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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, July 13, 2022

July 13, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of the Treasury

Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets

July 12, 2022

The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President Joe Biden's digital assets Executive Order. Comments must be received by August 8, 2022.

Federal Deposit Insurance Corporation

Consolidated Reports of Condition and Income for Second Quarter 2022

July 12, 2022

The Federal Deposit Insurance Corporation released materials pertaining to the Consolidated Reports of Condition and Income for the June 30, 2022, report date and provided guidance on certain reporting issues including by banking organizations subject to SEC Accounting Bulletin 121 addressing custodying of digital assets.

Federal Agencies

U.S. Department of the Treasury

Treasury Calls for Large Position Reports

July 12, 2022

The U.S. Department of the Treasury is calling for Large Position Reports from those entities whose positions in the 1-1/2% Treasury Note of February 2024 equaled or exceeded $5.2 billion as of Thursday, March 24, 2022, or Friday, April 1, 2022.

Joint Statement by Secretary of the Treasury Janet L. Yellen and Japan Finance Minister Suzuki Shunichi

July 12, 2022

Ahead of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, Secretary of the Treasury Janet L. Yellen and Japan Finance Minister and Minister of State for Financial Services Suzuki Shunichi held an in-person bilateral meeting in Tokyo.

Secretary of the Treasury Janet L. Yellen's Meeting with Japanese Business Leaders on Bolstering Supply Chain Resiliency and Expanding Friend-Shoring

July 12, 2022

Secretary of the Treasury Janet L. Yellen and U.S. Ambassador to Japan Rahm Emanuel participated in a roundtable discussion at the U.S. Embassy in Tokyo with leaders of Japanese businesses to discuss how bolstering supply chain resiliency and expanding friend-shoring with trusted economic partners can help ease inflationary pressures over time and address the bottlenecks that are raising prices for consumers.

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Community Change and Urban Institute's Forum

July 12, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Community Change and Urban Institute's "A Community Forum: How the American Rescue Plan is Helping Advance Equity."

Federal Reserve Board

Minutes of the Board's discount rate meetings from May 16 through June 15, 2022

July 12, 2022

The Federal Reserve Board released the minutes of its interest rate meetings from May 16 through June 15, 2022.

Federal Reserve Bank of New York

Blog Post: The Global Dash for Cash in March 2020

July 12, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Global Dash for Cash in March 2020."

Office of the Comptroller of the Currency

OCC Marks Project REACh Anniversary with Financial Inclusion Symposium

July 12, 2022

The Office of the Comptroller of the Currency hosted a financial inclusion symposium at its headquarters in Washington, D.C., to mark the second anniversary of Project REACh.

Securities and Exchange Commission

Statement on Single-Stock Levered and/or Inverse ETFs

July 12, 2022

Securities and Exchange Commissioner Caroline Crenshaw and Director of Investor Education and Advocay Lori J. Schock issued statements on single-stock levered and/or inverse ETFs.

Consumer Financial Protection Bureau

Blog Post: Promoting competition in our financial markets

July 11, 2022

Consumer Financial Protection Bureau Director Rohit Chopra published a blog post entitled, "Promoting competition in our financial markets."

U.S. Small Business Administration

Small Business Lending in the United States, 2020

July 12, 2022

The U.S. Small Business Administration Office of Advocacy released the 2020 Small Business Lending in the United States report.

State Agencies

New York State Department of Financial Services

Superintendent Adrienne A. Harris Announces New Guidance Prohibiting Unfair and Deceptive Overdraft and Non-Sufficient Funds Fees

July 12, 2022

New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris announced the issuance of new DFS Guidance to New York-regulated banking institutions to promote financial inclusion by prohibiting unfair and deceptive overdraft and non-sufficient funds fee practices.

International

Bank of England

Paper: Decomposing the drivers of Global R*

July 12, 2022

The Bank of England published a staff working paper entitled, "Decomposing the drivers of Global R*."

Speech: The economic landscape: structural change, global R* and the missing-investment puzzle

July 12, 2022

Bank of England Governor Andrew Bailey gave a speech at the Official Monetary and Financial Institutions Forum entitled, "The economic landscape: structural change, global R* and the missing-investment puzzle."

Speech: Some lessons from the Crypto Winter

July 12, 2022

Bank of England Deputy Governor Sir Jon Cunliffee gave a speech entitled, "Some lessons from the Crypto Winter."

Bank of England Prudential Regulation Authority

Consultation Paper: Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251

July 12, 2022

The Bank of England Prudential Regulation Authority and UK Financial Conduct Authority published a joint consultation paper entitled, "Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251."

Consultation Paper: Insurance special purpose vehicles: Further updates to authorisation and supervision

July 12, 2022

The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Insurance special purpose vehicles: Further updates to authorisation and supervision."

UK Financial Conduct Authority

FCA tells banks to improve treatment of struggling small business borrowers

July 12, 2022

As part of its work in response to the increased cost of living, the FCA has told banks they must treat small business customers fairly when collecting and recovering debts.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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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