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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, June 1, 2022

June 01, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Committee Announces June Committee Schedule

May 31, 2022

The House Committee on Financial Services announced the following schedule for the month of June:

  • Tuesday, June 14 at 10:00 AM ET (and subsequent days if necessary): The full Committee will convene for a hybrid markup.
  • Wednesday, June 22 at 10:00 AM ET: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hybrid hearing entitled, "Better, Together: Examining the Unified Proposed Rule to Modernize the Community Reinvestment Act."
  • Thursday, June 23 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, "Monetary Policy and the State of the Economy."
  • Tuesday, June 28 at 12:00 PM ET: The Subcommittee on Oversight and Investigations will convene for a virtual hearing entitled, "Where Have All the Houses Gone? Private Equity, Single Family Rentals, and America's Neighborhoods."
  • Wednesday, June 29 at 12:00 PM ET: The full Committee will convene for a virtual hearing entitled, "Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market."
  • Thursday, June 30 at 12:00 PM ET: The Task Force on Financial Technology will convene for a virtual hearing entitled, "Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs."
  • Press Release

Federal Agencies

Federal Reserve Board
Office of the Comptroller of the Currency
Federal Reserve Board
Farm Credit Administration
National Credit Union Administration

Flood Disaster Protection Act: 2022 Interagency Questions and Answers Regarding Flood Insurance

May 31, 2022

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration and the National Credit Union Administration issued "Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance." The interagency questions and answers issued replace the ones originally published in 2009 and 2011 and consolidate questions and answers proposed by the agencies in July 2020 and in March 2021.

Federal Reserve Board

Minutes of the Board's discount rate meetings from April 25 through May 4, 2022

May 31, 2022

The Federal Reserve Board released the minutes of its interest rate meetings from April 25 and May 4, 2022.

Paper: Bubbles and Stagnation

May 31, 2022

The Federal Reserve Board published a paper entitled, "Bubbles and Stagnation."

Paper: Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis

May 31, 2022

The Federal Reserve Board published a paper entitled, "Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis."

Fannie Mae

Fannie Mae Releases April 2022 Monthly Summary

May 31, 2022

Fannie Mae released its April 2022 Monthly Summary.

International

UK Financial Conduct Authority

Portfolio letter: Data Reporting Services Providers (DRSPs)

May 31, 2022

The Financial Conduct Authority issued a portfolio letter to entities providing the data reporting services of approved reporting mechanisms and approved publication arrangements, referred to as Data Reporting Services Providers (DRSPs).

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, (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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