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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, March 20, 2022

March 22, 2022

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Major Developments

SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures

March 21, 2022

The Securities and Exchange Commission proposed a new rule to require registrants to include specific climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements.

Federal Agencies

U.S. Department of the Treasury

Remarks: Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at the Association of Certified Anti-Money Laundering Specialists (ACAMS) Hollywood Conference

March 21, 2022

Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg gave a speech at the Association of Certified Anti-Money Laundering Specialists Conference in Hollywood, Florida

Federal Reserve Board

Speech: Restoring Price Stability

March 21, 2022

Chair Pro Tempore Jerome H. Powell gave a speech at "Policy Options for Sustainable and Inclusive Growth" 38th Annual Economic Policy Conference National Association for Business Economics, in Washington, D.C.

International

European Commission

Ukraine: Commission launches special call to support Member States welcoming refugees from Ukraine and the phasing out of their reliance on fossil fuels from Russia

March 21, 2022

The European Commission has launched a special call under the Technical Support Instrument to support Member States welcoming refugees from Ukraine following Russia's invasion of the country and the phasing out of their reliance on fossil fuels from Russia.

European Banking Authority

EBA publishes final draft technical standards on default probabilities and loss given default for default risk model under the internal approach for market risk

March 21, 2022

The European Banking Authority published its final draft Regulatory Technical Standards on probabilities of default and losses given default for default risk model for institutions using the new Internal Model Approach under the Fundamental Review of the Trading Book.

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.