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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, March 25, 2022

March 25, 2022

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Major Developments

Congress

U.S. Senate

Hearing: Strengthening Oversight and Equity in the Appraisal Process

March 24, 2022

The Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Strengthening Oversight and Equity in the Appraisal Process."

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Sends Letter to the Financial and Commercial Industry Over Russian Disinvestment

March 24, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to trade associations representing thousands of American firms from the financial and commercial industry, requesting detailed information on the actions that America's financial institutions and businesses have taken to end their relationships and engagements in Russia and with businesses that support the Russian government.

Chairwoman Waters and Congresswoman Beatty Send Letter to Insurance Companies Requesting Diversity and Inclusion Data

March 23, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, sent letters to the largest property, casualty and life insurance companies that receive $7 billion in direct premiums or more each year, requesting diversity and inclusion data to examine America's insurance industry.

Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Sanctions Russia's Defense-Industrial Base, the Russian Duma and Its Members, and Sberbank CEO

March 24, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is designating enablers of Russia's invasion of Ukraine. This includes dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution.

Federal Reserve Board

Senior Credit Officer Opinion Survey on Dealer Financing Terms

March 24, 2022

The Federal Reserve Board released the results of the March 2022 Senior Credit Officer Opinion Survey on Dealer Financing Terms.

Speech: The Red Hot Housing Market: the Role of Policy and Implications for Housing Affordability

March 24, 2022

Governor Christopher J. Waller gave a speech at the "Recent Fiscal and Monetary Policy: Implications for U.S. and Israeli Real Estate Markets" conference.

Federal Reserve Bank of Boston

Paper: High-Yield Debt Covenants and Their Real Effects

March 24, 2022

The Federal Reserve Bank of Boston released a paper entitled, "High-Yield Debt Covenants and Their Real Effects."

Office of the Comptroller of the Currency

Acting Comptroller Issues Statement on Action Plan to Advance Property Appraisal and Valuation Equity

March 24, 2022

Acting Comptroller of the Currency Michael J. Hsu issued a statement upon the release of the Property Appraisal and Valuation Equity (PAVE) Task Force Action Plan, which addresses and corrects mis-valuations of residential property for families and communities of color.

Freddie Mac

Record Multifamily Price Appreciation and Rising Mortgage Rates Fuel Drop in Freddie Mac Apartment Investment Market Index

March 24, 2022

The Freddie Mac Multifamily Apartment Investment Market Index fell by 4.8% in the fourth quarter of 2021, with the index down 2.4% compared to the fourth quarter of 2020.

International

European Commission

SURE: Third report shows continued success in protecting jobs and supporting recovery

March 24, 2022

The European Commission published its third bi-annual report on the implementation and impact of SURE, the €100 billion instrument designed to protect jobs and incomes affected by the COVID-19 pandemic.

Joint Statement by President von der Leyen and President Biden

March 24, 2022

European Commission President von der Leyen and United States President Biden issued a statement outlining joint efforts in response to Russia's invasion of Ukraine.

Bank of England

Report: Financial Stability in Focus: Cryptoassets and decentralised finance

March 24, 2022

The Financial Policy Committee released a report entitled, "Financial Stability in Focus: Cryptoassets and decentralised finance."

Responses to the Bank of England's Discussion Paper on new forms of digital money

March 24, 2022

The Bank of England published a summary of responses to its discussion paper on new forms of digital money.

Letter from Sam Woods 'Existing or planned exposure to cryptoassets'

March 24, 2022

Sam Woods sent a letter to Chief Executive Officers of banks and designated investment firms on the treatment of cryptoassets under the current frameworks.

Exchange of letters between the Governor and the Chancellor on the Covid Corporate Financing Facility

March 24, 2022

The Governor of the Bank of England and the Chancellor of the Exchequer exchanged letters on the Covid Corporate Finance Facility.

Systemic Risk Survey Results - 2022 H1

March 24, 2022

The Bank of England released the results of their Systemic Risk Survey for H1 2022.

UK Financial Conduct Authority

Notice to all FCA regulated firms with exposure to cryptoassets

March 24, 2022

The Financial Conduct Authority issued a notice to regulated firms reminding them of their existing obligations when they are interacting with or exposed to cryptoassets and related services.

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.