Thursday, May 19 2022

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 AdministrationIsabella 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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