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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, September 1, 2022

September 01, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

House Committee on Financial Services September Schedule Announced

August 31, 2022

The U.S. House Committee on Financial Services announced the following schedule for the month of September:

  • Thursday, September 8 at 12 p.m. ET: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a virtual hearing entitled, "Accounting and Auditing Standards in the 21st Century."
  • Wednesday, September 14 at 10 a.m. ET: The full Committee will convene for a hybrid hearing entitled, "When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access."
  • Tuesday, September 20 at 10 a.m. ET: The Subcommittee on National Security, International Development, and Monetary Policy will convene for a hybrid hearing entitled, "Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth."
  • Tuesday, September 20 at 2 p.m. ET: The Subcommittee on Diversity and Inclusion will convene for a hybrid hearing entitled, "A Review of Diversity and Inclusion at America's Largest Insurance Companies."
  • Wednesday, September 21 at 10 a.m. ET: The full Committee will convene for a hybrid hearing entitled, "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks."
  • Thursday, September 22 at 9 a.m. ET: The Subcommittee on Housing, Community Development, and Insurance will convene for a hybrid hearing entitled, "State of Emergency: Examining the Impact of Growing Wildfire Risk on the Insurance Market."
  • Press Release

Federal Agencies

U.S. Department of the Treasury

Preliminary Annual Report on U.S. Holdings of Foreign Securities at Year-End 2021

August 31, 2022

The U.S. Department of the Treasury released the preliminary data on U.S. portfolio holdings of foreign securities at year-end 2021. The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2022.

Federal Reserve Board

Paper: The Financial Stability Implications of Digital Assets

August 31, 2022

The Federal Reserve Board published a paper entitled, "The Financial Stability Implications of Digital Assets."

Federal Reserve Bank of Boston

Small Business Credit Survey: Small businesses face lingering pandemic impacts with fewer workers, bigger hiring troubles

August 31, 2022

The Federal Reserve Bank of Boston published an article discussing the results of the Small Business Credit Survey taken from September to November 2021.

U.S. Small Business Administration

SBA Advocacy Releases 2022 Small Business Profiles for The States, Territories, and Nation

August 31, 2022

The U.S. Small Business Administration's Office of Advocacy released the 2022 Small Business Profiles for the States, Territories and Nation.

Federal Housing Finance Agency

FHFA Announces Comprehensive Review of the Federal Home Loan Bank System

August 31, 2022

The Federal Housing Finance Agency announced it will conduct a comprehensive review of the Federal Home Loan Bank System beginning in the fall of 2022.

International

Bank of England

Credit union quarterly statistics - 2022 Q1

August 31, 2022

The Bank of England released the Q1 2022 credit union quarterly statistics.

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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