PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 17, 2022
May 17, 2022
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Major Developments
CFPB to launch new system to promote consistent enforcement of consumer financial protections
May 16, 2022
The Consumer Financial Protection (CFPB) update has launched a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. The CFPB will issue Consumer Financial Protection Circulars to the broad set of government agencies responsible for enforcing federal consumer financial law.
Federal Agencies
U.S. Department of the Treasury
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Conference of African Ministers of Finance, Planning and Economic Development
May 16, 2022
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Conference of African Ministers of Finance, Planning and Economic Development addressing current world economic challenges.
Secretary of the Treasury Janet L. Yellen Delivers Remarks at the POLIN Museum in Warsaw, Poland
May 16, 2022
U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the POLIN Museum in Warsaw, Poland addressing economic actions in times of war.
READOUT: U.S. Secretary of the Treasury Janet L. Yellen's Meetings in Warsaw, Poland
May 16, 2022
U.S. Secretary of the Treasury Janet L. Yellen visited Warsaw, Poland from May 14-16. In meetings with Polish Prime Minister Mateusz Morawiecki and Finance Minister Magdalena Rzeczkowska, Secretary Yellen reiterated the United States' support for Ukraine's sovereignty and welcomed Poland's partnership in holding Russia accountable for its war against Ukraine.
U.S. Secretary of the Treasury Janet L. Yellen Discusses Global Food Insecurity Crisis and Highlights Forthcoming Plan to Surge Resources to Meet Urgent Need
May 16, 2022
Secretary of the Treasury Janet L. Yellen visited the World Central Kitchen site in Warsaw, Poland, to highlight important work to serve Ukrainian refugees and preview an action plan from the International Financial Institutions to surge resources to tackle the rising threat of global food insecurity exacerbated by Russia's invasion of Ukraine.
Treasury International Capital Data for March
May 16, 2022
The U.S. Department of the Treasury released Treasury International Capital data for March 2022. The next release, which will report on data for April, is scheduled for June 15, 2022.
Federal Reserve Bank of New York
Empire State Manufacturing Survey
May 16, 2022
The Federal Reserve Bank of New York released the May 2022 Empire State Manufacturing Survey.
SCE Household Spending Survey
May 16, 2022
The Federal Reserve Bank of New York released the April SCE Household Spending Survey results.
Article: Q&A with Clara Miller, Featured Speaker at "Money and Mission" Event on May 17
May 16, 2022
The Federal Reserve Bank of New York published an article entitled, "Q&A with Clara Miller, Featured Speaker at "Money and Mission" Event on May 17."
Federal Deposit Insurance Corporation
National Rates and Rate Caps
May 16, 2022
The Federal Deposit Insurance Corporation released the May 2022 National Rates and Rate Caps.
Consumer Financial Protection Bureau
CFPB Releases Report on Mortgage Servicing Metrics
May 16, 2022
The Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers' responses to the COVID-19 pandemic.
International
European Commission
Commission proposes to further reinforce key rules for EU budget management
May 16, 2022
The European Commission has proposed targeted adjustments to the European Union's financial rules, known as the Financial Regulation.
- Commission Proposal
- Questions and Answers
- Financial Glossary
- How EU budget is spent
- EU Budget Law
- EU Budget on-line
- Press Release
Spring 2022 Economic Forecast: Russian invasion tests EU economic resilience
May 16, 2022
The European Commission has revised the EU's growth outlook downwards, and the forecast for inflation upwards.
EU-US Trade and Technology Council: strengthening our renewed partnership in turbulent times
May 16, 2022
The EU and the US have reaffirmed their cooperation to address global trade and technology challenges in line with their shared commitment to democracy, freedom and human rights.
European Banking Authority
EBA consults on standardised information requirements to support sales of non-performing loans
May 16, 2022
The European Banking Authority launched a public consultation on the draft Implementing Technical Standards specifying the requirements for the information that sellers of non-performing loans (NPL) shall provide to prospective buyers, seeking to improve the functioning of NPL secondary markets.
Bank of England
Andrew Bailey's Annual Report for the Treasury Select Committee
May 16, 2022
Andrew Bailey, Governor of the Bank of England, presented the annual report to the Treasury Select Committee hearing.
Michael Saunders' Annual Report for the Treasury Select Committee
May 16, 2022
Monetary Policy Committee member Michael Saunders presented an annual report a the Treasury Select Committee Hearing.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing scheduled for May 19, 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 – Jerome H. Powell (confirmed May 12, 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)
- 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)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
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)
- 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
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)
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.