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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, April 29, 2022

April 29, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

New York State Department of Financial Services

DFS Superintendent Adrienne A. Harris Issues New Guidance to Prevent and Manage Suspicious Activities in the Virtual Currency Industry

April 28, 2022

New York State Department of Financial Services Superintendent Adrienne A. Harris issued new guidance to New York State-regulated virtual currency entities establishing the use of blockchain analytics tools as a best practice to prevent and manage financial risks and suspicious activities.

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen on Economic Lessons and Principles in Relief and Recovery

April 28, 2022

Secretary of the Treasury Janet L. Yellen delivered remarks at the Brooking's Hamilton and Hutchins Center event Recession Remedies: Lessons Learned from the US Economic Policy Response to COVID-19.

Federal Reserve Bank of New York

New York Fed to Host Symposium on Climate Change: Implications for Macroeconomics

April 28, 2022

On Friday, May 13, the Federal Reserve Bank of New York will host a virtual Symposium bringing together academics and policymakers for a thought-provoking discussion on climate change and its implications for the macroeconomy and the Fed's dual mandate.

Federal Deposit Insurance Corporation

FDIC 2022 Annual Performance Plan

April 28, 2022

The FDIC has published its 2022 Annual Performance Plan.

Securities and Exchange Commission

Remarks to the Older Investor Roundtable

April 28, 2022

Securities and Exchange Commission Chair Gary Gensler and Commissioners gave remarks at the Older Investor Roundtable.

Remarks at Virtual Roundtable on the Future of Going Public and Expanding Investor Opportunities: A Comparative Discussion on IPOs and the Rise of SPACs

April 28, 2022

Commissioner Caroline A. Crenshaw gave remarks at Virtual Roundtable on the Future of Going Public and Expanding Investor Opportunities: A Comparative Discussion on IPOs and the Rise of SPACs

International

Bank of England

Speech: Operational Resilience: Next steps on the PRA's Supervisory roadmap

April 28, 2022

Bank of England Executive Director of Deposit Takers Supervision David Bailey gave a speech entitled, "Operational Resilience: Next steps on the PRA's Supervisory roadmap."

Speech: Macropru – fit for the future?

April 28, 2022

Bank of England Executive Director of Financial Stability Strategy and Risk Sarah Breeden gave a speech entitled, "Macropru – fit for the future?"

Bank of England Prudential Regulation Authority

The PRA's statement on the 'Review of Solvency II' consultation published by HM Treasury

April 28, 2022

The Prudential Regulation Authority issued a statement and related discussion paper on the 'Review of Solvency II' consultation published by HM Treasury.

UK Financial Conduct Authority

Consultation Paper: Protecting investors in authorised funds following the Russian invasion of Ukraine

April 28, 2022

The UK Financial Conduct Authority published a consultation paper entitled, "Protecting investors in authorised funds following the Russian invasion of Ukraine."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • 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 – Jerome H. Powell (effective February 4, 2022, named Chair Pro Tempore pending Senate confirmation)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

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

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.