Daily Financial Regulation Update –Wednesday, January 19, 2022

Federal agencies

US Department of Treasury

Treasury International Capital Data for November

January 18, 2022

The United States Department of Treasury has released Treasury International Capital data for November 2021. The next release, which will report data for December 2021, is scheduled for February 15, 2022.

Federal Reserve Board

Federal Reserve Board Releases Results of Survey of Banks’ Senior Financial Officers on their Reserve Balance Management Strategies and Practices

January 18, 2022

The Federal Reserve Board (Board) has released the results of a survey of key financial officers of banks on their strategies and practices for managing reserve balances. The survey is used by the Board to obtain information on the pricing and behavior of deposits, the management of bank liabilities, the provision of financial services, and reserve management strategies and practices. The survey includes responses from banks that held about three-quarters of total banking system reserves at the time of the survey.

Federal Reserve Bank of New York

At a Glance: Results of the December SCE Public Policy Survey

January 18, 2022

The Federal Reserve Bank of New York has released its December 2021 Consumer Expectations Survey. The average probability attributed to an increase in housing benefits over the next twelve months fell to 41% in December, after reaching a high of 52% in August. The decline was widespread across all age, education and income groups.

Conference of State Banking Supervisors

State regulators settle with hundreds of mortgage originators over SAFE Act education requirements

January 18, 2022

Forty-four state financial agencies, led by the California Department of Financial Protection and Innovation, have entered into agreements with more than 400 mortgage originators nationwide who claim to have completed annual continuing education , as required by federal and state law.

Federal Deposit Insurance Corporation

You’re Invited – Advancing Diversity and Inclusion in Financial Services

January 18, 2022

The Federal Deposit Insurance Corporation (FDIC) has a conversation about promoting diversity and inclusion in the financial services industry and the important role of minority depository institutions in job creation, small business growth and Wealth Creation in Low- and Moderate-Income Communities on January 21 at 11 a.m. EST. Leaders from the FDIC and the National Bankers Association will discuss ongoing efforts to preserve and promote minority depository institutions and ensure access to capital and other resources that support economic development and mobility in communities minority.

National Administration of Credit Unions

Letter: NCUA Oversight Priorities for 2022

January 18, 2022

National Credit Union Administration (NCUA) Chairman Todd M. Harper has written a letter to Federally Insured Credit Unions outlining NCUA oversight priorities and other aspects of the NCUA review program for 2022 .

US Small Business Administration

Report: SBA OIG Report 22-07: SBA Oversight of Grantee’s Implementation of the CARES Act Resource Partner Training Portal

January 18, 2022

The Office of Inspector General assessed the management of the Small Business Administration (SBA) grant to train small businesses on available federal resources in the wake of the COVID-19 pandemic and released a report titled “SBA’s Oversight of the Grant Recipient’s Implementation of the CARES Act Resource Partner Training Portal.”

International

European Banking Authority

Document: EBA publishes a working document on its preliminary observations on selected payment fraud data under the Payment Services Directive

January 17, 2022

The European Banking Authority (EBA) has published a working document on its preliminary observations on certain payment fraud data under the Payment Services Directive (PSD2), as reported by the industry for the years 2019 and 2020. The document presents the main findings related to three payment instruments: transfers, card payments and cash withdrawals, and also describes other schemes which seem inconclusive and which would benefit from the comments and views of stakeholders. of the market. The answers to the questions raised in the discussion paper will help the EBA, the European Central Bank and national authorities to interpret the data on fraud that will be reported in the years to come.

EBA confirms continued application of reporting and disclosure requirements related to COVID-19 until further notice

January 17, 2022

Following the uncertainty surrounding the evolution of COVID-19, the European Banking Authority confirms the need to continue monitoring the exposures and credit quality of loans benefiting from various public support measures. To facilitate this monitoring, the guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis continue to apply until further notice.

UK Financial Conduct Authority

FCA confirms its approach to European companies temporarily operating in the UK

January 18, 2022

European companies wishing to remain under the temporary authorization regime must meet the standards of the Financial Conduct Authority to continue to operate in the United Kingdom.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Sarah Bloom Raskin Appointed January 14, 2022
  • Governor – Lisa Cook appointed January 14, 2022
  • Governor – Phillip Jefferson, appointed January 14, 2022

Federal Deposit Insurance Corporation

  • President – ​​Martin Gruenberg will become interim president effective February 1, 2022
  • 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)

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.

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