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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, July 9, 2022

July 09, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Speech: Crypto-Assets and Decentralized Finance through a Financial Stability Lens

July 8, 2022

Federal Reserve Board Vice Chair Lael Brainard gave a speech at the Bank of England Conference entitled, "Crypto-Assets and Decentralized Finance through a Financial Stability Lens."

Consumer Affairs Letter: Standard Information Request (SIR) Process

July 8, 2022

The Federal Reserve Board sent a letter to banking organization officers and managers in charge of consumer affairs introducing a Standard Information Request (SIR) Process to improve the consistency, efficiency, and effectiveness of consumer compliance examination planning and scoping processes.

Paper: Renewable Technology Adoption Costs and Economic Growth

July 8, 2022

The Federal Reserve Board published a paper entitled, "Renewable Technology Adoption Costs and Economic Growth."

Consumer Credit - G.19

July 8, 2022

The Federal Reserve Board released the G.19 Consumer Credit data for May 2022 which increased at a seasonally adjusted annual rate of 5.9%. Revolving credit increased at an annual rate of 8.1%, while nonrevolving credit increased at an annual rate of 5.2%.

Federal Reserve Bank of New York

Speech: Price Stability: The Foundation for a Strong Economy

July 8, 2022

Federal Reserve Bank of New York President and CEO John C. Williams gave remarks at the University of Puerto Rico entitled, "Price Stability: The Foundation for a Strong Economy."

Conference of State Bank Supervisors

Community Bankers' Outlook Plummets

July 8, 2022

The Conference of State Bank Supervisors released the Q2 2022 Community Bank Sentiment Index (CBSI) showing that community bankers' collective view of future business conditions and the economy plummeted in the last quarter.

Federal Deposit Insurance Corporation

Paper: Creditor Control of Environmental Activity: The Role of Liquidation Value

July 8, 2022

The Federal Deposit Insurance Corporation published a working paper entitled, "Creditor Control of Environmental Activity: The Role of Liquidation Value."

International

Bank of England

BoE Regulatory Capital Statistics

July 8, 2022

The Bank of England released the 2022 Q1 banking sector regulatory capital statistics.

Minutes of Money Markets Committee meeting - May 2022

July 8, 2022

The Bank of England published the minutes of the Money Markets Committee meeting in May 2022.

Paper: A tail of labour supply and a tale of monetary policy

July 8, 2022

The Bank of England published a staff working paper entitled, "A tail of labour supply and a tale of monetary policy."

Bank of England Prudential Regulation Authority

Speech: Solvency II: Striking the balance

July 8, 2022

Bank of England Deputy Governor for Prudential Regulation Sam Woods gave a speech entitled, "Solvency II: Striking the balance."

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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