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
- Statement by Federal Reserve Board Chairman 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)
- Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (November 22, 2021)
- Statement from Secretary Walsh on Federal Reserve Appointments (November 22, 2021)
- Brown’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
- Toomey’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
- Brown applauds Biden’s nomination of Governor Lael Brainard as vice president (November 22, 2021)
- Brown Applauds Biden Nominees to Fed Board (January 14, 2022)
- Toomey’s Statement on President Biden’s Fed Nominees (January 14, 2022)
- Waters applauds appointments of Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to Federal Reserve leadership positions (January 14, 2022)
- Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (January 14, 2022)
Federal Reserve Bank of New York
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 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.