PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 2, 2022
March 02, 2022
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Financial Services
Full Committee Hybrid Hearing on Monetary Policy and the State of the Economy
March 1, 2022
The House Committee on Financial Services will hold a hearing on March 2 entitled, "Monetary Policy and the State of the Economy."
Committee on Small Business
Velázquez Looks to Antitrust to Promote Fair Competition for Small Businesses
March 1, 2022
The House Small Business Committee held a hearing surveying antitrust laws and their potential to identify anticompetitive practices that harm small businesses.
Federal Agencies
U.S. Department of the Treasury
Treasury Publishes National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing
March 1, 2022
The U.S. Department of the Treasury today issued the 2022 National Risk Assessments (NRAs) on Money Laundering (NMLRA), Terrorist Financing (NTFRA) and Proliferation Financing (NPFRA). The documents highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The reports highlight that the U.S. is vulnerable to all three forms of illicit finance because of the size and sophistication of the U.S. financial system and centrality of the U.S. dollar in the payment infrastructure of global trade.
- National Money Laundering Risk Assessment
- National Terrorist Financing Risk Assessment
- National Proliferation Financing Risk Assessment
- Press Release
Statement from Secretary of the Treasury Janet L. Yellen on G7 Finance Ministers and Central Bank Governors Meeting
March 1, 2022
Secretary of the Treasury Janet L. Yellen released a statement following her participation in a meeting of G7 finance ministers and central bank governors on the current situation in Ukraine and actions taken in response to the Russian invasion of Ukraine.
Federal Reserve Board
Federal Reserve Board invites public comment on supplement to its May 2021 proposal
March 1, 2022
The Federal Reserve Board invited public comment on a supplement to its May 2021 proposed guidelines to be used by Federal Reserve Banks in evaluating requests to for access to Reserve Bank accounts and payment services. While the first section of the updated proposal is substantially the same as the original proposal, the second section would establish a three-tier framework to provide additional clarity regarding the level of diligence and scrutiny to be applied to requests for Reserve Bank accounts and payment services for different types of institutions.
Federal Reserve Bank of New York
New Report Finds Improving Credit Reports for Most Americans
March 1, 2022
The Federal Reserve Bank of New York today released the second installment of The State of Low-Income America: Credit Access and Debt Payment. The report finds that payment rates and median credit scores rose for all income groups through September 30, 2021. While overall bankruptcies declined substantially during the pandemic and new foreclosures were effectively halted, the report also finds that student loan default rates remain more than three times higher among borrowers in low- and moderate-income areas than in high-income areas.
Blog: Drivers of Inflation
March 1, 2022
The Federal Reserve Bank of New York's Liberty Street Economics blog released a post titled "Drivers of Inflation The New York Fed DSGE Model's Perspective."
Testimony on Exploring Financial Risks on Banking Posed by Climate Change
March 1, 2022
Dina Maher, of the Federal Reserve Bank of New York, provided testimony before the New York State Senate Committees on Banks, Finance, and Environmental Conservation on exploring the financial risks to banking posed by climate change.
Conference of State Bank Supervisors
Adapting to the Digital Age: How are Core Services Providers Viewed?
March 1, 2022
In today's technology-driven banking environment, a community bank's relationship with its core service provider should be a strategic partnership that supports its business objectives. In our previous blog post, we found that community banks view future technological innovation more as an opportunity than a threat, particularly for high tech-usage banks and larger banks. So, how satisfied are community banks with their core service provider?
Federal Deposit Insurance Corporation
FDIC-Insured Institutions Reported Net Income of $63.9 Billion in Fourth Quarter 2021
March 1, 2022
Reports from 4,839 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reflect aggregate net income of $63.9 billion in fourth quarter 2021, an increase of $4.4 billion (7.4 percent) from a year ago.
Financial Stability Oversight Council
FSOC Meeting Minutes
March 1, 2022
The Financial Stability Oversight council published the minutes of its February 28 meeting.
National Credit Union Administration
Speech: NCUA Board Member Rodney E. Hood Remarks at the 2022 CUNA Governmental Affairs Conference Washington D.C.
March 1, 2022
National Credit Union Administration Board Member Rodney Hood gave a speech at the 2022 CUNA Governmental Affairs Conference.
Speech: NCUA Vice Chairman Kyle S. Hauptman Remarks at the 2022 CUNA Governmental Affairs Conference
March 1, 2022
National Credit Union Administration Vice Chairman Kyle Hauptman gave a speech at the 2022 CUNA Governmental Affairs Conference.
International
European Commission
Antitrust: Commission invites comments on draft revised rules on horizontal cooperation agreements between companies
March 1, 2022
The European Commission has launched a public consultation inviting all interested parties to comment on two draft revised Horizontal Block Exemption Regulations on Research & Development and Specialisation agreements and the draft revised Horizontal Guidelines.
Speech: Russian aggression against Ukraine
March 1, 2022
President von der Leyen gave a speech at the European Parliament Plenary on the Russian aggression against Ukraine.
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
- 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.