left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, July 14, 2022

July 14, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Reserve Board

Michael Barr Confirmed as Fed Vice Chair for Supervision

July 13, 2022

Michael Barr, President Biden's nominee for Governor and Vice Chair for Supervision at the Board of Governors of the Federal Reserve System, was confirmed by the U.S. Senate.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Urge Stronger Fed Ethics Rules

July 13, 2022

Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, joined Sen. Raphael Warnock (D-GA), Sen. Jon Ossoff (D-GA), Sen. Jeff Merkley (D-OR), and Sen. Kirsten Gillibrand (D-NY), in a letter to Chairman Jerome Powell of the Board of Governors of the Federal Reserve System (Federal Reserve) urging stronger investment and trading policies for Federal Reserve officials to improve accountability and transparency.

U.S. House of Representatives

Committee on Financial Services

Hearing: Better Together: Examining the Unified Proposed Rule to Modernize the Community Reinvestment Act

July 13, 2022

The U.S. House Committee on Financial Services held a hearing entitled, "Better Together: Examining the Unified Proposed Rule to Modernize the Community Reinvestment Act."

Committee on Small Business

Hearing: Fintech and Transparency in Small Business Lending

July 13, 2022

The U.S. House Committee on Small Business Subcommittee on Oversight, Investigations and Regulations held a hearing entitled, "Fintech and Transparency in Small Business Lending."

Federal Agencies

U.S. Department of the Treasury

Federal Reserve Board

Report: Beige Book

July 13, 2022

The Board of Governors of the Federal Reserve published the July 2022 Beige Book.

Paper: The Collateral Premium and Levered Safe-Asset Production

July 13, 2022

The Federal Reserve Board published a paper entitled, "The Collateral Premium and Levered Safe-Asset Production."

Federal Reserve Bank of New York

Underlying Inflation Gauge (UIG) – July 2022

July 13, 2022

The Federal Reserve Bank of New York staff released the July 2022 Underlying Inflation Gauge (UIG) measures.

Blog Post: Do Corporate Profits Increase When Inflation Increases?

July 13, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Do Corporate Profits Increase When Inflation Increases?"

Securities and Exchange Commission

SEC Proposes Amendments to Shareholder Proposal Rule

July 13, 2022

The Securities and Exchange Commission proposed amendments to the rule that governs the process for including shareholder proposals in a company's proxy statement.

SEC Adopts Amendments to Proxy Rules Governing Proxy Voting Advice

July 13, 2022

The Securities and Exchange Commission voted to adopt amendments to its rules governing proxy voting advice, as proposed in November 2021.

Commodity Futures Trading Commission

Statement of Commissioner Caroline D. Pham on the CPMI-IOSCO Final Guidance on Stablecoin Arrangements

July 13, 2022

Commodity Futures Trading Commissioner Caroline D. Pham made a state regarding international efforts to set standards for the regulation of stablecoins.

U.S. Department of Education

U.S. Department of Education Awards Final $198 Million of American Rescue Plan Higher Education Funds to Support Students at Community Colleges, Rural, and Minority-Serving Institutions

July 13, 2022

The U.S. Department of Education awarded the final $198 million in Higher Education Emergency Relief Fund grants.

Bank Policy Institute

BPI Supports CRA Lending Goals, Cautions New Proposal May Stray from the Law's Core Mission

July 13, 2022

The Bank Policy Institute submitted a written statement to the House Financial Services Subcommittee on Consumer Protection and Financial Institutions today as the Committee considers potential reforms to the Community Reinvestment Act.

State Agencies

New York State Department of Financial Services

DFS Calls on Federal Loan Servicers to Increase Awareness and Enrollment in Public Service Loan Forgiveness Program Before Temporary Program Rules Change

July 13, 2022

The New York State Department of Financial Services has issued letters to federal student loan servicers urging them to adopt best practices to increase awareness and applicants to the Public Service Loan Forgiveness Program before waived rules that make it easier to have loans forgiven expire on October 31, 2022.

International

European Commission

Implementation of sanctions: Commission provides additional guidance on the transit of goods from Russia

July 13, 2022

The European Commission has published further guidance to Member States on the transit of goods from Russia.

Rule of Law Report 2022: Commission issues specific recommendations to Member States

July 13, 2022

The Commission has published the third annual Rule of Law Report.

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.

Get In Touch With Us

Contact Us