PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 15, 2022
July 15, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Advancing National Security and Foreign Policy Through Export Controls: Oversight of the Bureau of Industry and Security
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Advancing National Security and Foreign Policy Through Export Controls: Oversight of the Bureau of Industry and Security."
- Hearing Page
- Committee Chair Statement
- Committee Ranking Member Statement
- Department of Commerce Under Secretary Testimony
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Fact Sheet on Food and Fertilizer-Related Authorizations Under Russia Sanctions; Expands General License Authorizing Agricultural Transactions
July 14, 2022
The U.S. Department of the Treasury issued a fact sheet to clarify that agricultural commodities (including fertilizer), agricultural equipment, or medicine relating to Russia are not the target of U.S. Sanctions.
United States and European Union Hold Fifth Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance
July 14, 2022
The United States and the European Union held the fifth meeting of the Joint Committee established under the U.S.-EU Agreement on Prudential Measures Regarding Insurance and Reinsurance .
Federal Reserve Board
Speech: Monetary Policy in a World of Conflicting Data
July 14, 2022
Federal Reserve Board Governor Christopher J. Waller gave a speech at the Rocky Mountain Economic Summit Global Interdependence Center entitled, "Monetary Policy in a World of Conflicting Data."
Paper: SONOMA: a Small Open ecoNOmy for MAcrofinance
July 14, 2022
The Federal Reserve Board published a paper entitled, "SONOMA: a Small Open ecoNOmy for MAcrofinance."
Federal Reserve Bank of New York
Blog Post: The Bond Market Selloff in Historical Perspective
July 14, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Bond Market Selloff in Historical Perspective."
Office of the Comptroller of the Currency
Acting Comptroller Discusses Importance of Financial Health for Consumers
July 14, 2022
Acting Comptroller of the Currency Michal J. Hsu gave remarks before the U.S. Department of the Treasury's Financial Literacy Education Commission.
FINRA
National Study by FINRA Foundation Finds U.S. Adults' Financial Capability Has Generally Grown Despite Pandemic Disruption
July 14, 2022
FINRA published the results of its Investor Education Foundation's triennial National Financial Capability Study which found that on many measures of financial capability, U.S. adults generally fared better in 2021 than in the decade leading up to the pandemic.
Fannie Mae
HPI: Home Prices Grew at Near-Record High in Second Quarter
July 14, 2022
Fannie Mae published the Home Price Index (HPI) for Q2 2022 which showed that single-family home prices increased at the annualized rate of 19.4 percent in Q2 2022, down slightly from the previous quarter's upwardly revised 20.5 percent.
State Agencies
California Department of Financial Protection and Innovation
DFPI's Commercial Financing Disclosure Regulations Approved to Become Effective as of December 9, 2022
July 14, 2022
The California Department of Financial Protection and Innovation announced the approval of proposed financing disclosure regulations which become effective December 9, 2022.
2021 Reports on the California Mortgage Lending Act and Payday Lending Activity
July 14, 2022
The California Department of Financial Protection and Innovation released the 2021 Annual Report of Activity Under the California Residential Mortgage Lending Act and the 2021 Annual Report of Payday Lending Activity Under the California Deferred Deposit Transaction Law
International
European Commission
Summer 2022 Economic Forecast: Russia's war worsens the outlook
July 14, 2022
The Summer 2022 (interim) Economic Forecast projects that the EU economy will grow by 2.7% in 2022 and 1.5% in 2023. Growth in the euro area is expected at 2.6% in 2022, moderating to 1.4% in 2023.
Bank of England
Bank Liabilities Survey - 2022 Q2
July 14, 2022
The Bank of England published the results of the Bank Liabilities Survey for 2022 Q2.
Credit Conditions Survey - 2022 Q2
July 14, 2022
The Bank of England published the results of the Credit Conditions Survey for 2022 Q2.
Alternative Liquidity Facility Annual Report 2021/22
July 14, 2022
The Bank of England published the Alternative Liquidity Facility Annual Report for 2021/2022.
Speech: Capital and (for a change) Liquidity Buffers
July 14, 2022
Bank of England Executive Director of Prudential Policy gave a speech entitled, "Capital and (for a change) Liquidity Buffers."
UK Financial Conduct Authority
Speech: How the UK will regulate for the future
July 14, 2022
Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech at the Peterson Institute for International Economics entitled, "How the UK will regulate for the future."
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 Michael Barr (confirmed July 13, 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)
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)
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.