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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, March 23, 2022

March 23, 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: Building a Resilient Economy: Shoring Up Supply

March 22, 2022

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing titled, "Building a Resilient Economy: Shoring Up Supply."

U.S. House of Representatives

Committee on Financial Services

Committee Announces Updates to March Committee Schedule

March 22, 2022

House Committee on Financial Services, announced the following schedule updates for the month of March:

  • March 29: The full Committee will convene for a hybrid hearing entitled, "Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color."
  • March 30: The Task Force on Artificial Intelligence will convene for a hybrid hearing entitled, "Keeping Up with the Codes – Using AI for Effective RegTech."
  • March 30: The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will convene for a hybrid hearing entitled, "Oversight of America's Stock Exchanges: Examining Their Role in Our Economy."
  • March 31: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hybrid hearing entitled, "The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions."
  • Press Release

Federal Agencies

U.S. Department of the Treasury

Remarks by Under Secretary for Domestic Finance Nellie Liang to the National Association for Business Economics on the Digital Assets Executive Order and Stablecoins

March 22, 2022

Under Secretary for Domestic Finance Nellie Liang gave remarks at the National Association for Business Economics addressing the recent executive order (EO) on digital assets and the Department of the Treasury's work on the future of money and payments and the President's Working Group's analysis of stablecoins.

Federal Reserve Board

Paper: Money Market Fund Vulnerabilities: A Global Perspective

March 22, 2022

The Federal Reserve Board published a paper titled, "Money Market Fund Vulnerabilities: A Global Perspective."

Federal Reserve Bank of New York

Blog Post: Student Loan Repayment during the Pandemic Forbearance

March 22, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Student Loan Repayment during the Pandemic Forbearance."

Federal Reserve Bank of Boston

Paper: High inflation turns heads and can tilt expectations

March 22, 2022

The Federal Reserve Bank of Boston published a paper titled, "Inflation Levels and (In)Attention."

Federal Deposit Insurance Corporation

FDIC Releases Fourth Quarter 2021 State Profiles

March 22, 2022

The Federal Deposit Insurance Corporation (FDIC) has released its Fourth Quarter 2021 FDIC State Profiles.

Office of the Comptroller of the Currency

OCC Reports Improvement in Mortgage Performance for Fourth Quarter 2021

March 22, 2022

The Office of the Comptroller of the Currency reported that the performance of first-lien mortgages in the federal banking system improved during the fourth quarter of 2021.

Securities and Exchange Commission

SEC Updates its Q&A Guidance on Proxies, Tende Offers and Periodic Reports

March 22, 2022

The Securities and Exchange Commission has updated various Questions and Answers:

Consumer Financial Protection Bureau

CFPB Issues Policy on Contractual 'Gag' Clauses and Fake Review Fraud

March 22, 2022

The Consumer Financial Protection Bureau issued policy guidance regarding potentially illegal practices related to consumer reviews.

International

European Commission

New rules to boost cybersecurity and information security in EU institutions, bodies, offices and agencies

March 22, 2022

The Commission proposed new rules to establish common cybersecurity and information security measures across the EU institutions, bodies, offices and agencies.

European Banking Authority

Findings: Anti-money laundering and countering the financing of terrorism supervision is improving but not always effective yet, finds the EBA

March 22, 2022

The EBA published findings from its assessment of competent authorities' approaches to the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Vacant
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; committee approval March 16, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022); committee approval March 16, 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

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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