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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, May 21, 2022

May 21, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

G7 Finance Ministers and Central Bank Governors Meeting Communiqué

May 20, 2022

The G7 Finance Ministers and Central Bank Governors issued a communique on the results of their May 18-20 Meeting in Petersburg, Germany.

Federal Reserve Board

Paper: The Anatomy of Single-Digit Inflation in the 1960s

May 20, 2022

The Federal Reserve Board published a paper entitled, "The Anatomy of Single-Digit Inflation in the 1960s."

Paper: Who Killed the Phillips Curve? A Murder Mystery

May 20, 2022

The Federal Reserve Board published a paper entitled, "Who Killed the Phillips Curve? A Murder Mystery."

Paper: Macroeconomic Effects of Capital Tax Rate Changes

May 20, 2022

The Federal Reserve Board published a paper entitled, "Macroeconomic Effects of Capital Tax Rate Changes."

Federal Reserve Bank of New York

Semiannual Excess Equity Returned by the Municipal Liquidity Facility and Term Asset-Backed Securities Loan Facility

May 20, 2022

The Municipal Liquidity Facility (MLF) and the Term Asset-Backed Securities Loan Facility (TALF) returned to the U.S. Department of the Treasury their next planned interim distributions of preferred equity funds previously invested by Treasury in those facilities. The MLF returned $1.33 billion to Treasury and TALF returned $209.96 million to Treasury, reducing Treasury's remaining cash invested in those facilities to $2.89 billion and $1.15 billion, respectively.

Federal Deposit Insurance Corporation

FDIC Publishes 2022 Risk Review

May 20, 2022

The Federal Deposit Insurance Corporation published its 2022 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system as observed in 2021.

Bank Policy Institute

Central Bank Digital Currency's Path Forward in the U.S. is Simple: Make Decisions Based on Data

May 20, 2022

The Bank Policy Institute responded to a Federal Reserve discussion paper evaluating the costs and benefits of a central bank digital currency. The response supports the Federal Reserve's position that adequate data and the consent of the legislative and executive branches are prerequisites to any decision to develop a CBDC.

State Agencies

New York State Department of Financial Services

Statement from DFS Superintendent on Virtual Currency Regulation

May 20, 2022

The New York State Department of Financial Services Superintendent Adrienne A. Harris issued a statement on the need for strong regulation of virtual currency.

International

Bank of England

Working Paper: Aggregation across each nation: aggregator choice and macroeconomic dynamics

The Bank of England published a staff working paper entitled, "Aggregation across each nation: aggregator choice and macroeconomic dynamics."

Working Paper: Business creation during Covid-19

May 20, 2022

The Bank of England published a staff working paper entitled, "Business creation during Covid-19."

Speech: The economic situation and monetary policy

May 20, 2022

Bank of England Chief Economist Huw Pill gave a speech entitled, "The economic situation and monetary policy."

UK Financial Conduct Authority

Speech: Listening up to level up – regulating finance for the whole of the UK

May 20, 2022

Charles Randell, Chair of the Financial Conduct Authority and Payment Systems Regulator, gave a speech at the Centre for Commercial Law Studies, Queen Mary University of London entitled, "Listening up to level up – regulating finance for the whole of the UK."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 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 (confirmed May 12, 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

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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