Federal Agencies
Federal Reserve Bank of New York
Business Leaders Survey
June 16, 2022
The Federal Reserve Bank of New York released the June 2022 Business Leaders Survey.
Securities and Exchange Commission
SEC Requests Information and Comment on Advisers Act Regulatory Status of Index Providers, Model Portfolio Providers, and Pricing Services
June 16, 2022
The Securities and Exchange Commission is requesting information and public comment on matters related to the activities of certain “information providers,” including whether, under particular facts and circumstances, information providers are acting as “investment advisers” under the Investment Advisers Act of 1940.
Consumer Financial Protection Bureau
Blog Post: Measuring the impact of financial institution overdraft programs on consumers
June 16, 2022
The Consumer Financial Protection Bureau published a blog post entitled, “Measuring the impact of financial institution overdraft programs on consumers.”
Federal Financial Institutions Examination Council
FFIEC Announces Availability of 2021 Data on Mortgage Lending
June 16, 2022
The Federal Financial Institutions Examination Council today announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,338 U.S. financial institutions.
National Credit Union Administration
NCUA Board Briefed on Post-Examination Survey Project
June 16, 2022
The National Credit Union Administration Board held its sixth open meeting of 2022 and was briefed on the results of the NCUA Post-Examination Pilot Survey.
Fannie Mae
Elevated Inflation, Higher Interest Rates Expected to Take Toll on Consumer Spending
June 16, 2022
Fannie Mae released the June 2022 commentary from the Economic and Strategic Research Group finding that the compounding effects of elevated inflation and higher interest rates are expected to further weigh on economic growth and home sales as the year progresses, with full-year 2022 growth now forecast at a slightly reduced 1.2 percent and expectations of a late-2023 modest economic contraction unchanged.
Ginnie Mae
Ginnie Mae Extends Temporary COVID-19 Relief Policies
June 16, 2022
Ginnie Mae announced in separate All Participants Memoranda that due to the ongoing impact of the COVID-19 National Emergency, it is extending certain delinquency reporting exemptions for issuers and the use of alternative audit procedures.
Bank Policy Institute
Overly Broad and Prescriptive Climate Disclosure Requirements Risk Leaving Investors Confused, Not Informed
June 16, 2022
The Bank Policy Institute commented on the SEC’s climate disclosure proposal.
International
Bank of England
Monetary Policy Committee: Bank Rate Increased to 1.25%
June 16, 2022
The Bank of England released the June 2022 Monetary Policy Summary and minutes of the Monetary Policy Committee meeting.
Survey: Decision Maker Panel – 2022 Q2
June 16, 2022
The Bank of England released the latest results of the Decision Maker Panel survey for Q2 2022.
Reports: Agents’ summary of business conditions – 2022 Q2
June 16, 2022
The Bank of England released the summary of reports compiled by twelve regional Agents for Q2 2022.
UK Financial Conduct Authority
FCA tells lenders to support consumers struggling with the cost of living
June 16, 2022
The Financial Conduct Authority wrote to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living.
Speech: Shaping the rules for a data-driven future
June 16, 2022
Financial Conduct Authority Chief Executive Nikhil Rathi delivered a speech at the Dutch Authority for the Financial Markets 20th Anniversary Seminar entitled, “Shaping the rules for a data-driven future.”
Speech: The FCA’s second phase of reform of the Listing Rules: Increasing transparency and encouraging more market participation
June 16, 2022
Financial Conduct Authority Director of Market Oversight Clare Cole gave a speech at the Regulation of Listed Companies Summit entitled, “The FCA’s second phase of reform of the Listing Rules: Increasing transparency and encouraging more market participation.”
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)
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)
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)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- 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) (sworn in May 23, 2022)
- 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)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (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)
- 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)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 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)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
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.
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