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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, May 3, 2022

May 03, 2022

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee

May 2, 2022

Benjamin Harris, Assistant Secretary for Economy Policy, released an economy statement for the Treasury Borrowing Advisory Committee.

Treasury Announces Marketable Borrowing Estimates

May 2, 2022

The U.S. Department of the Treasury announced its current estimates of privately-held net marketable borrowing for the April – June 2022 and July – September 2022 quarters.

Securities and Exchange Commission

OMWI Reports Highlight Progress in Diversity, Equity and Inclusion

May 2, 2022

The U.S. Securities and Exchange Commission published a Diversity Assessment Report that analyzes information received from regulated entities in response to OMWI's 2020 invitation to conduct and submit voluntary self-assessments of their diversity policies and practices.

Consumer Financial Protection Bureau

CFPB Supervisory Report Finds Unlawful Auto Repossessions, Breakdowns in Credit Report Disputes

May 2, 2022

The Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report on legal violations identified during the CFPB's supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services.

Blog PostOvercharging for add-on products on auto loans

May 2, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Overcharging for add-on products on auto loans."

Independent Accountants' Report on the Bureau's Fiscal Year 2021 Compliance With the Payment Integrity Information Act of 2019

May 2, 2022

The Office of Inspector General of the Consumer Financial Protection Bureau (CFPB) released the Independent Accountants' Report on the CFPB's Fiscal Year 2021 Compliance with the Payment Integrity Information Act of 2019

FINRA

FINRA Publishes 2022 Industry Snapshot

May 2, 2022

FINRA today published the 2022 FINRA Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA oversees.

Federal Housing Finance Agency

Credit Risk Transfer Progress Report 4Q2021

May 2, 2022

The Federal Housing Finance Agency released the 4Q2021 Credit Risk Transfer Progress Report.

International

European Banking Authority

EBA launches discussion on the role of environmental risks in the prudential framework

May 2, 2022

The European Banking Authority published a Discussion Paper on the role of environmental risks in the prudential framework for credit institutions and investment firms.

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.