PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 11, 2022
February 11, 2022
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: How Institutional Landlords Are Changing the Housing Market
February 10, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, "How Institutional Landlords Are Changing the Housing Market."
Federal Agencies
Federal Reserve Board
Federal Reserve Board Releases Hypothetical Scenarios for Its 2022 Bank Stress Tests
February 10, 2022
The Federal Reserve Board released the hypothetical scenarios for its annual bank stress tests, which help ensure that large banks are able to lend to households and businesses even in a severe recession. This year, 34 large banks will be tested against a severe global recession with heightened stress in commercial real estate and corporate debt markets.
Paper: Balancing Before and After: Treasury Market Reform Proposals and the Connections Between Ex-Ante and Ex-Post Liquidity Tools
February 10, 2022
The Federal Reserve Board published a paper titled, "Balancing Before and After: Treasury Market Reform Proposals and the Connections Between Ex-Ante and Ex-Post Liquidity Tools."
Federal Reserve Bank of New York
Report: The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the Fourth Quarter
February 10, 2022
The Federal Reserve Bank of New York published a report to Congress titled, "Treasury and Federal Reserve Foreign Exchange Operations." In the report, the Federal Reserve Bank of New York stated that the Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the October – December 2021 quarter.
Underlying Inflation Gauge (UIG)
February 10, 2022
The Federal Reserve Bank of New York published its January 2021 Underlying Inflation Gauge (UIG). The UIG measure for January is currently estimated at 4.6%, a 0.1 percentage point increase from the previous month.
Office of the Comptroller of the Currency
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2022
February 10, 2022
The Office of the Comptroller of the Currency released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.
Securities and Exchange Commission
SEC Proposes Rule Amendments to Modernize Beneficial Ownership Reporting
February 10, 2022
The Securities and Exchange Commission announced that it proposed rule amendments governing beneficial ownership reporting under Exchange Act Sections 13(d) and 13(g). The proposed amendments would update those rules to provide more timely information to meet the needs of today's financial markets.
- SEC Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Peirce Dissenting Statement
SEC Proposed Changes to Two Whistleblower Program Rules
February 10, 2022
The Securities and Exchange Commission (SEC) proposed two amendments to the rules governing its whistleblower program. The first proposed amendment concerns award claims for related actions that would be otherwise covered by an alternative whistleblower program. The second affirms the SEC's authority to consider the dollar amount of a potential award for the limited purpose of increasing an award but not to lower an award.
Statement: Chair Gensler Before the Small Business Capital Formation Advisory Committee
February 10, 2022
Securities and Exchange Commission (SEC) Chair Gary Gensler and SEC Commissioner Hester M. Peirce gave prepared remarks before the SEC Small Business Capital Formation Advisory Committee meeting.
Consumer Financial Protection Bureau
Comparing Overdraft Fees and Policies across Banks
February 10, 2022
The Consumer Financial Protection Bureau (CFPB) published a blog post titled, "Comparing Overdraft Fees and Policies Across Banks."
U.S. Department of Housing and Urban Development/Federal Housing Administration
Report: HUD Did Not Have Adequate Policies and Procedures for Ensuring That Public Housing Agencies Properly Processed Requests for Reasonable Accommodation
February 10, 2022
The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General published a report titled, "HUD Did Not Have Adequate Policies and Procedures for Ensuring that Public Housing Agencies Properly Processed Requests for Reasonable Accommodation."
Federal Housing Finance Agency
Report: Foreclosure Prevention, Refinance and FPM Report - November 2021
February 10, 2022
The Federal Housing Finance Agency released its November 2021 Foreclosure Prevention and Refinance Report.
Bank Policy Institute
Mid-Size Bank Coalition of America
Banks Thrive at Scale, and So Do Consumers
February 10, 2022
The Bank Policy Institute and the Mid-Size Bank Coalition of America wrote a letter to Jonathan Kanter, Assistant Attorney General for the Antitrust Division of the U.S. Department of Justice (DOJ), commenting on the DOJ's request for public input on bank merger analysis.
International
Bank of England
Financial Conduct Authority
Transforming Data Collection Communication to Firms
February 10, 2022
The Bank of England (BoE) and the Financial Conduct Authority (FCA) are leading a joint transformation program with industry, to transform data collection from the UK financial sector. The BoE and FCA wrote a joint communication to provide updates on the program.
Bank of England
Speech: A Resilient Financial System
February 10, 2022
Bank of England Governor Andrew Bailey gave a speech titled, "A Resilient Financial System."
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
- 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)
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)
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.