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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, May 25, 2022

May 25, 2022

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Major Developments

Federal Deposit Insurance Corporation

Quarterly Banking Profile: Insured Institutions Reported Net Income of $59.7 Billion in First Quarter 2022

May 24, 2022

The Federal Deposit Insurance Corporation published the First Quarter 2022 Quarterly Banking Profile showing reports from 4,796 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reflect aggregate net income of $59.7 billion in first quarter 2022, a decline of $17.0 billion (22.2 percent) from a year ago.

Congress

U.S. Senate

Senate Committee on Banking, Housing, and Urban Affairs
House Committee on Financial Services

Waters and Brown Urge SEC Chair Gensler to Require Data Reporting to Improve Future Rulemakings on Human Capital and Diversity Disclosure

May 24, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee and Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to Gary Gensler, Chair of the Securities and Exchange Commission (SEC) urging him to require disclosure of standardized data to help investors and other stakeholders include race, ethnicity, gender, sexual orientation, and disability status in all future rulemakings.

U.S. House of Representatives

Hearing: Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID

May 24, 2022

The House Financial Services Committee held a hearing entitled, "Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID."

Federal Agencies

Federal Reserve Board

Paper: Financial Repercussions of SNAP Work Requirements

May 24, 2022

The Federal Reserve Board published a paper entitled, "Financial Repercussions of SNAP Work Requirements."

Speech: Welcoming Remarks

May 24, 2022

The Federal Reserve Board Chair Jerome H. Powell gave welcoming remarks at the Reservation Economic Summit 2022 hosted by the National Center for American Indian Enterprise Development in Las Vegas, Nevada.

Federal Reserve Bank of New York

Staff Report: Expectations Data in Structural Microeconomic Models

May 24, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Expectations Data in Structural Microeconomic Models."

Statement Regarding the Annual Report on Open Market Operations during 2021

May 24, 2022

The Open Market Trading Desk at the New York Fed published its annual report, Open Market Operations During 2021.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Vulnerabilities, Volatility with Cryptocurrency

May 24, 2022

Acting Comptroller of the Currency Michael J. Hsu today discussed vulnerabilities in the cryptocurrency framework and recent volatility with stablecoins in remarks at the DC Blockchain Summit 2022.

Securities and Exchange Commission

Speech: Resolving the Lack of Audit Transparency in China and Hong Kong: Remarks at the International Council of Securities Associations (ICSA) Annual General Meeting

May 24, 2022

Office of International Affairs Director YJ Fischer gave a speech at the International Council of Securities Associations Annual General Meeting entitled, "Resolving the Lack of Audit Transparency in China and Hong Kong."

Consumer Financial Protection Bureau

CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance

May 24, 2022

The Consumer Financial Protection Bureau is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the Office of Innovation that focused on an application-based process to confer special regulatory treatment on individual companies.

U.S. Small Business Administration

Report: African-American Entrepreneurs: Contributions and Challenges

May 24, 2022

The U.S. Small Business Administration Office of Advocacy published a report entitled, "African-American Entrepreneurs: Contributions and Challenges."

International

European Commission

Special Address by President von der Leyen at the World Economic Forum

May 24, 2022

European Commission President von der Leyen gave a special address at the World Economic Forum.

Joint Statement between the European Commission and the United States on European Energy Security

May 24, 2022

The European Commission and United States issued a joint statement condemning Russia for cutting off electricity and natural gas to EU nations and reaffirming their commitment to strengthening Europe's energy security.

Bank of England

Bank of England publishes results of the 2021 Biennial Exploratory Scenario: Financial risks from climate change

May 24, 2022

The Bank of England has published the results of the Climate Biennial Exploratory Scenario, which explores the financial risks posed by climate change for the largest banks and insurers operating in the UK.

Speech: Climate capital

May 24, 2022

Bank of England Deputy Governor Sam Woods gave a speech at a webcast hosted by the Global Association of Risk Professionals entitled, "Climate capital."

UK Financial Conduct Authority

Feedback Statement: Driving Value for Money in Defined Contribution Pensions

May 24, 2022

The Financial Conduct Authority published a feedback statement entitled, "Driving Value for Money in Defined Contribution Pensions."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 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 May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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.