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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update --Wednesday, June 8, 2022

June 08, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Brown Presses FSOC to Protect Consumer Data

June 7, 2022

Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Treasury Secretary Janet Yellen to request a review by the Financial Stability Oversight Council of financial institutions' consumer data activities and their potential threat to U.S. financial stability and security.

U.S. House of Representatives

Committee on Financial Services

Waters, Green, and Subcommittee Chairs Request Data on Chattel Slavery Financing from Top U.S. Banks and Insurance Companies

June 7, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congressman Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations, and all Subcommittee Chairs, sent requests to the nation's top ten U.S. banks, top five U.S. property and casualty insurance companies, and top five U.S. life insurance companies to inquire about their historical involvement in the financing of slavery in the United States.

Federal Agencies

U.S. Department of the Treasury

Treasury Announces First Capital Projects Fund Awards to Increase Access to Affordable, High-Speed Internet

June 7, 2022

The U.S. Department of the Treasury announced the first group of plans approved under the American Rescue Plan's Coronavirus Capital Projects Fund.

Secretary Yellen Testifies Before the Senate Committee on Finance on the President's Fiscal Year 2023 Budget

June 7, 2022

Secretary of the Treasury Janet L. Yellen testified at a hearing before the U.S. Senate Committee on Finance entitled, "The President's Fiscal Year 2023 Budget."

Readout: U.S. Department of the Treasury and the Office of the U.S. Special Presidential Envoy for Climate (SPEC) Host Discussion on Enhancing the Impact of Net-Zero Finance Commitments

June 7, 2022

The U.S. Department of the Treasury and the Office of the U.S. Special Presidential Envoy for Climate hosted an informal discussion among organizations engaged in work on financial sector net-zero commitments.

Federal Deposit Insurance Corporation

FDIC State Profiles

June 7, 2022

The Federal Deposit Insurance Corporation published the First Quarter 2022 FDIC State Profiles.

Consumer Financial Protection Bureau

Data Spotlight: Financial well-being in America, from 2017 to 2020

June 7, 2022

The Consumer Financial Protection Bureau published a data spotlight entitled, "Financial well-being in America, from 2017 to 2020."

National Credit Union Administration

Quarterly Data Summary Report: Growth in Lending, Assets, Insured Shares Reported in First Quarter of 2022

June 7, 2022

The National Credit Union Administration released the Quarterly Data Summary Report for the first quarter of 2022, showing that total loans outstanding in federally insured credit unions increased $136 billion, or 11.7%, over the year ending in the first quarter of 2022, to $1.30 trillion. During the same period, total assets rose by $169 billion, or 8.7%, to $2.12 trillion. Insured shares and deposits rose $125 billion, or 8.0%, to $1.69 trillion, from one year earlier.

International

European Commission

Commission welcomes political agreement on Gender Balance on Corporate Boards

June 7, 2022

The European Commission welcomed the political agreement reached between the European Parliament and the Council on the Directive on improving the gender balance among non-executive directors of listed companies proposed by the Commission in 2012.

Commission welcomes political agreement on adequate minimum wages for workers in the EU

June 7, 2022

The European Commission welcomed the political agreement reached between the European Parliament and the EU Member States on the Directive on adequate minimum wages proposed by the Commission in October 2020.

European Banking Authority

EBA consults on Guidelines to resolution authorities on the publication of their approach to implementing the bail-in tool

June 7, 2022

The European Banking Authority launched a public consultation on its draft Guidelines addressed to resolution authorities for the publication of their approach to implementing the bail-in tool.

Bank of England

External business of Monetary Financial Institutions operating in the UK - 2022 Q1

June 7, 2022

The Bank of England released statistics on the external business of Monetary Financial Institutions operating in the UK during Q1 2022.

UK International Reserves - May 2022

June 7, 2022

The Bank of England released the UK International Reserves data for May 2022.

UK Financial Conduct Authority

Policy Statement: Preventing claims management phoenixing by financial services firms

June 7, 2022

The Financial Conduct Authority published a policy statement entitled, "Preventing claims management phoenixing by financial services firms."

Feedback Statement: Pensions consumer journey

June 7, 2022

The Financial Conduct Authority published a feedback statement entitled, "Pensions consumer journey."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022)

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)

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 – 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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