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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, March 16, 2022

March 16, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Advancing Public Transportation Under the Bipartisan Infrastructure Law

March 15, 2022

The Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled "Advancing Public Transportation under the Bipartisan Infrastructure Law."

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Russians Connected to Human Rights Violations and Leader of Belarus

March 15, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control designated four individuals and one entity pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012. These sanctions targets were involved in concealing events surrounding the death of Russian whistleblower Sergei Magnitsky, or were connected to violations of human rights against Russian human rights defender Oyub Titiev. Treasury is also re-designating Alyaksandr Lukashenka of Belarus, the head of the government in Belarus and newly designating his wife pursuant to Executive Order 13405.

Federal Reserve Bank of New York

Report: Empire State Manufacturing Survey

March 15, 2022

The Federal Reserve Bank of New York published its March 2022 Empire State Manufacturing Survey.

Conference of State Bank Supervisors

Adapting to the Digital Age: Community Bankers' View of Technology

March 15, 2022

The Conference of State Bank Supervisors released its seventh and final installment of its seven-part series exploring how community banks are adapting to a changing digital landscape by analyzing banking and technology questions from the 2021 CSBS National Survey of Community Banks. This installment shares interview responses with community bankers from around the nation on their views about technology.

Federal Deposit Insurance Corporation

Rescission of Statement on Part 363 Annual Reports in Response to the Coronavirus

March 15, 2022

The Federal Deposit Insurance Corporation, in consultation with federal and state financial regulators, announced that is rescinding Financial Institution Letter FIL-30-2020, State on Part 363 Annual Reports in Response to the Coronavirus. FIL30-2020 provided an additional 45 days for insured depository institutions subject to Part 363 of the FDIC's regulations to file their Part 363 Annual Reports and Other Reports and Notices.

Securities and Exchange Commission

Commissioner Allison Herren Lee Announces =Departure from the SEC

March 15, 2022

Commissioner Allison Herren Lee has announced that her term as Commissioner expires in June of this year and that she has notified President Biden of her intention to step down from the Commission once her successor has been confirmed.

National Credit Union Administration

NCUA Releases Q4 2021 State Credit Union Data Report

March 15, 2022

The National Credit Union Administration has released its latest Quarterly U.S. Map Review which shows that federally insured credit unions, overall, experienced continued growth in assets and loans during 2021, an increase in return on average assets, and a decline in total delinquency rate.

U.S. Small Business Administration

SBA Announces Key Policy Change: Existing COVID Economic Injury Disaster Loan Program Borrowers to Receive an Additional Deferment

March 15, 2022

The U.S. Small Business Administration has announced a new policy providing additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID-19 EIDL loans.

U.S. Small Business Administration and Public Private Strategies Institute Announce Launch of New Engagement Series, Building a Better America: A Small Business Resource Community

March 15, 2022

The U.S. Small Business Administration and Public Private Strategies Institute announced the launch of Building a Better America: A Small Business Resource Community, a new engagement series geared toward connecting America's 32.5 million small businesses with critical resources and information about the Biden-Harris Administration's efforts to support entrepreneurs.

SBA Announces National Small Business Week: Building a Better America Through Entrepreneurship

March 15, 2022

The U.S. Small Business Administration has announced that National Small Business Week (NSBW): Building a Better America Through Entrepreneurship will take place May 1-7, 2022.

International

European Commission

Ukraine: EU agrees fourth package of restrictive measures against Russia

March 15, 2022

The European Commission announced its support for the European Union Council's agreement to adopt a fourth package of restrictive measures against Russia in response to its invasion of Ukraine.

Bank of England Prudential Regulation Authority

Bank of England Prudential Regulation Authority Proposes Amendments to Standards and Rules

March 15, 2022

The Bank of England Prudential Regulation Authority (PRA) issued a consultation paper setting out the PRA's proposals to make minor amendments to the UK Technical Standards, PRA rules, supervisory statements, Legacy Supervisory Statements and a Statement of Policy.

UK Financial Conduct Authority

FCA sets out broad approach to assessing LCF Complaints

March 15, 2022

The Financial Conduct Authority has published its response to the Financial Regulators Complaints Commissioner's Final Report on the London Capital & Finance complaints that have been referred to the Office of the Complaints Commissioner.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing held on February 3, 2022)
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022)

Federal Deposit Insurance Corporation

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

Federal Reserve Bank of New York

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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