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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, June 4, 2022

June 04, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Speech: Risk in the Crypto Markets

June 3, 2022

Federal Reserve Board Governor Christopher J. Waller gave a speech at the SNB-CIF Conference on Cryptoassets and Financial Innovation in Zürich, Switzerland, entitled, "Risk in the Crypto Markets."

Conference of State Bank Supervisors

State Regulators Support Modernizing Regulatory Framework for Bank Mergers

June 3, 2022

The Conference of State Bank Supervisors sent a comment letter to the FDIC supporting modernizing regulatory framework for bank mergers.

U.S. Department of Labor

BLS Releases May 2022 Jobs Report

June 3, 2022

The Bureau of Labor Statistics released the May 2022 Jobs Report.

International

European Commission

EU adopts sixth package of sanctions against Russia

June 3, 2022

The European Commission announced the EU's adoption of the sixth package of restrictive measures against Russia. The package contains the following elements:

i) oil export restrictions;

ii) prohibition of operators from insuring and financing the transport, in particular through maritime routes, of oil to third countries;

iii) financial and business services measures;

iv) broadcasting suspension; and

v) export restrictions.

EU and US agree to strengthen coordination on the enforcement of export controls on Russia

June 3, 2022

The European Commission and the U.S. Commerce Department have agreed to strengthen coordination on the enforcement of export controls on Russia.

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 action scheduled for June 8, 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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