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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Monday, October 17, 2022

October 17, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Agencies

U.S. Department of the Treasury

Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen as Part of 2022 IMF-World Bank Annual Meetings

October 14, 2022

The U.S. Department of the Treasury released the transcript of Secretary Janet L. Yellen's press conference as part of the 2022 IMF-World Bank Annual Meetings.

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the National Bankers Association Annual Conference

October 14, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the National Bankers Association Annual Conference, addressing among other things funding to minority and underserved communities.

Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at the Union of Arab Banks

October 14, 2022

Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg gave remarks at the Union of Arab Banks addressing sanctions on Russia and other sources of illcit finance.

International

Bank of England

Speech: Monetary policy and financial stability interventions in difficult times

October 15, 2022

Bank of England Governor Andrew Bailey gave a speech entitled, "Monetary policy and financial stability interventions in difficult times."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 2022)

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.