State & Federal Developments

• Senator Shelley Mayer introduced a bill, S. 9121, extending by one year the effective date for legislation enacted in 2021 and imposing new disclosure requirements on card issuers in connection with credit card rewards programs. 

Federal Issues

• The Senate confirmed Fed Chairman Jerome Powell to a second four-year term, as well as nominees Lisa Cook and Philip Jefferson to the Federal Reserve Board of Governors. Next week, the Senate Banking Committee expects to take up the nomination of Michael Barr to be Federal Reserve Vice Chairman for Supervision.