PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 17, 2022
March 17, 2022
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Congress
U.S. House of Representatives
Committee on Small Business
Hearing: An Empirical Review of the Paycheck Protection Program
March 16, 2022
The Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations held a hybrid hearing titled: "An Empirical Review of the Paycheck Protection Program."
Federal Agencies
U.S. Department of the Treasury
U.S. Departments of the Treasury and Justice Launch Multilateral Russian Elites, Proxy Oligarch Task Force
March 16, 2022
Secretary of the Treasury Janet L. Yellen and Attorney General Merrick B. Garland met virtually with representatives from Australia, Canada, Germany, France, Italy, Japan, the United Kingdom, and the European Commission, to launch the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force.
Financial Crimes Enforcement Network
FinCEN Announces Actions to Support Russian Elites, Proxies, and Oligarchs Multilateral Task Force and Ongoing U.S. Government Efforts to Combat Foreign Government Corruption
March 16, 2022
The Financial Crimes Enforcement Network (FinCEN) announced support for the multilateral REPO Task Force, which will increase information sharing with relevant authorities in task force member-countries. FinCEN also issued a FinCEN Alert, which highlights the importance of financial institutions identifying and quickly reporting suspicious transactions by sanctioned Russian elites and their proxies that involve real estate, luxury goods, and high-value assets.
Federal Reserve Board
Federal Reserve Board and Federal Open Market Committee Release Economic Projections and FOMC Statement
March 16, 2022
The Federal Reserve Board released economic projections made by the Federal Open Market Committee (FOMC) in conjunction with its March 15-16 meeting, as well as a statement from the FOMC in which it announced it will raise rates by a quarter percentage point.
Federal Reserve Bank of New York
Business Leaders Survey March 2022
March 16, 2022
The Federal Reserve Bank of New York released the March 2022 Business Leaders Survey which found that business activity perked up in the region's service sector.
Office of the Comptroller of the Currency
OCC Issues Final Rule Addressing Authority for Exemptions to Suspicious Activity Report Requirements
March 16, 2022
The Office of the Comptroller of the Currency (OCC) issued a final rule amending the OCC's suspicious activity report (SAR) regulations.
Commodity Futures Trading Commission
Speech: Keynote of Chairman Rostin Behnam at the FIA Boca 2022 International Futures Industry Conference
March 16, 2022
Commodity Futures Trading Commission Chair gave the keynote speech at the FIA Boca 2022 International Futures Industry Conference in Boca Raton, Florida.
National Credit Union Administration
NCUA Releases 2021 Annual Report
March 16, 2022
The National Credit Union Administration (NCUA) released its 2021 Annual Report, highlighting the NCUA's activities, policy initiatives and accomplishments for the past year.
International
European Commission
Capital Markets Union: Commission proposes simpler rules to make settlement in EU financial markets safer and more efficient
March 16, 2022
The European Commission has proposed changes to the Central Securities Depositories Regulation to enhance the efficiency of the EU's settlement markets, while safeguarding financial stability.
UK Financial Conduct Authority
FCA to consult on use of "side pockets" for retail funds with exposure to sanctioned and suspended Russian assets
March 16, 2022
The Financial Conduct Authority has commenced discussions with stakeholders concerning options to allow UK authorized retail funds to make exceptional use of "side pockets" given the significant practical challenges in disposing of Russian and Belarussian assets in the context of suspensions and extensive global sanctions.
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
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
Federal Reserve Bank of New York
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.