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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, March 15, 2022

March 15, 2022

By FedACTion Task Force

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Major Developments

Paul Hastings Announces New Tracker for Executive Order on Digital Assets

March 14, 2022

Paul Hastings LLP has created a tracker to assist clients and friends of the firm follow developments with respect to the various requirements of President Biden's Executive Order on Digital Assets, issued on March 11, 2022, as well as the agency deliverables for each section and pending delivery, their due dates. The tracker will be updated to include material changes and other regulatory developments pertaining to digital assets.

Federal Agencies

Federal Reserve Bank of New York

Consumer Spending Growth Expectations Spike, while Inflation Expectations Edge Back Up

March 14, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data has released the February 2022 Survey of Consumer Expectations, which shows an increase in short-and medium-term inflation expectations, reversing some of last month's sharp declines. Median home price expectations, on the other hand, declined.

Securities and Exchange Commission

Division of Trading and Markets Staff Statement on Market and Counterparty Risks

March 14, 2022

The Division of Trading and Markets Staff issued a statement urging broker-dealers and other market participants to remain vigilant to market and counterparty risks that may surface during periods of heightened volatility and global uncertainties.

Consumer Financial Protection Bureau

Safely sending money to loved ones in conflict areas

March 14, 2022

The Consumer Financial Protection Bureau issued a blog post outlining resources to aid consumers in sending money overseas amid the crisis in Ukraine.

International

UK Financial Conduct Authority

Update on the market share test under the ancillary activities exemption for commodity derivatives

March 14, 2022

The Financial Conduct Authority issues a statement on the MiFID II Article 2(1)(j) ancillary activities exemption which enables firms trading in commodity derivatives, emission allowances and emission allowance derivatives to be exempt from authorization as a MiFID investment firm if they fulfil certain criteria. As part of verifying that they fulfil these criteria, firms are currently required to perform the 'market share test' and the 'main business test' as set out in UK MiFID RTS 20.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Sarah Bloom Raskin nominated January 14, 2022 (nomination hearing held on February 3, 2022)
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022)

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman

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

Federal Reserve Bank of New York

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

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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