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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, February 12, 2022

February 11, 2022

FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of New York

U.S. Economy in a Snapshot

February 11, 2022

The Federal Reserve Bank of New York published its February 2022 U.S. Economy in a Snapshot. Real disposable income continued to trend down, consumer spending on goods fell sharply, and inflation moved higher.

Consumer Financial Protection Bureau

Report: Report on Credit Reporting Companies and Consumer Complaints

February 11, 2022

The Consumer Financial Protection Bureau (CFPB) published a report titled, "Annual Report of Credit and Consumer Reporting Complaints."

Blog: If You're a Homeowner Struggling to Make Housing-Related Payments Due to the Pandemic, Help Is Available or Coming Soon

February 11, 2022

The Consumer Financial Protection Bureau published a blog post for homeowners struggling to make housing-related payments due to the COVID-19 pandemic.

U.S. Department of Labor

US Department of Labor Seeking Public Comment on Protecting Workers' Savings and Pensions from Climate-Related Financial Risks

February 11, 2022

The U.S. Department of Labor announced publication of a Request for Information seeking public comment on what actions, if any, it should take under federal law to protect retirement savings and pensions from risks associated with changes in climate.

International

Bank of England

Paper: Identification of SVAR Models by Combining Sign Restrictions with External Instruments

February 11, 2022

The Bank of England published a working paper titled, "Identification of Structural Vector Autoregressive (SVAR) Models by Combining Sign Restrictions with External Instruments." The authors discuss combining sign restrictions with information in external instruments to identify SVAR models.

UK Financial Conduct Authority

FCA Proposes Rules for Pension Providers to Help Deliver Pensions Dashboards

February 11, 2022

The Financial Conduct Authority set out the critical role regulated pension providers must play in helping to launch the Government's Pensions Dashboards initiative, which aims to empower savers to engage with their pensions.

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.