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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, September 17, 2022

September 17, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Digital Assets Executive Order

White House Releases Comprehensive Framework for Responsible Development of Digital Assets

September 16, 2022

The White House has released reports submitted to President Biden in response to President Biden's Executive Order on Ensuring Responsible Development of Digital Assets. The reports from the U.S. Department of the Treasury, Office of Science and Technology Policy, U.S. Department of Commerce, and the U.S. Department of Justice together articulate a framework for responsible digital asset development and pave the way for further action at home and abroad.

U.S. Department of the Treasury Published Three Reports pursuant to Sections 4, 5 and 7 of President Biden's Executive Order

White House Office of Science and Technology Policy Report: Technical Evaluation for a U.S. Central Bank Digital Currency System

U.S. Department of Commerce Report: Responsible Advancement of U.S. Competitiveness in Digital Assets

U.S. Department of Justice Report: The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets

Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for July 2022

September 16, 2022

The U.S. Department of the Treasury released Treasury International Capital data for July 2022.

Federal Reserve Bank of New York

Business Leaders Survey – September 2022

September 16, 2022

The Federal Reserve Bank of New York released the Business Leaders Survey for September 2022.

Federal Deposit Insurance Corporation

FDIC Releases Results of Summary of Deposits Annual Survey

September 16, 2022

The Federal Deposit Insurance Corporation released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2022.

International

Bank of England

Statistics: Consolidated worldwide claims - 2022 Q2

September 16, 2022

The Bank of England released the consolidated worldwide claims statistics for Q2 2022.

UK Financial Conduct Authority

Scams offering to 'write off debts' targeting UK consumers

September 16, 2022

The UK Financial Conduct Authority stated it believes there are firms offering unauthorized claims management services to people in the UK and urged caution of any firms offering to write-off debt.

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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