Daily Financial Regulation Update -- Friday, June 17, 2022

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Federal Agencies

Federal Reserve Bank of New York

Business Leaders Survey

June 16, 2022

The Federal Reserve Bank of New York released the June 2022 Business Leaders Survey.

Securities and Exchange Commission

SEC Requests Information and Comment on Advisers Act Regulatory Status of Index Providers, Model Portfolio Providers, and Pricing Services

June 16, 2022

The Securities and Exchange Commission is requesting information and public comment on matters related to the activities of certain "information providers," including whether, under particular facts and circumstances, information providers are acting as "investment advisers" under the Investment Advisers Act of 1940.

Consumer Financial Protection Bureau

Blog Post: Measuring the impact of financial institution overdraft programs on consumers

June 16, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Measuring the impact of financial institution overdraft programs on consumers."

Federal Financial Institutions Examination Council

FFIEC Announces Availability of 2021 Data on Mortgage Lending

June 16, 2022

The Federal Financial Institutions Examination Council today announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,338 U.S. financial institutions.

National Credit Union Administration

NCUA Board Briefed on Post-Examination Survey Project

June 16, 2022

The National Credit Union Administration Board held its sixth open meeting of 2022 and was briefed on the results of the NCUA Post-Examination Pilot Survey.

Fannie Mae

Elevated Inflation, Higher Interest Rates Expected to Take Toll on Consumer Spending

June 16, 2022

Fannie Mae released the June 2022 commentary from the Economic and Strategic Research Group finding that the compounding effects of elevated inflation and higher interest rates are expected to further weigh on economic growth and home sales as the year progresses, with full-year 2022 growth now forecast at a slightly reduced 1.2 percent and expectations of a late-2023 modest economic contraction unchanged.

Ginnie Mae

Ginnie Mae Extends Temporary COVID-19 Relief Policies

June 16, 2022

Ginnie Mae announced in separate All Participants Memoranda that due to the ongoing impact of the COVID-19 National Emergency, it is extending certain delinquency reporting exemptions for issuers and the use of alternative audit procedures.

Bank Policy Institute

Overly Broad and Prescriptive Climate Disclosure Requirements Risk Leaving Investors Confused, Not Informed

June 16, 2022

The Bank Policy Institute commented on the SEC's climate disclosure proposal.

International

Bank of England

Monetary Policy Committee: Bank Rate Increased to 1.25%

June 16, 2022

The Bank of England released the June 2022 Monetary Policy Summary and minutes of the Monetary Policy Committee meeting.

Survey: Decision Maker Panel - 2022 Q2

June 16, 2022

The Bank of England released the latest results of the Decision Maker Panel survey for Q2 2022.

Reports: Agents' summary of business conditions - 2022 Q2

June 16, 2022

The Bank of England released the summary of reports compiled by twelve regional Agents for Q2 2022.

UK Financial Conduct Authority

FCA tells lenders to support consumers struggling with the cost of living

June 16, 2022

The Financial Conduct Authority wrote to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living.

Speech: Shaping the rules for a data-driven future

June 16, 2022

Financial Conduct Authority Chief Executive Nikhil Rathi delivered a speech at the Dutch Authority for the Financial Markets 20th Anniversary Seminar entitled, "Shaping the rules for a data-driven future."

Speech: The FCA's second phase of reform of the Listing Rules: Increasing transparency and encouraging more market participation

June 16, 2022

Financial Conduct Authority Director of Market Oversight Clare Cole gave a speech at the Regulation of Listed Companies Summit entitled, "The FCA's second phase of reform of the Listing Rules: Increasing transparency and encouraging more market participation."

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)

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)

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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