Major Developments
Federal Reserve Board
Federal Reserve Board releases results of annual bank stress test
June 23, 2022
The Federal Reserve Board released the results of its annual bank stress test.
Office of the Comptroller of the Currency
OCC Reports on Key Risks Facing Federal Banking System
June 23, 2022
The Office of the Comptroller of the Currency reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2022.
Congress
U.S. Senate
Committee on Small Business and Entrepreneurship
Cardin Introduces Legislation to Provide Relief to Small Businesses Still Recovering from Pandemic
June 23, 2022
U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) introduced legislation to provide grants to hard-hit small businesses that can demonstrate substantial losses in 2020 and 2021 due to the COVID-19 pandemic.
U.S. House of Representatives
Committee on Financial Services
Hearing: Monetary Policy and the State of the Economy
June 23, 2022
The House Committee on Financial Services held a hearing entitled, “Monetary Policy and the State of the Economy.”
Committee on Small Business
Hearing: SBA Management Review: Office of Government Contracting and Business Development
June 23, 2022
The House Committee on Small Business held a hearing entitled, “SBA Management Review: Office of Government Contracting and Business Development.”
Federal Agencies
Federal Reserve Board
Survey: Senior Credit Officer Opinion Survey on Dealer Financing Terms
June 23, 2022
The Federal Reserve Board released the quarterly Senior Credit Officer Opinion Survey on Dealer Financing Terms for June 2022.
Paper: Liquidity in the Mortgage Market: How does the COVID-19 Crisis Compare with the Global Financial Crisis?
June 23, 2022
The Federal Reserve Board Published a paper entitled, “Liquidity in the Mortgage Market: How does the COVID-19 Crisis Compare with the Global Financial Crisis?”
Speech: The Outlook for Inflation and Monetary Policy
June 23, 2022
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “The Outlook for Inflation and Monetary Policy.”
Securities and Exchange Commission
SEC Adopts Rules to Require Electronic Filing for Investment Advisers and Institutional Investment Managers
June 23, 2022
The Securities and Exchange Commission adopted amendments to require certain documents filed by investment advisers, institutional investment managers, and certain other entities to be filed or submitted electronically.
Commodity Futures Trading Commission
Testimony before the Subcommittee on Commodity Exchanges, Energy, and Credit House Agriculture Committee, Washington, DC
June 23, 2022
Commodity Futures Trading Commission Director of Market Oversight Vince McGonagle gave testimony at a hearing before the House Agriculture Committee Subcommittee on Commodity Exchanges, Energy, and Credit.
Consumer Financial Protection Bureau
CFPB Helps Survivors Mitigate the Financial Consequences of Human Trafficking
June 23, 2022
The Consumer Financial Protection Bureau issued a final rule to help survivors avoid some of the financial consequences of human trafficking.
Financial Crimes Enforcement Network
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
June 23, 2022
The Financial Action Task Force, an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month.
International
European Banking Authority
EBA replies to European Commission’s call for advice on the review of the Payment Services Directive
June 23, 2022
The European Banking Authority an Opinion and Report in response to the European Commission’s Call for Advice on the review of the Payment Services Directive.
Bank of England
Bank of England Annual Reports 2022
June 23, 2022
The Bank of England has published its annual reports and accounts for March 2021 – February 2022.
Bank of England Prudential Regulation Authority
PRA Annual Reports 2022
June 23, 2022
The Prudential Regulation Authority has published its annual reports and accounts for March 2021 – February 2022.
UK Financial Conduct Authority
Paper: Supporting innovation in ESG data and disclosures – the digital sandbox
June 23, 2022
The Financial Conduct Authority published an evaluation paper entitled, “Supporting innovation in ESG data and disclosures – the digital sandbox.”
Changes to FCA Firm Reference Numbers and Product Reference Numbers
June 23, 2022
The Financial Conduct Authority published a statement on the plan to move to seven-digit FRNs and PRNs for newly registered firms and funds.
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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