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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, April 8, 2022

April 08, 2022

By Paul Hastings Professional

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of the Treasury

Remarks from Secretary of the Treasury Janet L. Yellen on Digital Assets

April 7, 2022

Secretary of the Treasury Janet L. Yellen delivered remarks on digital assets policy, innovation, and regulation at American University's Kogod School of Business Center for Innovation.

Federal Deposit Insurance Corporation

FDIC to Require Notification of Engaging in Crypto-Related Activities

April 7, 2022

The Federal Deposit Insurance Corporation issued a new Financial Institution Letter indicating that all FDIC-supervised institutions that intend to engage in, or that are currently engaged in, any activities involving or related to crypto assets (also referred to as "digital assets") should notify the FDIC.

Congress

U.S. House of Representatives

Committee on Small Business

House Passes Bill to Provide Relief to Restaurants and Other Small Businesses Hit Hard by COVID

April 7, 2022

The U.S. House of Representatives passed H.R. 3807, the Relief for Restaurants and Other Hard Hit Small Business Act of 2022, a bipartisan bill to deliver $55 billion in relief to small businesses through the Restaurant Revitalization Fund and to establish a new program for hard-hit industries.

Federal Agencies

Federal Reserve Board

The Federal Reserve Board Releases the February 2022 G.19 Consumer Credit Data

April 7, 2022

In February, consumer credit increased at a seasonally adjusted annual rate of 11.3 percent. Revolving credit increased at an annual rate of 20.7%, while nonrevolving credit increased at an annual rate of 8.4%.

Office of the Comptroller of the Currency

OCC Publication Focuses on Bank Partnerships in Community Reinvestment and Resilience

April 7, 2022

The Office of the Comptroller of the Currency published the latest edition of its Community Developments Investments newsletter, "Partners in Recovery: Community Reinvestment and Resilience."

Revised Licensing Booklets: Revised Comptroller's Licensing Manual Booklets

April 7, 2022

The Office of the Comptroller of the Currency (OCC) issued today the "General Policies and Procedures," "Management Interlocks," and "Public Notice and Comments" booklets of the Comptroller's Licensing Manual.

Securities and Exchange Commission

Investor Bulletin: Interested in Margin? Understand Interest.

April 7, 2022

The Securities and Exchange Commission Office of Investor Education and Advocacy issued an investor bulletin entitled, "Interested in Margin? Understand Interest."

Statement on Proposed Rules Relating to Security-Based Swap Execution Facilities

April 6, 2022

Commissioner Hester M. Peirce issued a statement on the proposed rules relating to security-based swap execution facilities.

Consumer Financial Protection Bureau

CFPB Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking

April 7, 2022

The Consumer Financial Protection Bureau issued a proposed rule that would prohibit consumer reporting agencies from providing consumer reports containing adverse information about a consumer that resulted from a severe form of trafficking in persons or sex trafficking.

National Credit Union Administration

NCUA Board Member Rodney E. Hood's Remarks at the Emerging Markets Coalition in Washington, D.C.

April 7, 2022

The National Credit Union Administration gave remarks at the Emerging Markets Coalition in Washington, D.C.

U.S. Small Business Administration

SBA Announces the Launch of Inaugural America's Seed Fund Expo Competition for Small Businesses, Startups and Inventors, using SBIR Developed Technology

April 7, 2022

The U.S. Small Business Administration announced the launch of America's Seed Fund Startup Expo 2022, a new initiative aimed at identifying innovative startups and supporting them with resources to help them scale, grow, and thrive.

Fannie Mae

Consumer Pessimism Regarding Direction of Mortgage Rates Hits New Survey High

April 7, 2022

The Fannie Mae Home Purchase Sentiment Index® decreased by 2.1 points to 73.2 in March, as consumers continue to express pessimism regarding the trajectory of mortgage rates and homebuying conditions generally.

International

European Commission

Commission approves French liquidity scheme to support companies in context of Russia's invasion of Ukraine

April 7, 2022

The European Commission has approved a French scheme that enables up to €155 billion in liquidity support for companies across all sectors in the context of Russia's invasion of Ukraine.

Bank of England

Monthly Decision Maker Panel data - March 2022

April 7, 2022

The Bank of England released the results of the March 2022 Decision Maker Panel survey.

Speech: Balancing on the Net-Zero Tightrope

April 7, 2022

Sarah Breeden, Executive Director for Financial Stability Strategy and Risk, gave a speech entitled, "Balancing on the net-zero tightrope," with respect to climate change matters and unwarranted political, social and distributional consequences.

UK Financial Conduct Authority

FCA launches three-year strategy to improve outcomes

April 7, 2022

The Financial Conduct Authority has launched a new strategy to improve outcomes for consumers and in markets throughout the UK.

 

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

Federal Reserve Bank of New York

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.