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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update --Tuesday, June 7, 2022

June 07, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Securities and Exchange Commission

SEC Investor Advisory Committee to Discuss Non-Traditional Accounting and Climate Disclosure on June 9

June 6, 2022

The Securities and Exchange Commission's Investor Advisory Committee will hold a virtual public meeting on June 9 at 10 a.m. ET. The meeting will be webcast on the SEC website.

Federal Housing Finance Agency

FHFA Releases Mission Report for 2021

June 6, 2022

The Federal Housing Finance Agency released its inaugural Mission Report that describes the activities of Fannie Mae and Freddie Mac and the Federal Home Loan Banks in 2021 to provide greater access to financing for targeted economic development and affordable, equitable, and sustainable housing.

International

Bank of England

Minutes of the May 2022 Central Bank Digital Currency Engagement Forum

June 6, 2022

The Bank of England released the minutes from the May 2022 meeting of the CBDC Engagement Forum.

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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