Congress

US Senate

Banking, Housing and Urban Affairs Commission

Financial Services Committee

Representatives seek information on domestic violent extremism funding

March 4, 2022

Congresswoman Maxine Waters (D-CA), chair of the House Financial Services Committee, Sen. Sherrod Brown (D-OH), chair of the Banking, Housing, and Urban Affairs Committee, and member Congressman Josh Gottheimer (D-NJ), sent a letter to the Government Accountability Office (GAO) requesting a review of the methods by which domestic violent extremists (DVEs) and local violent extremists (HVEs) fund their activities and how institutions financial institutions manage the risks posed by these extremists.

Federal agencies

US Department of Treasury

FATF Strengthens Financial Transparency Standards and Updates Assessment Methodology

March 4, 2022

The Financial Action Task Force (FATF) concluded its sixth plenary session since the start of the ongoing COVID-19 pandemic, in a virtual/in-person hybrid session. The FATF agreed on a revised standard to tackle the misuse of anonymous shell companies and set the stage for its members and the wider global FATF network to be held accountable to higher standards.

Remarks by Treasury Secretary Janet L. Yellen at the 2022 Stanford Institute for Economic Policy Research Economic Summit

March 4, 2022

Treasury Secretary Janet L. Yellen remarked on economic disparities between communities and racial groups. The Secretary argued that targeted investments to address these disparities can not only mitigate growing inequality, but also propel sustainable macroeconomic growth.

Federal Reserve Board

Updated introduction to the Forward-Looking Analysis of Risk Events (FLARE) model: a top-down stress-testing model

March 4, 2022

The Federal Reserve Board has released a technical note describing the FLARE model, which is a top-down model that assesses how well the banking system is positioned to deal with exogenous macroeconomic shocks.

The Federal Reserve Board announces six new members of its Community Advisory Council (CAC)

March 4, 2022

The Federal Reserve Board announced six new members of its Community Advisory Council (CAC). The new members are:

• Ivey Allen, President, Foundation for the Mid South;
• Melanie Hogan, Executive Director, Linking Employment Abilities and Potential;
• Chan U Lee, President and CEO, Devine & Gong, Inc.;
• Christie McCravy, Executive Director, Louisville Metro Affordable Housing Trust Fund;
• Ceyl Prinster, President and CEO, Colorado Enterprise Fund;
• Eric Robertson, Executive Director, The Formanek Foundaction.
• Press release

Federal Reserve Bank of New York

Monetary policy and current risk of loan funds

March 4, 2022

The Federal Reserve Bank of New York released a staff report documenting that loan funds are far more likely to be at risk than any other category of debt funds, including corporate bond funds. The report links loan fund flows to monetary policy, based on the institutional characteristics of their portfolio holdings.

Conference of State Banking Supervisors

Adapting to the digital age: how are basic service providers perceived?

March 4, 2022

The Conference of State Banking Supervisors has released Part 5 of its Adapting to the Digital Age series on how community bankers perceive their main service providers.

Office of the Comptroller of the Currency

Amanda Freedle appointed assistant controller and chief accountant

March 4, 2022

The Office of the Comptroller of the Currency (OCC) has announced the selection of Amanda Freedle to be the agency’s next Assistant Comptroller and Chief Accountant.

Security and Exchange Commission

Sending lawyers, arms and money: (over)zealous representation by corporate lawyers; Notes to PLI’s Corporate Governance – A 2022 Masterclass

March 4, 2022

Commissioner Allison Herren Lee spoke at PLI’s Corporate Governance – A Master Class 2022 to consider whether the SEC should adopt (and enforce) a minimum set of standards for lawyers practicing before the Commission to better protect investors and markets.

State Agencies

California Department of Financial Protection and Innovation

DFPI issues guidelines on sanctions against Russia

March 4, 2022

The DFPI has issued guidance reminding licensees of their obligations under regulations issued by the US Treasury Department’s Office of Foreign Assets Control.

International

European Commission

Press Statement by President von der Leyen with US Secretary of State Blinken

March 4, 2022

European Commission President von der Leyen made a statement during a press conference with US Secretary of State Blinken on EU-US cooperation in response to the Russian invasion of Ukraine.

bank of england

Financial concerns and the marginal propensity to consume in times of Covid: evidence from UK survey data

March 4, 2022

The Bank of England has released a staff working paper studying how households’ worries about their future financial situation may affect the marginal propensity to consume (MPC) during the Covid-19 pandemic.

FX Options Volume

March 4, 2022

The Bank of England has released a staff working paper investigating the information content of FX options volume using a unique OTC FX options dataset with the identities of counterparty and the characteristics of the contracts disclosed.

External activity of monetary financial institutions operating in the United Kingdom – 2021 Q4

March 4, 2022

The Bank of England has released fourth quarter 2021 statistics on all claims and debts to other countries by UK resident banks and building societies.

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.