
Ginnie Mae
Report: 2021 Annual Report
January 25, 2022
Ginnie Mae published its 2021 Annual Report.
State Agencies
New York State Department of Financial Services
Statement: Adrienne A. Harris Following New York State Senate Confirmation of Her Appointment as Superintendent of Financial Services
January 25, 2022
Adrienne A. Harris gave a statement after the New York State Senate voted to confirm Ms. Harris as Superintendent of the New York State Department of Financial Services.
International
Bank of England
BIS Innovation Hub to Focus on CBDC, Payments, DeFi and Green Finance in 2022 Work Program
January 25, 2022
In 2022, the Bank for International Settlements Innovation Hub will launch new projects into central bank digital currencies, next generation payments systems and decentralized finance, expanding its portfolio of explorations seeking to develop new technological public goods for central banks. The Innovation Hub's work program will also see new projects in green finance, regulatory and supervisory technology and cyber security.
UK Financial Conduct Authority
FCA Publishes Guidance Consultation for Firms Who Seek to Limit Their Liabilities
January 25, 2022
Firms using company or insolvency law to manage their liabilities have been warned they could face assertive action by the Financial Conduct Authority if their proposals unfairly benefit them at the expense of their customers.
Administration Changes
Vacancies
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
- 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)
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.