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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, July 28, 2022

July 28, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Ranking Member Sends Letter to SEC on Lack of Crypto Regulatory Clarity

July 27, 2022

Ahead of Thursday's U.S. Senate Banking Committee hearing on risks and scams in the cryptocurrency market, Ranking Member Pat Toomey (R-Pa.) sent a letter to the Securities and Exchange Commission on the Commission's to give regulatory clarity to the cryptocurrency community and consumers.

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters' Statement on Status of Stablecoin Legislation

July 27, 2022

U.S. House Committee on Financial Services Chair Maxine Waters released a statement on the status of ongoing negotiations on the bipartisan stablecoin legislation.

Committee on Small Business

Hearing: Leveraging the Infrastructure Investment and Jobs Act: The Role of the SBA's Bond Guarantee Program

July 27, 2022

The U.S. House Committee on Small Business held a hearing entitled, "Leveraging the Infrastructure Investment and Jobs Act: The Role of the SBA's Bond Guarantee Program."

Federal Agencies

U.S. Department of the Treasury

Treasury Department Signs Agreement to Contribute $500 million to the European Bank for Reconstruction and Development to Support Ukraine and Other Affected Countries

July 27, 2022

Assistant Secretary for International Trade and Development Alexia Latortue participated in a virtual signing ceremony with European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso for a $500 million U.S. contribution to the EBRD to support businesses and public services affected by Russia's war in Ukraine as well as other countries impacted by the war.

Treasury Announces New Steps to Increase Affordable Housing Supply and Lower Long-Term Housing Costs for American Families

July 27, 2022

The U.S. Department of the Treasury announced new guidance to increase the ability of state, local, and tribal governments to use American Rescue Plan funds to boost the supply of affordable housing in their communities.

Testimony of Acting Under Secretary for International Affairs Andy Baukol Before the U.S. Foreign Relations Committee

July 27, 2022

Acting Under Secretary for International Affairs Andy Baukol gave testimony at a hearing before the U.S. Senate Foreign Relations committee.

Federal Reserve Board

Federal Reserve issues FOMC statement

July 27, 2022

The Federal Reserve Board's Federal Open Market Committee issued a statement announcing the unanimous vote to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent.

Office of the Comptroller of the Currency

OCC Updates Policy Statement on Minority Depository Institutions

July 27, 2022

The Office of the Comptroller of the Currency announced it is revising its 2013 policy statement for minority depository institutions to update and streamline descriptions of its policies, procedures, and programs.

Securities and Exchange Commission

SEC Small Business Advisory Committee to Discuss Liquidity Challenges for Investors in Small and Emerging Businesses

July 27, 2022

The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee released the agenda for its virtual meeting on Tuesday, Aug. 2, which will address liquidity challenges for investors in small and emerging businesses.

Remarks at Center for Audit Quality "Sarbanes-Oxley at 20: The Work Ahead"

July 27, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks at the Center for Audit Quality "Sarbanes-Oxley at 20: The Work Ahead."

Consumer Financial Protection Bureau

CFPB Publishes Analysis of Potential Impacts of Medical Debt Credit Reporting Changes

July 27, 2022

The Consumer Financial Protection Bureau published an analysis of how actions announced by the three largest national consumer reporting companies – Experian, Equifax, and TransUnion – would affect people who have allegedly unpaid medical debt on their credit reports.

CFPB issues new Debt Collection FAQs

July 27, 2022

The Consumer Financial Protection Bureau has added a new section to the Debt Collection Rule Frequently Asked Questions (FAQs) which addresses questions related to the electronic communication and unusual or inconvenient time and place provisions in the Debt Collection Rule.

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Publishes Draft Housing Assistance Payment Support Services Procurement Solicitation for Public Feedback

July 27, 2022

The U.S. Department of Housing and Urban Development published a draft solicitation containing its proposal to formally procure contractors to provide Housing Assistance Payments (HAP) contract support services to HUD.

International

Bank of England

Statistics: Capital Issuance - June 2022

July 27, 2022

The Bank of England released the capital issuance statistics for June 2022.

UK Financial Conduct Authority

The FCA's Consumer Duty will lead to a major shift in financial services

July 27, 2022

The Financial Conduct Authority has confirmed its plans to bring in a new Consumer Duty that will set higher and clearer standards of consumer protection across financial services and require firms to put their customers' needs first.

Administration Changes

Vacancies

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)

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

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

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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, (confirmed May 25, 2022)

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.

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