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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, July 8, 2022

July 08, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of the Treasury

Framework for International Engagement on Digital Assets

July 7, 2022

The Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development, and the heads of other relevant U.S.-agencies, delivered a framework for interagency engagement with their respective foreign counterparts and in international fora as directed in President Biden's Executive Order on Ensuring Responsible Development of Digital Assets (March 9, 2022).

Federal Agencies

Federal Reserve Board

Paper: Restoring confidence in troubled financial institutions after a financial crisis

July 7, 2022

The Federal Reserve Board published a paper entitled, "Restoring confidence in troubled financial institutions after a financial crisis."

Federal Reserve Bank of New York

Blog Post: Climate Change: Implications for Macroeconomics

July 7, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Climate Change: Implications for Macroeconomics."

Federal Reserve Bank of Boston

Paper: Lessons Learned from Mortgage Borrower Policies and Outcomes during the COVID-19 Pandemic

July 7, 2022

The Federal Reserve Bank of Boston published a paper entitled, "Lessons Learned from Mortgage Borrower Policies and Outcomes during the COVID-19 Pandemic."

Article: What can be done to help low-income families build wealth following COVID-19?

July 7, 2022

The Federal Reserve Bank of Boston published an article entitled, "What can be done to help low-income families build wealth following COVID-19?"

Consumer Financial Protection Bureau

CFPB Issues Advisory to Protect Privacy When Companies Compile Personal Data

July 7, 2022

The Consumer Financial Protection Bureau issued a legal interpretation addressing companies that use and share credit reports and background reports and requiring that they have a permissible purpose under the Fair Credit Reporting Act.

International

European Banking Authority

EBA reports on the successful mitigation of possible infection risk stemming from legacy instruments

July 7, 2022

The European Banking Authority published an analysis of how its Opinion on the prudential treatment of legacy instruments has been implemented across the EU.

Bank of England

Survey: Monthly Decision Maker Panel data - June 2022

July 7, 2022

The Bank of England released the monthly Decision Maker Panel survey data for June 2022.

Speech: Economic outlook

July 7, 2022

Bank of England Chief Economist and Executive Director Huw Pill gave a speech entitled, "Economic outlook."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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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