Major developments
US bans import of Russian oil
March 8, 2022
The United States prohibits the import of Russian oil, liquefied natural gas and coal. The US Treasury has released a General License and several Frequently Asked Questions to assist in phasing out shipments of existing purchases that have already been contracted.
Congress
US Senate
Banking, Housing and Urban Affairs Commission
Hearing: Review of Mandatory Arbitration in Financial Services Products
March 8, 2022
The Banking, Housing and Urban Affairs Committee held a hearing titled “Review of Compulsory Arbitration in Financial Services Products”.
United States House of Representatives
Financial Services Committee
Hearing: The inflation equation: corporate profit, supply chain bottlenecks and COVID-19
March 8, 2022
The House Committee on Financial Services held a hearing on the causes of inflation and its impact on families across the country.
Federal agencies
US Department of Treasury
Treasury launches consumer education effort on digital assets
March 8, 2022
The U.S. Department of the Treasury has announced that its Financial Literacy and Education Commission (FLEC) will form a new digital asset financial education subgroup, which will operate alongside FLEC’s current workflow analyzing the impact of climate change on the financial resilience of households and communities. Through this group, FLEC will strive to develop user-friendly, reliable and consistent educational materials, tools and awareness to help consumers make informed choices about digital assets.
Deputy Treasury Secretary Wally Adeyemo highlights emergency rental assistance program in Memphis, Tennessee during US bailout anniversary tour
March 8, 2022
Deputy Treasury Secretary Wally Adeyemo spoke in Memphis, Tennessee, to highlight how US bailout funds have been used to keep Americans at home during the pandemic.
Conference of State Banking Supervisors
Adapting to the digital age: technology investments and mergers and acquisitions
March 8, 2022
The Conference of State Banking Supervisors has released the sixth installment in its seven-part series exploring how community banks are adapting to a changing digital landscape by analyzing banking and technology issues from the CSBS 2021 National Survey of community banks. This article examines how community bankers view investments in technology compared to mergers and acquisitions.
Office of the Comptroller of the Currency
Supervision of large banks: updated comptroller’s manual booklet and cancellation
March 8, 2022
The Office of the Comptroller of the Currency has published an updated pamphlet on the “big bank supervision” of the Controller’s Manual.
National Administration of Credit Unions
Camel grading system
March 8, 2022
The NCUA Board of Directors approved a final rule that added the market risk sensitivity, or “S,” component to the existing CAMEL rating system and redefined the liquidity risk, or “L” component. The effective date for the CAMELS(opens new window) final rule is April 1, 2022.
International
European Commission
REPowerEU: a common European action for more affordable, secure and sustainable energy
March 8, 2022
The European Commission has proposed the outline of a plan to make Europe independent of Russian fossil fuels well before 2030, starting with gas, in light of Russia’s invasion of Ukraine.
UK Financial Conduct Authority
Russian invasion of Ukraine: operational and cyber resilience
March 8, 2022
The Financial Conduct Authority has issued an alert outlining issues to consider regarding the operational and cyber resilience of businesses following Russia’s invasion of Ukraine.
FCA Strategy for Credit Unions
March 8, 2022
The Financial Conduct Authority sends a letter to credit unions outlining their strategies and expectations for the business.
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 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.
