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Daily Financial Regulation Update – Wednesday, March 30, 2022 | #itsecurity | #infosec | #hacking | #aihp



PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Economic Impact of the Growing Burden of Medical Debt

March 29, 2022

The Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Economic Impact of the Growing Burden of Medical Debt.”

U.S. House of Representatives

Committee on Financial Services

Hearing: Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color

March 29, 2022

The U.S. House Committee on Financial Services held a hearing entitled, “Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color.”

Committee Announces April Committee Schedule

March 29, 2022

The House Committee on Financial Services, announced the following schedule updates for the month of April:

  • Tuesday, April 5 at 2:00 PM ET: The Subcommittee on Oversight and Investigations will convene for a hybrid hearing entitled, “An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement.”
  • Wednesday, April 6 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”
  • Wednesday, April 20 at 12:00 PM ET: The Subcommittee on Housing, Community Development and Insurance will convene in the Bronx, New York for a hybrid field hearing entitled, “A Matter of Life and Death: Improving Fire Safety in Federally Assisted Housing.”
  • Wednesday, April 27 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau.”
  • Thursday, April 28 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Oversight of the Financial Crimes Enforcement Network.”
  • Thursday, April 28 at 2:00 PM ET: The Task Force on Financial Technology will convene for a hybrid hearing entitled, “What’s in Your Digital Wallet? A Review of Recent Trends to Mobile Banking and Payments.”
  • Press Release

Committee on Small Business

Hearing: Catalyzing Economic Growth through SBA Community-Based Lending

March 29, 2022

The Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held hearing entitled, “Catalyzing Economic Growth through SBA Community-Based Lending.”

Federal Agencies

U.S. Department of the Treasury

Remarks: Deputy Secretary of the Treasury Wally Adeyemo Addressing Economic Statecraft at the Chatham House in London, England

Deputy Secretary of the Treasury Wally Adeyemo gave remarks on economic statecraft in international affairs at the Chatham House in London, England.

Federal Reserve Board Federal Deposit Insurance Corporation Office of the Comptroller of the Currency

Computer-Security Incident Notification Implementation

March 29, 2022

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued notices informing firms that on May 1, 2022, they must start complying with the joint final rule issued by the agencies establishing computer-security incident notification requirements for banking organizations and their bank service providers.

Office of the Comptroller of the Currency

Commercial Real Estate Lending: Revised Comptroller’s Handbook Booklet and Rescissions

March 29, 2022

The Office of the Comptroller of the Currency issued version 2.0 of the “Commercial Real Estate Lending” booklet of the Comptroller’s Handbook.

OCC Hosts Mutual Savings Association Advisory Committee Meeting April 19

March 29, 2022

The Office of the Comptroller of the Currency announced it will host a public meeting of the Mutual Savings Association Advisory Committee on April 19, 2022.

Bank Policy Institute

BPI Recommends Changes to Suspicious Activity Report Sharing Pilot Program to Encourage Participation

March 29, 2022

The Bank Policy Institute commented on the Financial Crimes Enforcement Network’s proposed pilot program that would temporarily allow U.S. financial institutions to share reports identifying possible illicit financial activities with foreign branches, subsidiaries and affiliates.

International

Bank of England

Financial education in a digital world

March 29, 2022

The Bank of England published the Quarterly Bulletin 2022 Q1 entitled, “Financial education in a digital world.”

Six months left to spend your paper £20 and £50 banknotes

March 29, 2022

The Bank of England issued a press release announcing it will be withdrawing legal tender status of the paper £20 and £50 notes after 30 September 2022 and encouraging consumers to spend or deposit these notes prior to this date.

Minutes of the CBDC Technology Forum – March 2022

March 29, 2022

The Bank of England released the minutes from the CBDC Technology Forum held on March 8, 2022.

Money and Credit – February 2022

March 29, 2022

The Bank of England issued its monthly statistics release on broad money and credit, lending to individual and lending to businesses.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Vacant
  • Governor – Lisa Cook nominated January 14, 2022 (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022 (nomination hearing held on February 3, 2022); committee approval March 16, 2022)

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)

Commodity Futures Commission

  • Three (3) Commissioner Vacancies

Appointments/Confirmation Hearings

U.S. Department of the Treasury – 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)

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

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.

Click Here For The Original Source.


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