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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

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.