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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, July 20, 2022

July 20, 2022

By FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Oversight of the SEC's Division of Enforcement

July 19, 2022

The U.S. House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing entitled, "Oversight of the SEC's Division of Enforcement."

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Choo Kyung-ho

July 19, 2022

Secretary of the Treasury Janet L. Yellen attended a bilateral meeting with Choo Kyung-Ho, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea.

Remarks by Secretary of the Treasury Janet L. Yellen at LG Sciencepark

July 19, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at LG Sciencepark.

Secretary of the Treasury Janet L. Yellen's Meeting with Women Entrepreneurs in Seoul

July 19, 2022

Secretary of the Treasury Janet L. Yellen hosted a roundtable discussion in Seoul, Republic of Korea, with women entrepreneurs and business leaders.

Federal Reserve Board

Federal Reserve Board invites comment on proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year

July 19, 2022

The Federal Reserve Board on Tuesday invited comment on a proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year.

Paper: Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?

July 19, 2022

The Federal Reserve Board published a paper entitled, "Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?"

Speech: Strengthening the CRA: A Conversation with Representatives of Native Communities

July 19, 2022

Federal Reserve Board Vice Chair Lael Brainard gave a speech at the National Native Coalition Virtual Series on the Community Reinvestment Act Notice of Proposed Rulemaking entitled, "Strengthening the CRA: A Conversation with Representatives of Native Communities."

Conference of State Bank Supervisors

Blog Post: How Low Will Confidence Go?

July 19, 2022

The Conference of State Bank Supervisors published a blog post entitled, "How Low Will Confidence Go?", addressing the Community Bank Sentiment Index.

Consumer Financial Protection Bureau

Blog Post: Using special purpose credit programs to serve unmet credit needs

July 19, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Using special purpose credit programs to serve unmet credit needs."

International

Bank of England
Bank of England Prudential Regulation Authority

Publication of a new Prudential and Resolution Policy Index

July 19, 2022

The Bank of England and Prudential Regulation Authority jointly published an Index of Prudential and Resolution Policies.

Bank of England

Speech: Bringing inflation back to the 2% target, no ifs no buts

July 19, 2022

Bank of England Governor Andrew Bailey gave a speech at the Mansion House Financial and Professional Services Dinner entitled, "Bringing inflation back to the 2% target, no ifs no buts."

UK Financial Conduct Authority

The FCA welcomes the Secondary Capital Raising Review Report

July 19, 2022

The Financial Conduct Authority issued a statement welcoming the publication of Mark Austin's Secondary Capital Raising Review final report, which was commissioned by the Government in October 2021.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Vacant

Office of the Comptroller of the Currency

  • Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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, (confirmed May 25, 2022)

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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