#2022-01, January 7, 2022

Supreme Court to Hear Arguments in Vaccine Mandate Case Today

The US Supreme Court is scheduled to hold oral arguments today, Friday, January 7, in the case filed by business groups challenging the employer vaccine mandate issued by the Occupational Safety and Health Administration (OSHA).  As we have reported previously, the mandate requires employers with 100 or more employees to ensure staff is vaccinated or tested weekly for COVID-19.

In December, a three-judge panel of the Sixth Circuit Court of Appeals lifted a judicial stay of the vaccine mandate.  OSHA then announced that it will not cite employers for noncompliance with any aspect of the vaccine mandate before January 10 and will not issue any noncompliance citations for the mandate’s weekly testing requirements before February 9.

The Supreme Court is likely to act quickly on the case and we will provide additional updates in the coming weeks.

Chairman McWilliams Announces Resignation from FDIC Board

Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams recently announced that she is resigning from her position on the agency’s Board on February 4.  The announcement comes after at least two other FDIC Board members held a notational vote to issue a request for information on bank merger review procedures.  Chairman McWilliams and the agency’s general counsel argued that chairman controls the Board’s agenda and the activities of the FDIC staff.

Former FDIC Chairman and current board member Martin Gruenberg is expected to become acting chairman.

To read more, click here.

CBLR Returned to 9 Percent on January 1

The federal banking regulators announced last week that the community bank leverage ratio (CBLR), which had been set at 8 percent since spring of 2020, returned to 9 percent beginning on January 1, 2022.  The change comes as coronavirus-related relief provided under the CARES Act expired on December 31, 2021.

According to the agencies, institutions that elect the CBLR framework on their March 31, 2022, call reports will be subject to the requirement.  MBA-supported legislation has been filed in Congress (H.R. 6145) by Representative Tracey Mann (R-KS) that directs the regulators to set the CBLR between 8 percent and 8.5 percent until the end of 2024, though it is unclear if the measure will move forward.

To read more, click here.