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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, July 27, 2022

July 27, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Introduce Bipartisan Legislation to Simplify Use of Digital Assets for Everyday Purchases

July 26, 2022

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and U.S. Senator Kyrsten Sinema (D-Ariz.) today introduced the Virtual Currency Tax Fairness Act to simplify the use of digital assets for everyday purchases by creating a sensible de minimis exemption for gains of less than $50 on personal transactions.

Federal Agencies

U.S. Department of the Treasury

Joint Statement on the UK-U.S. Financial Regulatory Working Group

July 26, 2022

The UK and U.S. participants of the sixth meeting of the UK-U.S. Financial Regulatory Working Group issued a joint statement on the meeting held on July 21, 2022 addressing seven themes: (1) international and bilateral cooperation, (2) benchmark transition, (3) financial innovation, (4) sustainable finance, (5) non-bank financial intermediation, (6) operational resilience, and (7) cross-border regimes.

Article: The Price Impact of the Strategic Petroleum Reserve Release

July 26, 2022

Assistant Secretary for Economic Policy Benjamin Harris and Deputy Secretary for Climate and Energy Economics Catherine Wolfram wrote an article entitled, "The Price Impact of the Strategic Petroleum Reserve Release."

Article: The Data Underlying America's Strong Economic Recovery

July 26, 2022

Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra wrote an article entitled, "The Data Underlying America's Strong Economic Recovery."

Securities and Exchange Commission

Remarks by Investment Management Director William Birdthistle at PLI: Investment Management 2022

July 26, 2022

Securities and Exchange Commission Division of Investment Management Director William Birdthistle gave a speech at PLI: Investment Management 2022 addressing matters of interest to the Investment Management Division; developments that will confront the investment management industry in the coming months; and money market funds.

Commodity Futures Trading Commission

Chairman Behnam Announces Technology and Customer Outreach Reorganization

July 26, 2022

Commodity Futures Trading Commission Chairman Rostin Behnam announced a reorganization of FinTech and customer protection efforts and changes to key roles as the agency evolves to address changing markets and market demographics.

Federal Housing Finance Agency

FHFA House Price Index Up 1.4 Percent in May; Up 18.3 Percent from Last Year

July 26, 2022

The Federal Housing Finance Agency released the July 2022 House Price Index with data from May 2022.

International

Bank of England

Minutes of the Meeting of the Court of Directors held on 26 May 2022

July 26, 2022

The Bank of England released the minutes of the meeting of the Court of Directors held on May 26, 2022.

Administration Changes

Vacancies

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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