PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, July 13, 2022
July 13, 2022
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)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (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)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
- HUD Announces Key Staff Appointments (April 11, 2022)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.