PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 4, 2022
February 04, 2022
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Committee Holds Nomination Hearing for Board of Governors of Federal Reserve
February 3, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs met in open session to conduct a hearing on the following nominations: The Honorable Sarah Bloom Raskin, of Maryland, to be Vice Chairman for Supervision and a Member of the Board of Governors of the Federal Reserve System; Dr. Lisa DeNell Cook, of Michigan, to be a Member of the Board of Governors of the Federal Reserve System; and Dr. Philip Nathan Jefferson, of North Carolina, to be a Member of the Board of Governors of the Federal Reserve System.
- Hearing Page
- Chair Brown Statement
- Ranking Member Toomey Statement
- Designate Bloom Raskin Testimony
- Designate DeNell Testimony
- Designate Jefferson Testimony
U.S. House of Representatives
Committee on Financial Services
Building Opportunity: Addressing the Financial Barriers to Minority and Women-Owned Businesses' Involvement in Infrastructure Projects
February 3, 2022
The U.S. House Committee on Financial Services held a hearing titled "Building Opportunity: Addressing the Financial Barriers to Minority and Women-Owned Businesses' Involvement in Infrastructure Projects."
Committee on Small Business
Committee Passes Five Bipartisan Bills
February 3, 2022
The House Committee on Small Business passed five bipartisan bills to improve key Small Business Administration entrepreneurial development programs, consolidate information for small business owners online, and increase representation for small firms in trade negotiations and other international economic matters.
Federal Agencies
Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at the Union of Arab Banks Conference
February 3, 2022
The Assistant Secretary for Terrorist Financing and Financial Crimes addressed the Union of Arab Banks to reinforce that terrorist financing is not the only threat plaguing our financial system and that there is an ongoing global corruption boom, both of which need to be addressed through banks' compliance programs.
Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston and Massachusetts Institute of Technology Release Technological Research on a Central Bank Digital Currency
February 3, 2022
The Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology released the findings of their initial technological research into a central bank digital currency, or CBDC. The published research describes a theoretical high-performance and resilient transaction processor for a CBDC that was developed using open-source research software, OpenCBDC. The collaborative effort, known as Project Hamilton, focuses on technological experimentation and does not aim to create a usable CBDC for the United States.
Federal Deposit Insurance Corporation
Paper: Back to the Real Economy: The Effects of Risk Mispricing on the Term Premium and Bank Lending
February 3, 2022
The Center for Research of the Federal Deposit Insurance Corporation released a working paper titled "Back to the Real Economy: The Effects of Risk Mispricing on the Term Premium and Bank Lending."
Financial Crimes Enforcement Network
FinCEN Extends the Comment Period for its Real Estate Advance Notice of Proposed Rulemaking
February 3, 2022
The Financial Crimes Enforcement Network (FinCEN) announced that it would extend the comment period of its Real Estate Advance Notice of Proposed Rulemaking (ANPRM). On December 8, 2021, FinCEN issued the ANPRM to solicit public comment on a potential rulemaking to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. To allow for additional time to comment on the issues and questions raised by the ANPRM, FinCEN will publish a notice in the Federal Register that extends the comment period for 14 days.
National Credit Union Administration
Submission of 2021 Home Mortgage Disclosure Act Data
February 3, 2022
The National Credit Union Administration issued a letter to federally insured credit unions stating that credit unions located in metropolitan areas that engage in certain types and volume of residential mortgage lending, and that had assets exceeding $48 million as of December 31, 2020, must file a report this year on mortgage loan applications received during 2021, as required under the Home Mortgage Disclosure Act.
U.S. Small Business Administration
In Celebration of Black History Month, SBA Administrator Guzman Announces New Funding to Expand Outreach Centers for Women Entrepreneurs through Minority Serving Institutions
February 3, 2022
The U.S. Small Business Administration (SBA) announced the availability of $1.5 million for 10 new grant opportunities for established Minority Serving Institutions aspiring to host a Women's Business Center (WBC) to provide local outcome-oriented business services for women entrepreneurs.
International
European Banking Authority
Financial Education and Literacy: A Priority for the ESAs
February 3, 2022
The European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA, held their first joint high-level conference on financial education and literacy on February 1 and February 2, 2022. The conference gathered high-level government representatives as well as experts from public authorities, academia, NGOs, consumer associations and the industry to raise awareness of the topic. It also offered a forum to share ideas and best practices and to gather input from all the stakeholders on how to tackle future challenges.
Bank of England
Monetary Policy Report - February 2022
February 3, 2022
The Monetary Policy Committee of the Bank of England released its Monetary Policy Report (February 2022).
Exchange of Letters between the Governor and the Chancellor on the Asset Purchase Facility
February 3, 2022
Andrew Bailey, Governor of the Bank and England and Rishi Sunak, Chancellor of the Exchequer, exchanged letters regarding the reduction of the Asset Purchase Facility's stock of purchased assets.
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 – Martin Gruenberg will become Acting Chair as of February 4, 2022
- 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.