Financial Regulatory Daily Update — Wednesday, February 16, 2022

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Congress

US Senate

Banking, Housing and Urban Affairs Commission

Hearing: consideration of the report of the President’s Task Force on Financial Markets on stablecoins

February 15, 2022

The Banking, Housing and Urban Affairs Committee held a hearing entitled “Review of the Report of the President’s Task Force on Financial Markets on Stablecoins”.

Federal agencies

Federal Reserve Board

Document: Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms

February 15, 2022

The Federal Reserve Board has published a document entitled “Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms”.

Document: Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges

February 15, 2022

The Federal Reserve Board has released a paper titled “Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges”.

Federal Reserve Bank of New York

Report: Empire State Manufacturing Survey

February 15, 2022

The Federal Reserve Bank of New York released its February 2022 Empire State Manufacturing Survey.

Federal Reserve Bank of Boston

Paper: Racial Wealth Disparities: Reconsidering the Roles of Human Capital and Inheritance

February 15, 2022

The Federal Reserve Bank of Boston published an article entitled “Racial Wealth Disparities: Reconsidering the Roles of Human Capital and Inheritance”.

Conference of State Banking Supervisors

Adapting to the digital age: using community banking technology

February 15, 2022

The Conference of State Banking Supervisors has published a blog post titled “Adapting to the Digital Age: Using Community Banking Technology”.

Federal Deposit Insurance Corporation

FDIC Releases Economic Scenarios for 2022 Stress Tests

February 15, 2022

The Federal Deposit Insurance Corporation has released hypothetical economic scenarios for use in upcoming stress tests for covered institutions with total consolidated assets exceeding $250 billion.

Office of the Comptroller of the Currency

Acting comptroller of the currency launches Project REACh efforts in Detroit

February 15, 2022

Acting Comptroller of the Currency Michael J. Hsu joined civic leaders, community advocates and bankers to launch Detroit REACh, the Roundtable for Economic Access and Change.

Consumer Financial Protection Bureau

Bulletin: CFPB takes action to suspend prepaid card providers and government benefits

February 15, 2022

The Consumer Financial Protection Bureau issued a compliance bulletin reiterating existing prohibitions that prepaid cards are the only method of distributing government benefits. The bulletin outlines rules to protect competition in the marketplace and protect consumers’ right to choose how they receive their money under the Electronic Funds Transfer Act.

FINRA

Notice: FINRA Adopts Amendments to FINRA Rule 2165

February 15, 2022

The Financial Industry Regulatory Authority has adopted amendments to Rule 2165 (Financial Exploitation of Specified Adults) to allow member firms to: (1) suspend a securities transaction (in addition to the suspension already permitted on a disbursement funds or securities) where there is a reasonable belief of financial abuse; and (2) extend the temporary suspension of a disbursement or transaction for an additional 30 business days, beyond the current maximum of 25 business days (for a total of 55 business days), if the member firm has reported the issue to a state regulatory agency. or an agency, or a court of competent jurisdiction. The amendments come into force on March 17, 2022.

US Small Business Administration

Report: SBA Business Development Assistance to 8(a) Program Participants

February 15, 2022

The United States Small Business Administration (SBA) has released a report entitled “SBA’s Business Development Assistance to 8(a) Program Participants”.

Frequently Asked Questions About Small Business Financing, 2022

February 15, 2022

The U.S. Small Business Administration’s Office of Advocacy has released its annual update to its Small Business Financing Frequently Asked Questions.

Freddie Mac

Freddie Mac Announces First Automated Direct Deposit Earnings Assessment

February 15, 2022

Freddie Mac announced that it will be launching a new automated capability that allows mortgage lenders to assess a potential buyer’s income paid by direct deposit to reduce the paper documentation burden for borrowers so they can close deals. loans faster and simplify the loan process.

ginnie mae

Ginnie Mae Achieves Milestone in Sustainable Investing with Improved “Green” Disclosure of Multi-Family MBS

February 15, 2022

Ginnie Mae announced that it is adding a “Green Status” field to its multi-family disclosure, giving investors information that supports their sustainable investing decisions and solutions. The new disclosure supports the goals set out in the Department of Housing and Urban Development’s November 2021 climate action plan and aligns with the Biden-Harris administration’s whole-of-government effort to address climate change while creating economic opportunities.

International

European Commission

Press release on the EU’s participation in the meeting of the small group of foreign ministers to coordinate the enhanced response to COVID-19

February 15, 2022

At the COVID-19 Global Action Meeting, convened by US Secretary of State Anthony Blinken and bringing together the EU, represented by Commissioner Jutta Urpilainen, and other partner countries, participants discussed a ” global COVID-19 action plan”.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Sarah Bloom Raskin appointed January 14, 2022 (nomination hearing held February 3, 2022)
  • Governor – Lisa Cook appointed January 14, 2022 (nomination hearing held February 3, 2022)
  • Governor – Phillip Jefferson, appointed January 14, 2022 (nomination hearing held February 3, 2022)

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • 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

Federal Reserve Bank of New York

Consumer Financial Protection BureauRohit 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 Unions – Todd 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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