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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, July 30, 2022

July 30, 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 a Fact Sheet and Advisory on FDIC Deposit Insurance and Crypto Companies

July 29, 2022

The Federal Deposit Insurance Corporation published a fact sheet entitled, "What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies." The FDIC also issued a Financial Institution Letter containing an Advisory to FDIC Institutions Regarding Deposit Insurance and Dealings with Crypto Companies.

Federal Agencies

U.S. Department of the Treasury

Treasury Targets the Kremlin's Continued Malign Political Influence Operations in the U.S. and Globally

July 29, 2022

The Department of the Treasury's Office of Foreign Assets Control, as part of a joint action with the Department of Justice, sanctioned two individuals and four entities that support the Kremlin's global malign influence operations and election interference activities.

Federal Reserve Board

Paper: Climate Change and Financial Policy: A Literature Review

July 29, 2022

The Federal Reserve Board published a paper entitled, "Climate Change and Financial Policy: A Literature Review."

Federal Reserve Issues 2021 Annual Report to Congress

July 29, 2022

The Federal Reserve Board issued a report to congress on the operations of the Board during 2021.

Federal Reserve Bank of New York

Data: The Labor Market for Recent College Graduates Update

July 29, 2022

The Federal Reserve Bank of New York updated the Labor Market for Recent College Graduates data for Q2 2022.

Blog Post: The Transatlantic Economy Policy Responses to the Pandemic and the Road to Recovery Conference

July 29, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Transatlantic Economy Policy Responses to the Pandemic and the Road to Recovery Conference."

Securities and Exchange Commission

SEC Re-Proposes Amendments to Exemption From National Securities Association Membership

July 29, 2022

The Securities and Exchange Commission re-proposed rule amendments that would narrow the exemption from Section 15(b)(8) of the Securities Exchange Act, which requires any broker or dealer registered with the Commission to become a member of a national securities association unless the broker or dealer effects transactions in securities solely on an exchange of which it is a member.

New Report from the Small Business Forum Includes Recommendations to Improve Capital Raising

July 28, 2022

The Securities and Exchange Commission released a report to Congress, which summarizes policy recommendations made during the 41st Annual Government-Business Forum on Small Business Capital Formation.

Statement in Honor of National Whistleblower Day

July 29, 2022

Securities and Exchange Commission Division of Enforcement Director Gurbir Grewal issued a statement in honor of National Whistleblower Day.

Consumer Financial Protection Bureau
Department of Justice

CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections

July 29, 2022

The Department of Justice and the Consumer Financial Protection Bureau issued a joint letter reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Relief Act.

Consumer Financial Protection Bureau

Blog Post: CFPB Recognizes National Whistleblower Day

July 29, 2022

The Consumer Financial Protection Bureau issued a blog post recognizing National Whistleblower Day.

International

European Banking Authority

The EBA responds to the public consultations on sustainability-related disclosure standards launched by the International Sustainability Standards Board and the European Financial Reporting Advisory Group

July 29, 2022

The European Banking Authority submitted its responses to the consultations of the International Sustainability Standards Board and the European Financial Reporting Advisory Group on sustainability-related disclosure standards.

EBA launches call for candidates to expand its reserve list for the Banking Stakeholder Group

July 29, 2022

The European Banking Authority launched a call for interest to expand its reserve list of candidates who can be appointed in the current Banking Stakeholder Group when a vacancy arises.

EBA publishes its final guidelines on the criteria for the exemption of investment firms from liquidity requirements in accordance with Investment Firms Regulation

July 29, 2022

The European Banking Authority published its final guidelines on the criteria for the exemption of small and non-interconnected investment firms from the liquidity requirements in accordance with the Investment Firms Regulation.

EBA consults on revised Guidelines on methods for calculating contributions to deposit guarantee schemes

July 29, 2022

The European Banking Authority launched a public consultation on its draft revised Guidelines on deposit guarantee schemes contributions.

Bank of England

Results of the Semi-Annual FX Turnover Surveys in April 2022

July 29, 2022

The Bank of England released the results of the Semi-Annual FX Turnover Surveys held in April 2022.

Statistics: Money and Credit - June 2022

July 29, 2022

The Bank of England released the Money and Credit statistics for June 2022.

Statistics: Credit union annual statistics – 2021

July 29, 2022

The Bank of England released annual credit union statistics for 2021.

UK Financial Conduct Authority

Review of TCFD-aligned disclosures by premium listed commercial companies

July 29, 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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