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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, July 19, 2022

July 19, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for May

July 18, 2022

  • The U.S. Department of the Treasury released Treasury International Capital data for May 2022. Press Release

Secretary of the Treasury Janet L. Yellen's Meetings with Counterparts at the G20 Finance Ministers and Central Bank Governors Meeting

July 16, 2022

Secretary of the Treasury Janet L. Yellen met with several counterparts on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting.

Federal Reserve Bank of New York

Survey of Consumer Expectations Credit Access Survey – June 2022

July 18, 2022

The Federal Reserve Bank of New York released the findings from the June 2022 Survey of Consumer Expectations Credit Access Survey.

Business Leaders Survey – July 2022

July 18, 2022

The Federal Reserve Bank of New York released the July 2022 Business Leaders Survey.

Commodity Futures Trading Commission

CFTC Extends Public Comment Period on Request for Information on Climate-Related Financial Risk

July 18, 2022

The Commodity Futures Trading Commission is extending the deadline for the public comment period on a Request for Information on Climate-Related Financial Risk to October 7, 2022.

Federal Housing Finance Agency

FHFA Announces Office of Financial Technology

July 18, 2022

The Federal Housing Finance Agency (FHFA) announced the establishment of the Office of Financial Technology. This Office will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing Agency priorities related to the adoption and deployment of financial technology. FHFA is also soliciting public input on the role of technology in housing finance, broadly seeking to understand the current landscape of innovation throughout the mortgage lifecycle and related processes, risks and opportunities.

State Agencies

New York State Department of Financial Services

Governor Hochul Signs Legislation to Continue Commitment to Affordable Banking in New York State

July 18, 2022

Governor Kathy Hochul signed legislation (S.9348/A.8292) directing the Superintendent of the Department of Financial Services to conduct a study on bank overdraft fees in New York State.

International

Bank of England

Speech: Some reflections on Monetary Policy past, present and future

July 18, 2022

Bank of England Monetary Policy Committee Member Michael Saunders gave a speech entitled, "Some reflections on Monetary Policy past, present and future."

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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