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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, August 18, 2022

August 18, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Information Sought from FDIC Following Whistleblower Crypto Reports

August 17, 2022

U.S. Senate Banking Committee Member Pat Toomey (R-PA) is asking for information from the Federal Deposit Insurance Corporation following reports it may be improperly deterring banks from doing business with lawful cryptocurrency companies.

Federal Agencies

U.S. Department of the Treasury

Treasury Releases Initial Information on Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act

August 16, 2022

Following President Biden's signing the Inflation Reduction Act into law, the U.S. Department of the Treasury and Internal Revenue Service published initial information on changes to the tax credit for electric vehicles strengthened by the landmark legislation.

Federal Reserve Board

Minutes of the Federal Open Market Committee, July 26–27, 2022

August 17, 2022

The Federal Reserve Board released the minutes of the Federal Open Market Committee Meeting held July 26-27, 2022.

Paper: Search Frictions, Labor Supply, and the Asymmetric Business Cycle

August 17, 2022

The Federal Reserve Board published a paper entitled, "Search Frictions, Labor Supply, and the Asymmetric Business Cycle."

Speech: Technology, Innovation, and Financial Services

August 17, 2022

Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Technology, Innovation, and Financial Services."

Speech: Working Women in the Pandemic Era

August 17, 2022

Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Working Women in the Pandemic Era."

Federal Reserve Bank of New York

Blog: The Disconnect between Productivity and Profits in U.S. Oil and Gas Extraction

August 17, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Disconnect between Productivity and Profits in U.S. Oil and Gas Extraction."

Federal Reserve Bank of Boston

Article: Regulators propose major updates to law that encourages banks to invest in lower-income communities

August 18, 2022

The Federal Reserve Bank of Boston published an article entitled, "Regulators propose major updates to law that encourages banks to invest in lower-income communities."

Securities and Exchange Commission

Investor Bulletin: Private Placements under Regulation D

August 17, 2022

The Securities and Exchange Commission Office of Investor Education and Advocacy issued an Investor Bulletin to educate investors about investing in unregistered securities offerings, sometimes called private placements, under Regulation D of the Securities Act.

Commodity Futures Trading Commission

CFTC Staff Extends Temporary No-Action Letter Regarding Capital and Financial Reporting for Certain Non-U.S. Nonbank Swap Dealers

August 17, 2022

The Commodity Futures Trading Commission's (CFTC) Market Participants Division announced it has issued a temporary no-action letter extending CFTC Staff Letter No. 21-20 to nonbank swap dealers domiciled in foreign jurisdictions that are the subject of a pending CFTC review for comparability determinations regarding capital and financial reporting requirements.

Federal Housing Finance Agency

FHFA and Ginnie Mae Announce Updated Minimum Financial Eligibility Requirements for Enterprise Seller/Servicers and Ginnie Mae Issuers

August 17, 2022

The Federal Housing Finance Agency and Ginnie Mae issued a joint announcement of their updated minimum financial eligibility requirements for seller/servicers and issuers.

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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