left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, June 23, 2022

June 23, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: The Semiannual Monetary Policy Report to Congress

June 22, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Semiannual Monetary Policy Report to Congress."

U.S. House of Representatives

Committee on Financial Services

Waters Delivers Opening Statement at June Full Committee Markup of Bills to Address Inflation, Reduce Housing Costs, Support Small Businesses, and Put Consumers First


June 22, 2022

U.S. House Committee on Financial Services Chair Maxine Waters gave the opening statement at the June Full Committee Markup hearing.

Federal Agencies

U.S. Department of the Treasury

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the United Arab Emirates Banks Federation Roundtable

June 22, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the United Arab Emirates Banks Federation Roundtable.

Federal Reserve Board

Paper: Trade, Labor Reallocation Across Firms and Wage Inequality

June 22, 2022

The Federal Reserve Board published a paper entitled, "Trade, Labor Reallocation Across Firms and Wage Inequality."

Paper: Trade policies and fiscal devaluations

June 22, 2022

The Federal Reserve Board published a paper entitled, "Trade policies and fiscal devaluations."

Federal Reserve Bank of New York

  •  

Staff Report: A Robust Test for Weak Instruments with Multiple Endogenous Regressors

June 22, 2022

The Federal Reserve Bank of New York published a staff report entitled, "A Robust Test for Weak Instruments with Multiple Endogenous Regressors."

Conference of State Bank Supervisors

Blog Post: Community Bankers' Business Conditions Outlook Tied to Yield Curve

June 22, 2022

The Conference of State Bank Supervisors published a blog post entitled, "Community Bankers' Business Conditions Outlook Tied to Yield Curve."

Securities and Exchange Commission

SEC Announces Spring 2022 Regulatory Agenda

June 22, 2022

The Office of Information and Regulatory Affairs today released the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions.

Statement: A Caution on the Limits of Authority: Statement Regarding In the Matter of The Brink's Company

June 22, 2022

Securities and Exchange Commissioner Hester M. Peirce issued a statement entitled, "A Caution on the Limits of Authority: Statement Regarding In the Matter of The Brink's Company."

Commodity Futures Trading Commission

Keynote Address of Commissioner Summer K. Mersinger: There's a Little Bit of Everything in Texas

June 22, 2022

Commodity Futures Trading Commissioner Summer K. Mersinger gave the keynote address at the FIA Forum: Commodities 2022 entitled, "There's a Little Bit of Everything in Texas."

Consumer Financial Protection Bureau

CFPB Initiates Review of Credit Card Company Penalty Policies Costing Consumers $12 Billion Each Year

June 22, 2022

The Consumer Financial Protection Bureau announced it is seeking data about credit card late fees and late payments, assessing whether those fees are "reasonable and proportional." It is also seeking data about card issuers' revenue and expenses, the potential deterrent effect of late fees, and the role late fees play in credit card companies' profitability.

Federal Deposit Insurance Corporation

Remarks by Acting Chairman Martin J. Gruenberg at the CNMV Conference on Recovery and Resolution of Central Counterparties

June 22, 2022

Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg gave remarks at the CNMV Conference on Recovery and Resolution of Central Counterparties.

Financial Crimes Enforcement Network

FinCEN Statement on Bank Secrecy Act Due Diligence for Independent ATM Owners or Operators

June 22, 2022

The Financial Crimes Enforcement Network (FinCEN) issued a statement to provide clarity to banks on how to apply a risk-based approach to conducting customer due diligence on independent Automated Teller Machine owners or operators, consistent with the requirements set out in FinCEN's 2016 CDD Rule.

FINRA

Regulatory Notice: FINRA Requests Comment on Proposed Trade Reporting Requirements for Over-The-Counter Options Transactions

June 22, 2022

FINRA is soliciting comment on a proposal to establish a new trade reporting requirement for transactions in over-the-counter options on securities with terms that are identical or substantially similar to listed options.

International

European Commission

Digital Assembly 2022: A closer look into the digital future

June 22, 2022

The European Commission and the French Presidency of the Council of the European Union issued a joint press release on the Digital Assembly held on June 21 and 22.

Bank of England

Transforming data collection – Reporting Transformation Committee meeting – March, 30 2022

June 22, 2022

The Reporting Transformation Committee released the minutes from the March 30, 2022 meeting.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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