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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, June 2, 2022

June 02, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Beige Book - June 1, 2022

June 1, 2022

The Federal Reserve Board published its June 2022 Beige Book.

Paper: The transmission of financial shocks and leverage of financial institutions: An endogenous regime switching framework

June 1, 2022

The Federal Reserve Board published a paper entitled, "The transmission of financial shocks and leverage of financial institutions: An endogenous regime switching framework."

Federal Reserve Bank of New York

Blog Post: How Is the Corporate Bond Market Responding to Financial Market Turmoil?

June 1, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Is the Corporate Bond Market Responding to Financial Market Turmoil?"

Speech: The Song Remains the Same

June 1, 2022

Federal Reserve Bank of New York President and Chief Executive Officer John C. Williams gave remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop in New York City entitled, "The Song Remains the Same."

Federal Deposit Insurance Corporation

Summary of Deposits Survey and Filing for June 30, 2022

June 1, 2022

The Federal Deposit Insurance Corporation released the Summary of Deposits Survey and Filing instructions for the report as of June 30, 2022.

Securities and Exchange Commission

SEC Launches Game Show-Themed Public Service Campaign

June 1, 2022

The Securities and Exchange Commission's Office of Investor Education and Advocacy unveiled a game show-themed public service campaign to help investors make informed investment decisions and avoid fraud.

SEC Announces Eight New Investor Advisory Committee Members

June 1, 2022

The Securities and Exchange Commission announced eight new members to fill all vacancies on its Investor Advisory Committee. The new members join 15 current committee members.

Commodity Futures Trading Commission

CFTC Commissioner Pham Discusses Crypto Regulation and Customer Protections with CNBC and Yahoo! Finance

June 1, 2022

Commodity Futures Trading Commissioner Caroline D. Pham discussed crypto regulation and customer protections with CNBC at the DC Blockchain Summit with Yahoo! Finance Live last week.

Bank Policy Institute

On Bank Mergers, the Benefits of a Competitive Industry Are Clear and the Regulatory Standards Are Appropriately Stringent

June 1, 2022

The Bank Policy Institute responded to the FDIC's request for information on the federal bank merger review framework.

State Agencies

California Department of Financial Protection and Innovation

Invitation for Comments: CCFPL - Oversight of Crypto Asset-Related Financial Products and Services

June 1, 2022

The Department of Financial Protection and Innovation published an Invitation for Comments seeking input from stakeholders and the public in developing guidance and, as appropriate, regulatory clarity and supervision of covered persons and service providers involved in the offering and provision of crypto asset-related financial products and services in California.

International

European Banking Authority

ESAs publish the joint Report on the withdrawal of authorisation for serious breaches of AML/CFT rules

June 1, 2022

The European Supervisory Authorities (EBA, EIOPA and ESMA) published a joint Report which provides a comprehensive analysis on the completeness, adequacy and uniformity of the applicable laws and practices on the withdrawal of license for serious breaches of the rules on anti-money laundering and countering the financing of terrorism.

Bank of England

Survey: Monthly Decision Maker Panel data - May 2022

June 1, 2022

The Bank of England released the May 2022 Monthly Decision Maker Panel survey data.

Speech: Old dogs, new tricks: adapting central bank balance sheets to a world of digital currencies

June 1, 2022

The Bank of England Executive Director for Markets Andrew Hauser gave a speech entitled, "Old dogs, new tricks: adapting central bank balance sheets to a world of digital currencies."

Paper: An interpretable machine learning workflow with an application to economic forecasting

June 1, 2022

The Bank of England published a staff working paper entitled, "An interpretable machine learning workflow with an application to economic forecasting."

UK Financial Conduct Authority

Richard Lloyd becomes Interim Chair of the FCA

June 1, 2022

Richard Lloyd OBE has become Interim Chair of the Financial Conduct Authority, as previously announced on 4 February 2022.

Speech: Keeping pace with rising costs – improving financial inclusion for consumers

June 1, 2022

Sheldon Mills, Executive Director of Consumers and Competition, delivered a speech at the Financial Inclusion Virtual Summit 2022 entitled, "Keeping pace with rising costs – improving financial inclusion for consumers."

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 (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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