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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, March 18, 2022

March 18, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Understanding the Role of Digital Assets in Illicit Finance

March 17, 2022

The Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Understanding the Role of Digital Assets in Illicit Finance."

U.S. House of Representatives

Committee on Financial Services

Hearing: Full Committee Markup

March 17, 2022

The House Committee on Financial Services held a markup hearing on five bills related to the crisis in Ukraine.

Federal Agencies

U.S. Department of the Treasury

Russian Elites, Proxies, and Oligarchs Task Force Ministerial Joint Statement

March 17, 2022

Following the launch meeting of the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, the members from participating countries released a joint statement.

Secretary of the Treasury Janet L. Yellen Meets with the Consumer Brands Association

March 17, 2022

U.S. Secretary of the Treasury Janet L. Yellen met with the Consumer Brands Association, which represents some of the largest multinational package goods companies in the nation, to discuss the state of the American economy, including the Administration's efforts to address supply chain challenges and the impact of Russia's invasion of Ukraine on global markets.

Consumer Financial Protection Bureau

Blog: The Fed is raising interest rates. What does that mean for borrowers and savers?

March 17, 2022

The Consumer Financial Protection Bureau issued a blog post to consumers regarding the Federal Reserve's Federal Open Market Committee announcement that it would seek to adjust interest rates higher to address inflation.

FINRA

FINRA Issues Reminder About the Scope of Chief Compliance Officer Supervisory Liability

March 17, 2022

FINRA issued a Regulatory Notice reminding member firms about the scope of broker-dealer chief compliance officer (CCO) supervisory liability under FINRA rules.

Fannie Mae

Inflation and Russia's Invasion of Ukraine Expected to Take Toll on U.S. Economy and Housing Sector

March 17, 2022

The Fannie Mae Economic and Strategic Research Group released their March 2022 commentary finding that the Russian invasion of Ukraine, and its implications for the global economy, has added to growing inflation pressures and ongoing supply chain difficulties as monetary policy tightening begins.

U.S. Department of Labor

U.S. Department of Labor Inspector General Testified Before the U.S. Senate Committee on Homeland Security and Governmental Affairs

March 17, 2022

The U.S Department of Labor Inspector General Larry D. Turner gave testimony at the U.S. Senate Committee on Homeland Security and Government Affairs hearing entitled "Pandemic Response and Accountability: Reducing Fraud and Expanding Access to COVID-19 Relief through Effective Oversight."

International

European Commission

Enforcing sanctions against listed Russian and Belarussian oligarchs: Commission's "Freeze and Seize" Task Force steps up work with international partners

March 17, 2022

The European Commission's "Freeze and Seize" Task Force, set up to ensure EU-level coordination to implement sanctions against listed Russian and Belarussian oligarchs, announced it has stepped up its action at the international level. The Task Force will work alongside the newly established "Russian Elites, Proxies, and Oligarchs (REPO)" Task Force, under which the EU operates together with the G7 countries Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as well as Australia.

European Banking Authority

EU financial regulators warn consumers on the risks of crypto-assets

March 17, 2022

The European Supervisory Authorities (ESAs) warned consumers on the risks of crypto-assets. The ESAs set out key steps consumers can take to ensure they make informed decisions.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Vacant
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; committee approval March 16, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022; committee approval March 16, 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

Federal Reserve Bank of New York

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)

Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)

Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

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)

Federal Housing Finance Agency – Sandra L. Thompson

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 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.