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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, June 3, 2022

June 03, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Severs More Networks Providing Support for Putin and Russia's Elites

June 2, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control is taking further action to degrade the key networks used by Russia's elites, including President Vladimir Putin, to attempt to hide and move money and anonymously make use of luxury assets around the globe.

Federal Reserve Board

Paper: The Green Corporate Bond Issuance Premium

June 2, 2022

The Federal Reserve Board published a paper entitled, "The Green Corporate Bond Issuance Premium."

Paper: The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing

June 2, 2022

The Federal Reserve Board published a paper entitled, "The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing."

Paper: Social Externalities of Bank Enforcement Actions: The Case of Minority Lending

June 2, 2022

The Federal Reserve Board published a paper entitled, "Social Externalities of Bank Enforcement Actions: The Case of Minority Lending."

Paper: The Vaccine Boost: Quantifying the Impact of the COVID-19 Vaccine Rollout on Measures of Activity

June 2, 2022

The Federal Reserve Board published a paper entitled, "The Vaccine Boost: Quantifying the Impact of the COVID-19 Vaccine Rollout on Measures of Activity."

Federal Reserve Bank of New York

Speech: Considerations on the Road Ahead for Monetary Policy Implementation

June 2, 2022

Federal Reserve Bank of New York Executive Vice President Lorie K. Logan gave a speech at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop entitled, "Considerations on the Road Ahead for Monetary Policy Implementation."

Blog Post: Does China's Zero Covid Strategy Mean Zero Economic Growth?

June 2, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Does China's Zero Covid Strategy Mean Zero Economic Growth?"

Federal Reserve Bank of Boston

Boston Fed researchers look at 'swing pricing' tool that could stabilize certain investment funds

June 2, 2022

The Federal Reserve Bank of Boston published a research note entitled, "Swing Pricing Calibration: A Simple Thought Exercise Using ETF Pricing Dynamics to Infer Swing Factors for Mutual Funds."

Commodity Futures Trading Commission

CFTC Releases Request for Information on Climate-Related Financial Risk

June 2, 2022

The Commodity Futures Trading Commission unanimously voted to release a Request for Information to seek public comment on climate-related financial risk to better inform its understanding and oversight of climate-related financial risk as pertinent to the derivatives markets and underlying commodities markets.

International

European Banking Authority

ESAs provide clarifications on key areas of the RTS under SFDR

June 2, 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA) published a statement providing clarifications on the draft regulatory technical standards issued under the Sustainable Finance Disclosure Regulation, which include the financial product disclosures under the Taxonomy Regulation.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022)

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)

Commodity Futures Commission

  • Three (3) Commissioner Vacancies

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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