PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, July 28, 2022
July 28, 2022
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Ranking Member Sends Letter to SEC on Lack of Crypto Regulatory Clarity
July 27, 2022
Ahead of Thursday's U.S. Senate Banking Committee hearing on risks and scams in the cryptocurrency market, Ranking Member Pat Toomey (R-Pa.) sent a letter to the Securities and Exchange Commission on the Commission's to give regulatory clarity to the cryptocurrency community and consumers.
U.S. House of Representatives
Committee on Financial Services
Chairwoman Waters' Statement on Status of Stablecoin Legislation
July 27, 2022
U.S. House Committee on Financial Services Chair Maxine Waters released a statement on the status of ongoing negotiations on the bipartisan stablecoin legislation.
Committee on Small Business
Hearing: Leveraging the Infrastructure Investment and Jobs Act: The Role of the SBA's Bond Guarantee Program
July 27, 2022
The U.S. House Committee on Small Business held a hearing entitled, "Leveraging the Infrastructure Investment and Jobs Act: The Role of the SBA's Bond Guarantee Program."
Federal Agencies
U.S. Department of the Treasury
Treasury Department Signs Agreement to Contribute $500 million to the European Bank for Reconstruction and Development to Support Ukraine and Other Affected Countries
July 27, 2022
Assistant Secretary for International Trade and Development Alexia Latortue participated in a virtual signing ceremony with European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso for a $500 million U.S. contribution to the EBRD to support businesses and public services affected by Russia's war in Ukraine as well as other countries impacted by the war.
Treasury Announces New Steps to Increase Affordable Housing Supply and Lower Long-Term Housing Costs for American Families
July 27, 2022
The U.S. Department of the Treasury announced new guidance to increase the ability of state, local, and tribal governments to use American Rescue Plan funds to boost the supply of affordable housing in their communities.
Testimony of Acting Under Secretary for International Affairs Andy Baukol Before the U.S. Foreign Relations Committee
July 27, 2022
Acting Under Secretary for International Affairs Andy Baukol gave testimony at a hearing before the U.S. Senate Foreign Relations committee.
Federal Reserve Board
Federal Reserve issues FOMC statement
July 27, 2022
The Federal Reserve Board's Federal Open Market Committee issued a statement announcing the unanimous vote to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent.
Office of the Comptroller of the Currency
OCC Updates Policy Statement on Minority Depository Institutions
July 27, 2022
The Office of the Comptroller of the Currency announced it is revising its 2013 policy statement for minority depository institutions to update and streamline descriptions of its policies, procedures, and programs.
Securities and Exchange Commission
SEC Small Business Advisory Committee to Discuss Liquidity Challenges for Investors in Small and Emerging Businesses
July 27, 2022
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee released the agenda for its virtual meeting on Tuesday, Aug. 2, which will address liquidity challenges for investors in small and emerging businesses.
Remarks at Center for Audit Quality "Sarbanes-Oxley at 20: The Work Ahead"
July 27, 2022
Securities and Exchange Commission Chair Gary Gensler gave remarks at the Center for Audit Quality "Sarbanes-Oxley at 20: The Work Ahead."
Consumer Financial Protection Bureau
CFPB Publishes Analysis of Potential Impacts of Medical Debt Credit Reporting Changes
July 27, 2022
The Consumer Financial Protection Bureau published an analysis of how actions announced by the three largest national consumer reporting companies – Experian, Equifax, and TransUnion – would affect people who have allegedly unpaid medical debt on their credit reports.
CFPB issues new Debt Collection FAQs
July 27, 2022
The Consumer Financial Protection Bureau has added a new section to the Debt Collection Rule Frequently Asked Questions (FAQs) which addresses questions related to the electronic communication and unusual or inconvenient time and place provisions in the Debt Collection Rule.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Publishes Draft Housing Assistance Payment Support Services Procurement Solicitation for Public Feedback
July 27, 2022
The U.S. Department of Housing and Urban Development published a draft solicitation containing its proposal to formally procure contractors to provide Housing Assistance Payments (HAP) contract support services to HUD.
International
Bank of England
Statistics: Capital Issuance - June 2022
July 27, 2022
The Bank of England released the capital issuance statistics for June 2022.
UK Financial Conduct Authority
The FCA's Consumer Duty will lead to a major shift in financial services
July 27, 2022
The Financial Conduct Authority has confirmed its plans to bring in a new Consumer Duty that will set higher and clearer standards of consumer protection across financial services and require firms to put their customers' needs first.
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)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- 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) (sworn in May 23, 2022)
- 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)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 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)
- 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)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 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)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
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)
- HUD Announces Key Staff Appointments (April 11, 2022)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- 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)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
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.