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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, May 24, 2022

May 24, 2022

By FedACTion Task Force

H FedACTion: Financial Regulatory Updates

 

Tuesday, May 24, 2022

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Major Developments

Federal Agencies

U.S. Department of State
U.S. Department of the Treasury
U.S. Department of Commerce
U.S. Department of Labor

US government issues business advisory to alert companies, individuals of risks of business with Sudan's state-owned enterprises, military-controlled companies

May 23, 2022

The U.S. Department of State, the U.S. Department of the Treasury, the U.S. Department of Commerce, and the U.S. Department of Labor are issuing this advisory to highlight growing risks to American businesses and individuals associated with conducting business with Sudanese State-Owned Enterprises which includes all companies under military control.

Federal Reserve Board

Federal Reserve Board issues Economic Well-Being of U.S. Households in 2021 report

May 23, 2022

The Federal Reserve Board issued its Economic Well-Being of U.S. Households in 2021 report, which examines the financial lives of U.S. adults and their families, and includes the annual metric of how many people could cover an unexpected $400 expense (which rose this year to 68%).

Federal Reserve Bank of New York

Survey Shows Consumers see Future Tax Increases and Expansions of Government Assistance and Insurance Programs as Increasingly Unlikely

May 23, 2022

The Federal Reserve Bank of New York's Center for Microeconomic Data today released the April 2022 Public Policy Survey, which is part of the broader Survey of Consumer Expectations, and provides information on individuals' expectations regarding future changes in a wide range of public policies.

Blog Post: The Adverse Effect of "Mandatory" Flood Insurance on Access to Credit

May 23, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Adverse Effect of "Mandatory" Flood Insurance on Access to Credit."

Commodity Futures Trading Commission

"Block Trade" Definition Compliance Begins May 25, Ending Staff CFTC Provided No-Action Relief

May 23, 2022

The Commodity Futures Trading Commission's Division of Market Oversight today reminds swap execution facilities (SEFs) that the block trade no-action relief provided in CFTC Staff Letter No. 20-35 will expire on May 25. Beginning that day SEFs are required to comply with the amended definition of "block trade" under CFTC Regulation 43.2.

International

European Commission

European Semester Spring Package: Sustaining a green and sustainable recovery in the face of increased uncertainty

May 23, 2022

The European Commission's 2022 European Semester Spring Package provides Member States with support and guidance two years on from the first impact of the COVID-19 pandemic and in the midst of Russia's ongoing invasion of Ukraine.

Protecting EU transport in times of crisis: Commission adopts Contingency Plan for Transport

May 23, 2022

The Commission adopted a Contingency Plan for Transport to strengthen the resilience of EU transport in times of crisis.

European Banking Authority

EBA publishes final technical standards to identify shadow banking entities

May 23, 2022

The European Banking Authority published today its final draft Regulatory Technical Standards (RTS) specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures. The final draft RTS clarify that entities carrying out banking activities or services and which have been authorised and supervised in accordance with the EU prudential framework, shall not be considered as shadow banking entities.

Bank of England

An FPC Response - Amendments to the Financial Policy Committee's framework for the other systemically important institutions buffer

May 23, 2022

The Bank of England released a paper containing feedback from the Financial Policy Committee (FPC) on responses to the FPC Consultation Paper on 'Amendments to the FPC's framework for the O-SII buffer' along with the FPC's final policy in the form of a box to be inserted into the FPC's framework for the other systemically important institutions buffer.

Opening remarks at OeNB monetary policy panel

May 23, 2022

Bank of England Governor Andrew Bailey gave the opening remarks at the OeNB monetary policy panel at Oesterreichische Nationalbank Annual Economic Conference in Vienna, Austria.

UK Financial Conduct Authority

UK authorities look to strengthen resilience of Money Market Funds

May 23, 2022

The FCA, jointly with the Bank of England, and with the endorsement of the Treasury, has published a Discussion Paper on Money Market Fund (MMFs) reform. This seeks views to inform the development of MMF reform proposals. The FCA has also published guidance on the UK MMF Regulation.

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

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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