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Major developments

US Senate

Senate Confirms Lael Brainard as Fed Vice Chairman

April 26, 2022

The US Senate has voted to confirm Lael Brainard as vice chairman of the Federal Reserve Board of Governors.


US Senate

Banking, Housing and Urban Affairs Commission

Hearing: Consumer Financial Protection Bureau Semi-Annual Report to Congress

April 26, 2022

The Banking, Housing, and Urban Affairs Committee held a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”

Federal agencies

Conference of State Banking Supervisors

Blog Post: Data Corner: Rising Core Deposits Lead to Growing Bank Balance Sheets

April 26, 2022

The Conference of State Banking Supervisors published a blog post titled “Data Corner: Rising Core Deposits Lead to Growing Bank Balance Sheets.”

Security and Exchange Commission

Risk Alert: Compliance Issues with MNPI Investment Advisor

April 26, 2022

The Examinations Division (“EXAMS”) has issued a risk alert to provide investment advisers, investors and other market participants with information regarding the material deficiencies which staff have cited relating to Section 204A of the the investment advisers of 1940 and the code of ethics rule. 204A-1 below. Deficiencies related to Section 204A and the Code of Ethics rule were among the most frequently observed by EXAMS.

Speech: ‘The Name’s Bond’: Remarks at City Week in London, UK

April 26, 2022

Securities and Exchange Commission Chairman Gary Gensler spoke at City Week titled “The Name’s Bond” on Fixed Income Markets.

US Small Business Administration

SBA Proposes Changes to Expand Small Businesses in Manufacturing Eligibility for Federal Contract and Loan Programs

April 26, 2022

The U.S. Small Business Administration is seeking public comment on a proposed rule that would revise employee-based small business size standards for businesses in nine sectors of the North American Industry Classification System, including mining, quarrying and gas extraction, utilities, manufacturing, transportation and information. The proposed changes would increase small business eligibility for federal SBA contract and loan programs.

Federal Housing Finance Agency

FHFA house price index up 2.1% in February; Up 19.4% over last year

April 26, 2022

The Federal Housing Finance Agency (FHFA) has released the April 2022 Housing Price Index (HPI) with data for February 2022. The FHFA will release its next HPI report on May 31, 2022, including first quarter data 2022 and March monthly data. .


bank of england

Speech: Bufferati: Remarks at City Week in London, UK

April 26, 2022

The Bank of England’s Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority, Sam Woods, delivered a speech during City Week 2022 titled “Bufferati”.

UK Financial Conduct Authority

Speech: Critical Issues in Financial Regulation: The FCA Perspective

April 26, 2022

The CEO of the UK’s Financial Conduct Authority, Nikhil Rathi, delivered a keynote address titled “Critical Issues in Financial Regulation: The FCA Perspective”.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Michael S. Barr Appointed April 15, 2022
  • Governor – Lisa Cook nominated January 14, 2022 (nomination hearing held February 3, 2022; select committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022)
  • Governor – Phillip Jefferson, appointed January 14, 2022 (nomination hearing held February 3, 2022); committee approval on March 16, 2022)

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • Vice President – ​​Vacant

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 – Jerome H. Powell (effective February 4, 2022, appointed as President pro tempore pending Senate confirmation)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

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 (effective January 20, 2021)

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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