PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 23, 2022
March 23, 2022
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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:
- Proxy Rules and Schedules 14A/14C, Questions 101.02, 132.01, and 132.02;
- Exchange Act Form 8-K, Questions 102.4, and 102.5; and
- Tender Offers and Schedules, Questions 166.01.
- Proxy Rules Q&As
- Exchange Act Q&As
- Tender Offers Q&As
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
- 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)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
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)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
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.