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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, August 6, 2022

August 06, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Representatives Send Letter to Digital Assets Industry Requesting Diversity and Inclusion Data

August 5, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, Congressman Bill Foster (D-IL), Chairman of the Task Force on Artificial Intelligence and Congressman Stephen Lynch (D-MA), Chairman of the Task Force on Financial Technology sent a letter to the nation's 20 largest crypto, Web3, and digital assets companies, as well as prominent venture capital firms with investments in crypto, urging them to provide data around their diversity and inclusion practices.

Committee on Small Business

Bills to Extend Statute of Limitations on COVID Small Business Fraud Cases Signed Into Law

August 5, 2022

President Joe Biden signed into law the PPP and Bank Fraud Enforcement Harmonization Act and the COVID-19 EIDL Fraud Statute of Limitations Act of 2022.

Federal Agencies

Conference of State Bank Supervisors

CSBS Supports CRA Proposal; Asks for Clarity

August 5, 2022

State regulators stated their support of the federal banking agencies' proposed modernization of the Community Reinvestment Act but asked for further clarity in a comment letter submitted by the Conference of State Bank Supervisors.

Ginnie Mae

All Participant Memo: Institution-wide Capital Requirements and Program Risk Parameters

August 5, 2022

Ginnie Mae published an All Participant Memo entitled, "Institution-wide Capital Requirements and Program Risk Parameters."

Bank Policy Institute

Complex, Sweeping CRA Proposal Would Undercut Law's Mission of Serving Communities

August 5, 2022

The Bank Policy Institute commented on the banking agencies' joint Community Reinvestment Act proposal.

International

Bank of England

Market Participants Survey results - August 2022

August 5, 2022

The Bank of England published the results of the Market Participants Survey of expectations for monetary policy from experts in UK rates markets for August 2022.

UK Financial Conduct Authority

Review of TCFD-aligned disclosures by premium listed commercial companies

August 5, 2022

The Financial Conduct Authority published a review of TCFD-aligned disclosures by premium listed commercial companies

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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