left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, July 29, 2022

July 29, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Protecting Investors and Savers: Understanding Scams and Risks in Crypto and Securities Markets

July 28, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Protecting Investors and Savers: Understanding Scams and Risks in Crypto and Securities Markets."

Brown Sends Letter to Apple and Google on Protections against Crypto App Fraud

July 28, 2022

Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent letters to Sundar Pichai, CEO of Alphabet and Google, and Tim Cook, CEO of Apple, requesting information about the companies' mobile application safeguards.

Committee on Small Business and Entrepreneurship

Hearing: A New Start: Opportunities and Barriers to Entrepreneurship for Returning Citizens and Justice Impacted Individuals

July 27, 2022

The U.S. Senate Committee on Small Business and Entrepreneurship held a hearing entitled, "A New Start: Opportunities and Barriers to Entrepreneurship for Returning Citizens and Justice Impacted Individuals."

Federal Agencies

U.S. Department of the Treasury

Office of Financial Research Pilots Cutting-Edge Data Hub to Assist with Climate-risk Assessments

July 28, 2022

The U.S. Department of the Treasury Office of Financial Research announces the launch of its Climate Data and Analytics Hub pilot, a new tool to help financial regulators assess risks to financial stability stemming from climate change.

Statement from Secretary of the Treasury Janet L. Yellen on Launch of New Private and Public Sector Efforts to Maximize Investments in Underserved Communities

July 28, 2022

U.S. Department of the Treasury Janet L. Yellen gave a statement on the announcement of a new coordinated effort by six federal agencies – the Departments of the Treasury, Commerce, Transportation, Housing and Urban Development, and Agriculture and the Small Business Administration— to maximize federal dollars flowing into underserved communities, including communities of color, rural and Tribal communities.

Conference of State Bank Supervisors

Blog Post: Are We in a Recession Yet?

July 28, 2022

Conference of State Bank Supervisors Chief Economist Thomas F. Siems published a blog post entitled, "Are We in a Recession Yet?"

Financial Stability Oversight Council

Financial Stability Oversight Council Releases Factsheet on Climate-Related Financial Risk Efforts

July 28, 2022

The Financial Stability Oversight Council convened on July 28, 2022, and received an update on progress made by the Council and its members to identify and address climate-related financial risk.

Bank Policy Institute

Financial Services Industry United in Opposition to Marshall-Durbin Credit Routing Legislation

July 28, 2022

Nine trade associations representing the financial services industry—the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Sized Bank Coalition of America, National Association of Federally-Insured Credit Unions, and National Bankers Association—released a joint statement opposing announced legislation by Senator Roger Marshall (R-KS) and Senator Dick Durbin (D-IL) creating new credit card routing mandates that fall disproportionality on card issuing credit unions and community banks.

International

European Banking Authority

ESAs issue report on the extent of voluntary disclosure of principal adverse impact under the Sustainable Finance Disclosure Regulation

July 28, 2022

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published the first annual report on the extent of voluntary disclosure of principal adverse impact under the Sustainable Finance Disclosure Regulation (SFDR) – Article 18 of Regulation (EU) 2019/2088.

EBA consults on its draft technical standards on homogeneity of underlying exposures in simple, transparent and standardized securitizations

July 28, 2022

The European Banking Authority launched a public consultation on draft Regulatory Technical Standards specifying the criteria for the underlying exposures in securitization to be deemed homogeneous.

EBA consults on supervisory handbook for the validation of internal ratings based systems

July 28, 2022

The European Banking Authority launched a consultation on its supervisory handbook for the validation of internal ratings based systems.

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.

Get In Touch With Us

Contact Us