PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, April 9, 2022
April 09, 2022
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Major Developments
Acting Comptroller Discusses Architecture of Stablecoins
April 8, 2022
Acting Comptroller of the Currency Michael J. Hsu discussed stablecoins at the Institute of International Economic Law at Georgetown University Law Center. In his remarks, Acting Comptroller Hsu discussed the architecture of a U.S. dollar-based stablecoin system, and policy considerations regarding stablecoin stability, interoperability and separability.
Federal Agencies
U.S. Department of the Treasury
How Treasury's Implementation of American Rescue Plan Programs Prioritizes Equity
April 8, 2022
The U.S Department of the Treasury released a factsheet entitled, "How Treasury's Implementation of American Rescue Plan Programs Prioritizes Equity."
The United States Sanctions Major Russian State-Owned Enterprises
April 7, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Alrosa, a Russian state-owned enterprise and the world's largest diamond mining company, and redesignated Joint Stock Company United Shipbuilding Corporation, as well as its subsidiaries and board members.
Federal Reserve Board
Paper: Forecast Revisions as Instruments for News Shocks
April 8, 2022
The Federal Reserve Board published a paper entitled, "Forecast Revisions as Instruments for News Shocks."
Federal Reserve Bank of New York
U.S. Economy in a Snapshot
April 8, 2022
The Federal Reserve Bank of New York released the April 2022 U.S. Economy in a Snapshot showing that they unemployment rate fell, real disposable income continued to trend down, and inflation remained elevated.
Securities and Exchange Commission
Fee Rate Advisory #1 for Fiscal Year 2022
April 8, 2022
The Securities and Exchange Commission announced that starting on May 14, 2022, the fee rates applicable to most securities transactions will be set at $22.90 per $1 million.
Consumer Financial Protection Bureau
Speech: Deputy Director Martinez's Opening Remarks to the Academic Research Council
April 8, 2022
Deputy Director Zixta Martinez issued opening remarks to the Academic Research Council.
Climate risk should be considered in housing decisions
April 8, 2022
The Consumer Financial Protection Bureau published a blog post entitled, "Climate risk should be considered in housing decisions."
Financial Stability Oversight Council
Financial Stability Oversight Council Meeting on April 8, 2022
April 8, 2022
The Financial Stability Oversight Council held a meeting on April 8, 2022.
FINRA
Investor Insights: Corporate Actions by Public Companies—What You Should Know
April 8, 2022
FINRA published an Investor Insight alert entitled, "Corporate Actions by Public Companies—What You Should Know."
International
European Commission
Ukraine: EU agrees fifth package of restrictive measures against Russia
April 8, 2022
The European Council to adopt a fifth package of restrictive measures against Russia in response to its aggression against Ukraine. The package contains the six elements:
1) Import ban on all forms of Russian coal;
2) Financial measures – a full transaction ban and asset freeze on four Russian banks; prohibition on providing high-value crypto-asset services to Russia; and prohibition on providing advice on trusts to wealthy Russians;
3) Transport – a full ban on Russian and Belarusian freight road operators working in the EU; an entry ban on Russian-flagged vessels to EU ports.
4) Targeted export bans;
5) Extending import bans; and
6) Excluding Russia from public contracts and European money.
'Freeze and Seize Task Force': Almost €30 billion of assets of Russian and Belarussian oligarchs and entities frozen by the EU so far
April 8, 2022
The 'Freeze and Seize Task Force' met with U.S. and Ukrainian representatives to discuss international cooperation on the enforcement of sanctions. The Task Force has been meeting on a regular basis to ensure better coordination of the enforcement of EU sanctions against Russian and Belarusian individuals and companies.
European Banking Authority
EBA issues an opinion on the European Commission's proposed amendments to the EBA final draft technical standards for own funds and eligible liabilities
April 8, 2022
The European Banking Authority published an Opinion on the amendments proposed by the European Commission to the EBA final draft Regulatory Technical Standards. In the Opinion the EBA expresses its disagreement with two substantive changes proposed by the Commission and agrees with the other amendments, which are considered non-substantive.
Bank of England
Working Paper: Size discount and size penalty: trading costs in bond markets
April 8, 2022
The Bank of England published a working paper entitled, "Size discount and size penalty: trading costs in bond markets."
Working Paper: Information chasing versus adverse selection
April 8, 2022
The Bank of England published a working paper entitled, "Information chasing versus adverse selection."
Minutes of the Productive Finance Working Group - 10 December 2021
April 8, 2022
The Bank of England released the minutes of the seventh Technical Expert Group meeting of the Working Group on Productive Finance held on December 10, 2021.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Vacant
- Governor – Lisa Cook nominated January 14, 2022
(nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022) - Governor – Phillip Jefferson, nominated January 14, 2022
(nomination hearing held on February 3, 2022); committee approval March 16, 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
- 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)
- 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)
Federal Reserve Bank of New York
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)
- Statement of House Commisison on Financial Services Chair Waters on Nomination of Jaime Lizárraga to Serve as SEC Commissioner (April 8, 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)
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)
- 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)
Federal Housing Finance Agency – Sandra L. Thompson
- 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)
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.