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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, August 20, 2022

August 20, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Deposit Insurance Corporation

FDIC Issues Cease and Desist Letters to Five Companies For Making Crypto-Related False or Misleading Representations about Deposit Insurance

August 19, 2022

The Federal Deposit Insurance Corporation (FDIC) issued letters demanding five companies and their officers, directors and employees cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements under Section 18(a)(4) of the Federal Deposit Insurance Act and Part 328 of the FDIC's regulation.

Federal Agencies

U.S. Department of the Treasury

Treasury Approves Four Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative

August 19, 2022

The U.S. Department of Treasury announced it has approved Colorado, Oregon, New York and Montana state plans under the State Small Business Credit Initiative for up to $750 million in funds to expand access to capital for small businesses.

Securities and Exchange Commission

Chair Gensler's Remarks Before the Reuters Events' Responsible Business USA 2022

August 19, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks before Reuters Event's Responsible Business USA 2022.

Commodity Futures Trading Commission

Opening Remarks of Commissioner Kristin Johnson for the CFTC and OMWI Roundtable on Digital Assets and Financial Inclusion

August 19, 2022

Commodity Futures Trading Commissioner Kristin Johnson delivered remarks on digital asset policy, innovation, legislation and regulation at a roundtable at the CFTC.

Consumer Financial Protection Bureau

Blog: Why we're modernizing how we collect credit card data

August 19, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Why we're modernizing how we collect credit card data."

FINRA

FINRA Board of Governors Elects Eric Noll as Chair

August 19, 2022

The FINRA Board of Governors elected current FINRA Public Governor Eric Noll as its next Chair.

Bank Policy Institute

FDIC's Proposed Deposit Insurance Assessment Hike: A Threat to Small Businesses and the Economy, Based on Stale Data

August 19, 2022

The Bank Policy Institute, the American Bankers Association, the Consumer Bankers Association, the Independent Community Bankers of America, the National Bankers Association and the Mid-Size Bank Coalition of America wrote a comment letter to the Federal Deposit Insurance Commission on its proposed increase of deposit insurance assessment rates.

International

Bank of England

Paper: The size-centrality relationship in production networks

August 19, 2022

The Bank of England published a staff working paper entitled, "The size-centrality relationship in production networks."

Paper: Firming up price inflation

August 19, 2022

The Bank of England published a staff working paper entitled, "Firming up price inflation."

UK Financial Conduct Authority

FCA warns Buy Now Pay Later firms about misleading adverts

August 19, 2022

The Financial Conduct Authority sent Dear CEO Letters to firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated the financial promotions of all BNPL products must comply with the financial promotion rules.

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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