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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, March 4, 2022

March 04, 2022

FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

The Semiannual Monetary Policy Report to the Congress

March 3, 2022

The Senate Committee on Banking, Housing and Urban affairs conducted a hearing on "The Semiannual Monetary Policy Report to the Congress." Jerome H. Powell, Chair Pro Tempore, Board of Governors of the Federal Reserve System was the sole witness.

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Additional Russians Bankrolling Putin and Russia-Backed Influence Actors

March 3, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the U.S. Department of State sanctioned additional Russian elites and their family members, identifying certain property of these persons as blocked, and sanctioning Russian intelligence-directed disinformation outlets. The sanctioned individuals were deemed to provide direct and indirect support to the Government of the Russian Federation through their business empires, wealth, and other resources.

READOUT: Virtual Roundtable on State and Local Efforts to Address Climate Change

March 3, 2022

The U.S. Department of the Treasury convened a virtual roundtable, "The Climate Transition: Federal Policy and State and Local Government Best Practices."

Treasury Launches Historic Equity Measurements for American Rescue Plan Small Business Investments Program

March 3, 2022

The U.S. Department of the Treasury launched a historic demographic information collection effort to measure equity outcomes for small businesses supported by the State Small Business Credit Initiative program. The information collected by Treasury will support the program's commitment to expanding access to capital for businesses owned and controlled by socially and economically disadvantaged individuals.

U.S. Treasury Takes Additional Steps to Strengthen Compliance with Russia-Related Sanctions

March 2, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued additional public guidance to cut off avenues for potential sanctions evasion by the Central Bank of the Russian Federation. This guidance makes clear that there should be no loopholes for Russia to evade the sanctions against the Central Bank of the Russian Federation, National Wealth Fund of the Russian Federation, and Ministry of Finance of the Russian Federation – that were imposed this week.

Federal Reserve Board

IG Report: CARES Act Lending Program Data

March 3, 2022

The Inspector General of the Board of Governors of the Federal Reserve assessed the Board's processes for collecting, aggregating, validating and reporting data related to its CARES Act lending programs.

Securities and Exchange Commission

Remarks at the IAA Investment Adviser Compliance Conference

March 3, 2022


William Birdthistle, Director, Division of Investment Management addressed the IAA Investment Adviser Compliance Conference.

Financial Crimes Enforcement Network

FinCEN Deputy Director Delivers Remarks at AML Intelligence's Women in FinCrime Event

March 3, 2022

AnnaLou Tirol, Deputy Director of the Financial Crimes Enforcement Network (FinCEN), delivered remarks today at an event featuring Women in FinCrime where she discussed how FinCEN's leaders are working to combat corruption and implement landmark U.S. anti-money laundering legislation.

International

Bank of England

Monthly Decision Maker Panel data - February 2022

March 3, 2022

The February DMP survey was conducted between February 4 and 18. In February, businesses estimated that their sales in Q12022 would be 7% lower than they otherwise would have been because of COVID-19, with investment 6% lower and employment 4% lower.

UK Financial Conduct Authority

FCA takes action to tackle harm in the consumer investments market

March 3, 2022

The Financial Conduct Authority (FCA) announced it is taking assertive action to tackle harm in the consumer investments market, as data published today shows it has stopped 1 in 4 firms from entering this market. The FCA is also urging consumers to be InvestSmart and ScamSmart, following an increase in the number of scams being reported to it.

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 – Vacant (Martin Gruenberg serves as Acting Chair)
  • 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

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.