Friday, May 20 2022

Congress

US Senate

Banking, Housing and Urban Affairs Commission

Nomination hearing

January 13, 2022

The Banking, Housing and Urban Affairs Committee held a hearing on the following candidates:

United States House of Representatives

Financial Services Committee

Committee Victories in 2022 National Defense and Authorization Act

January 13, 2022

The House Committee on Financial Services (Committee) announced the provisions the Committee successfully obtained in the National Defense Authorization Act for Fiscal Year 2022 – a law that authorizes the federal government to spend money for the defense of the nation. Provisions enacted into law under the National Defense Authorization Act:

  • HR 4111, the Sovereign Debt Contract Capacity Act, which helps protect developing countries from predatory and destabilizing Chinese lending practices through technical assistance from the International Monetary Fund (IMF) that will build the capacity of debt managers in developing countries. development to assess and negotiate the financial and legal terms of sovereign debt contracts,
  • HR 6340, which establishes at the International Monetary Fund, the World Bank Group and the Asian Development Bank, a US policy against providing any assistance from these institutions to the brutal military junta in Burma, which overthrew the country’s democratic government at the beginning of last year,
  • HR 6388, extends the delivery of the Treasury Department’s “National Strategy to Combat Terrorism and Other Illicit Financing” for another five years,
  • HR 6343, the Illicit Finance Improvement Act, which facilitates a report by the Financial Crimes Enforcement Network (FinCEN) on Russian illicit finance and encourages information sharing and public-private partnerships to combat financial activities illicit,
  • HR 5320, the Financial Crimes Enforcement Network Exchange Improvement Act, which ensures non-financial private sector entities can participate in the FinCEN Exchange, that agency’s congressionally mandated public-private partnership program, and
  • HR 6328, the FinCEN Review Delegation Study, which directs the Secretary of the Treasury to conduct a congressional briefing that assesses FinCEN’s Bank Secrecy Act review authority delegations.
  • Press release

Federal agencies

Federal Reserve Board

Document: The New Framework for the Federal Reserve: Context and Implications

January 13, 2022

The Federal Reserve Board of Governors released a staff discussion paper titled “The New Framework for the Federal Reserve: Context and Implications.”

Report: Beige Book

January 13, 2022

The Federal Reserve Board of Governors released its January 2022 Beige Book.

Letter: SR 22-2: Status of Covered Savings Associations and Covered Savings Association Holding Companies Under Laws and Regulations Administered by the Federal Reserve

January 13, 2022

The Federal Reserve Board of Governors has issued a letter advising financial institutions of recently released FAQs regarding laws and regulations applicable to thrift associations and corporations controlling thrift associations.

Federal Reserve Bank of New York

Blog Post: The Fed’s Latest Tool: A Permanent Repo Facility

January 13, 2022

The Federal Reserve Bank of New York released a Economy of freedom blog post titled “The Fed’s Latest Tool: A Permanent Repo Facility”.

Conference of State Banking Supervisors

State Regulators Withdraw OCC Litigation Challenging Proposed Uninsured Fintech After Plaintiff Amends Banking Charter Application to Include FDIC Insurance

January 13, 2022

The Conference of State Banking Supervisors has withdrawn its complaint to the United States District Court for the District of Columbia challenging the Office of the Comptroller of the Currency’s (OCC) non-bank charter program and fintech’s claim for a non-banking charter of the OCC.

Office of the Comptroller of the Currency

Speech: Acting Comptroller discusses crypto-assets and regulation

January 13, 2022

Acting Comptroller of the Currency Michael J. Hsu remarked on the regulation of stablecoins and other crypto-assets ahead of the BritishAmerican Business Transatlantic Finance Forum 2021-2022 Executive Roundtable.

Commodity Futures Trading Commission

Security and Exchange Commission

Speech: Remarks by Commissioner Dawn D. Stump: We Can Do Hard Things

January 13, 2022

Securities and Exchange Commission Commissioner Dawn D. Stump delivered a prepared address titled “We Can Do Tough Things” at the Chamber of Digital Commerce.

Consumer Financial Protection Bureau

Bulletin: CFPB Issues Bulletin to Prevent Illegal Medical Debt Collection and Credit Reporting

January 13, 2022

The Consumer Financial Protection Bureau (CFPB) has issued a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers against certain unexpected medical bills. Companies that attempt to collect medical bills prohibited by the No Surprises Act, or provide information to credit bureaus about such invalid debts, may face significant legal liability under the Fair Debt Collection Practices Act. and the Fair Credit Reporting Act (FCRA). . The bulletin advises credit reporting agencies that the accuracy and dispute obligations imposed by the FCRA apply to debts resulting from charges that exceed the amount allowed by the No Surprises Act.

Financial Crimes Network

Speech: FinCEN Acting Director Addresses ABA/ABA Annual Conference

January 13, 2022

Him Das, acting director of the Financial Crimes Enforcement Network (FinCEN), delivered a prepared speech ahead of the annual Financial Crimes Enforcement Conference, hosted by the American Bankers Association and the American Bar Association. He explained how FinCEN is helping to transform the national anti-money laundering and counter-terrorist financing (AML/CFT) regime from the post-9/11 era to the post-pandemic era, and how institutions finance are part of this process.

FINRA

Speech: Testimony to the Special Senate Committee on Aging

January 13, 2022

Gerri Walsh, Senior Vice President of Investor Education for the Financial Industry Regulatory Authority (FINRA) and Chairman of the FINRA Investor Education Foundation, testified before the Senate Special Committee on Aging.

Federal Housing Finance Agency

Final Rules: Rules of Practice and Procedure 2022; Civil Penalty Inflation Adjustment

January 13, 2022

The Federal Housing Finance Agency (FHFA) Passes Final Rule Amending Its Rules Of Practice And Procedure And Other Agency Regulations To Adjust Each Civil Monetary Penalty Within Its Jurisdiction To Account For Inflation, pursuant to the Federal Civil Penalties for Inflation Adjustment Act of 1990, as amended by the Federal Improvements to the Federal Civil Penalties Inflation Adjustment Act of 2015.

International

European Banking Authority

EBA publishes guidelines for institutions and resolution authorities on improving bank resolvability and consults on portability

January 13, 2022

The European Banking Authority (EBA) has published its final guidance for institutions and resolution authorities on improving bank resolvability.

bank of england

Bank Liabilities Survey – Q4 2021

January 13, 2022

The Bank of England (BoE) has released the results of its Banking Liabilities Survey for the fourth quarter of 2021. This quarterly survey of banks and building societies aimed to improve the BoE’s understanding of the role of liabilities and capital lenders in the conduct of credit and monetary conditions.

Credit Conditions Survey – Q4 2021

January 13, 2022

The Bank of England has released the results of its Credit Conditions Survey for the fourth quarter of 2021. This quarterly survey of bank lenders and building societies aims to improve our understanding of trends and developments in credit conditions.

UK Financial Conduct Authority

Monitoring flexibility on the short sell indicator

January 13, 2022

The Financial Conduct Authority has issued a statement titled “Supervisory Flexibility on Short Sale Indicator”.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice-president
  • Vice President for Oversight

Federal Deposit Insurance Corporation

  • President – ​​Martin Gruenberg will become interim president effective February 1, 2022
  • Vice-president

Office of the Comptroller of the Currency

  • Controller – Vacant (Michael Hsu is Acting Controller)

Commodity Futures Commission

  • Three (3) vacant commissioner positions

Appointments/Confirmation Hearings

U.S. Treasury Department – Janet Yellen (effective January 26, 2021)

Federal Reserve Board

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Security and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

Financial Crimes Network

National Administration of Credit UnionsTodd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson

US Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Customer Alerts

Click here to learn more about 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”), Adopted March 27, 2020.

Click here to view the full text of the Expanding Paycheck Protection Program Act of 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Adopted on June 5, 2020.

Click here to view the full text of the Consolidated Credit Law, 2021, Adopted on December 27, 2020.

Click here to view the full text of the 2021 US bailout plan, Adopted March 11, 2021.

Click here to view the full text of the PPP Extension Act 2021, Adopted March 30, 2021.

Click here to see a current list of bills the Senate Committee on Banking, Housing and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services and the House Committee on Small Business.

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