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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, April 30, 2022

April 29, 2022

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Report on Foreign Portfolio Holdings of U.S. Securities at End-June 2021

April 29, 2022

Treasury released the final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2021.

Secretary of the Treasury Janet L. Yellen Convenes Finance and Development Ministers and Multilateral Development Bank Leaders to Discuss Scaling Up High-Quality Infrastructure Investment

April 29, 2022

U.S. Secretary of the Treasury Janet L. Yellen convened leaders of the multilateral development banks and ministries of finance and development that are shareholders of these development banks. The discussions focused on how to redouble efforts to increase infrastructure investment in low- and middle-income countries.

Federal Reserve Bank of New York

Latest Quarterly Vendor Costs Report Available for the CPFF, MLF, PMCCF, SMCCF and TALF

The Federal Reserve Bank of New York has posted the quarterly vendor costs report for the Commercial Paper Funding Facility, the Municipal Liquidity Facility, the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, and the Term Asset-Backed Securities Loan Facility.

Financial Crimes Enforcement Network

FinCEN Renews and Expands Real Estate Geographic Targeting Orders

April 29, 2022

The Financial Crimes Enforcement Network announced the renewal and expansion of its Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

National Credit Union Administration

NCUA Issues Prompt Corrective Action Relief Renewal Follow-up for Credit Unions

April 29, 2022

During its February meeting, the National Credit Union Administration Board approved by notation vote a temporary order that specifies temporary revisions to the earnings-retention requirement for credit unions that are adequately capitalized. This temporary order is effective from April 1, 2022, through and including March 31, 2023.

Ginnie Mae

Ginnie Mae President McCargo Hosts First-Ever Past Presidents Roundtable

April 29, 2022

Ginnie Mae President Alanna McCargo hosted the first-ever roundtable of former presidents of Ginnie Mae. During the meeting, past Ginnie Mae presidents discussed lessons learned from their respective tenures and how they can inform Ginnie Mae's growing role in providing accessible and affordable housing opportunities for all Americans.

International

European Banking Authority

EBA proposes to simplify and improve the macroprudential framework

April 29, 2022

The European Banking Authority published its response to the European Commission's Call for Advice on the review of the macroprudential framework, proposing a set of recommendations to simplify the procedures around some of the existing macroprudential tools and to increase harmonization for others.

Bank of England

Transforming data collection – Data Standards Committee meeting minutes – 29 March 2022

April 29, 2022

The Bank of England released the Data Standard Committee meeting on transforming data collection held on March 29, 2022.

Consultation Paper: Roadmap for Real-Time Gross Settlement service beyond 2024

April 29, 2022

The Bank of England published a consultation paper entitled, "Roadmap for Real-Time Gross Settlement service beyond 2024."

Consultation Paper: RTGS - CHAPS Tariff Consultation

April 29, 2022

The Bank of England published a consultation paper entitled, "RTGS - CHAPS Tariff Consultation."

Bank of England Prudential Regulation Authority

Consultation Paper: The Strong and Simple Framework: a definition of a Simpler-regime Firm

April 29, 2022

The Bank of England Prudential Regulation Authority published a consultation paper entitled, "The Strong and Simple Framework: a definition of a Simpler-regime Firm."

UK Financial Conduct Authority

Ex-gratia payments for complaint handling delays

April 29, 2022

The UK Financial Conduct Authority issued and update explaining their approach when they consider making an ex-gratia (goodwill) payment because of the distress or inconvenience caused by avoidable delays in our complaint handling.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 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 – Jerome H. Powell (effective February 4, 2022, named Chair Pro Tempore pending Senate confirmation)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

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.