Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Housing in America: Oversight of the Federal Housing Finance Agency
July 20, 2022
The U.S. House Committee on Financial Services held a hearing entitled, “Housing in America: Oversight of the Federal Housing Finance Agency.”
Federal Agencies
U.S. Department of the Treasury
Statement by the Group of Sovereign Creditors of Ukraine
July 20, 2022
The Group of Creditors of Ukraine (Canada, France, Germany, Japan, United Kingdom, and the United States; observers to the group include Australia, Austria, Belgium, Brazil, Denmark, Finland, Ireland, Israel, Italy, Korea, the Netherlands, Norway, Spain, Sweden and Switzerland) issued a joint-statement in support of Ukraine’s consent solicitation to defer the debt service due to bondholders from August 1st, 2022 and to extend payment maturities.
Joint Statement on the EU – U.S. Joint Financial Regulatory Forum
July 20, 2022
The EU and U.S. issued a joint statement on the Joint Financial Regulatory Forum held on July 13-14, 2022.
Federal Deposit Insurance Corporation
FDIC Issues Notice of Proposed Rulemaking on Assessments, Amendments to Incorporate Troubled Debt Restructuring Accounting Standards Update
July 20, 2022
The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking to incorporate updated accounting standards in the risk-based deposit insurance assessment system applicable to all large and highly complex insured depository institutions.
Consumer Financial Protection Bureau
Blog Post: Banks’ overdraft/NSF fee revenues evolve along with their policies
July 20, 2022
The Consumer Financial Protection Bureau published a blog post entitled, “Banks’ overdraft/NSF fee revenues evolve along with their policies.”
Blog Post: Long hold times or excellent care? Tell us about the customer service at your bank or credit union!
July 20, 2022
The Consumer Financial Protection Bureau published a blog post entitled, “Long hold times or excellent care? Tell us about the customer service at your bank or credit union!”
U.S. Small Business Administration
OIG Report: SBA’s COVID-19 EIDL Program Data Migration Challenges
July 20, 2022
The U.S. Small Business Administration Office of Inspector General issued a report entitled, “SBA’s COVID-19 EIDL Program Data Migration Challenges.”
Fannie Mae
Commentary: Economic Growth Stagnating as Record Inflation Persists
July 20, 2022
The Fannie Mae Economic Strategic Research Group released its July 2022 commentary stating that expectations for full-year 2022 and 2023 real GDP growth were downgraded in July due to softening consumer spending and a downward revision to business inventory investment data.
Freddie Mac
Quarterly Forecast: Market Slowdown will Continue as High Rates and Prices Exacerbate Affordability Challenges
July 20, 2022
Freddie Mac released its Quarterly Forecast for Q2 2022 predicting that rising mortgage rates and house price appreciation will continue driving a slowdown in the single-family purchase market.
International
European Commission
Commission amends the Temporary Crisis Framework
July 20, 2022
The European Commission adopted an amendment to the State Aid Temporary Crisis Framework, initially adopted on March 23, 2022 to support the economy in the context of Russia’s invasion of Ukraine.
Bank of England
Speech: New tides
July 20, 2022
Bank of England Executive Director Nathaneal Benjamin gave a speech entitled, “New tides” addressing new economic challenges facing investment banks such as climate change and new technology.
Administration Changes
Vacancies
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)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 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)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 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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