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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, May 14, 2022

May 14, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of the Treasury

Treasury Announces 2022 National Illicit Finance Strategy

May 13, 2022

The U.S. Department of the Treasury issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing, which identifies measures to increase transparency in the U.S. financial system and strengthen the U.S. anti-money laundering/counter the financing of terrorism (AML/CFT) framework.

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Keeping Up with the Codes – Using AI for Effective RegTech

May 13, 2022

The U.S. House Committee on Financial Services Task for on Artificial Intelligence held a hearing entitled, "Keeping Up with the Codes – Using AI for Effective RegTech."

House Announces Update to May Committee Schedule

May 13, 2022

The House Committee on Financial Services, announced the following update to the schedule for the month of May:

  • UPDATED - Tuesday, May 17 at 12:00 PM ET (and subsequent days if necessary): The full Committee will convene for a hybrid markup.
  • Tuesday, May 24 at 12:00 PM ET: The Subcommittee on Diversity and Inclusion will convene for a virtual hearing entitled, "Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID."
  • Wednesday, May 25 at 12:00 PM ET: The Subcommittee on Housing, Community Development and Insurance will convene for a virtual hearing entitled, "Reauthorization and Reform of the National Flood Insurance Program."
  • Thursday, May 26 at 12:00 PM ET: The full Committee will convene for a virtual hearing entitled, "Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency."
  • Press Release

Federal Agencies

Federal Reserve Bank of New York

U.S. Economy in a Snapshot

May 13, 2022

The Federal Reserve Bank of New York released the May 2022 U.S. Economy in a Snapshot showing that the hourly wage growth moderated, real disposable income continued to trend down, and the saving rate fell.

Federal Reserve Bank of Boston

Article: What is cash visibility? And why does improving it matter?

May 13, 2022

The Federal Reserve Bank of Boston published an article entitled, "What is cash visibility? And why does improving it matter?"

Securities and Exchange Commission

Remarks at Securities Enforcement Forum West 2022

May 12, 2022

Division of Enforcement Director Gurbir Grewal gave remarks at the Securities Enforcement Forum West 2022.

Consumer Financial Protection Bureau

Blog Post: Improving how the CFPB gathers feedback

May 13, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Improving how the CFPB gathers feedback."

International

European Banking Authority

EBA publishes final technical standards on crowdfunding service providers

May 13, 2022

The European Banking Authority today published its final draft Regulatory Technical Standards specifying the information that crowdfunding service providers must provide to investors on the calculation of credit scores and prices of crowdfunding offers.

Bank of England

Working Paper: A structural model of liquidity in over-the-counter markets

May 13, 2022

The Bank of England staff published a working paper entitled, "A structural model of liquidity in over-the-counter markets."

Working Paper: Monetary policy transmission during QE times: role of expectations and term premia channels

May 13, 2022

The Bank of England published a staff working paper entitled, "Monetary policy transmission during QE times: role of expectations and term premia channels."

Working Paper: Mountains of debt and investment flows: what can we learn from SMEs' investment behaviour during and after the global financial crisis?

May 13, 2022

The Bank of England published a staff working paper entitled, "Mountains of debt and investment flows: what can we learn from SMEs' investment behaviour during and after the global financial crisis?"

Working Paper: The local supply channel of QE: evidence from the Bank of England's gilt purchases

May 13, 2022

The Bank of England published a staff working paper entitled, "The local supply channel of QE: evidence from the Bank of England's gilt purchases."

UK Financial Conduct Authority

Consultation Paper: Expansion of the Dormant Assets scheme

May 13, 2022

The UK Financial Conduct Authority published a consultation paper on changes to the FCA handbook to reflect the expansion of the Dormant Assets Scheme.

Speech: Insurance brokers: serving consumers and businesses in times of uncertainty and change

May 13, 2022

Sheldon Mills, Executive Director, Consumers and Competition, delivered at the British Insurance Brokers' Association Conference entitled, "Insurance brokers: serving consumers and businesses in times of uncertainty and change."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing scheduled for May 19, 2022)
  • Governor – Lisa Cook nominated January 14, 2022
    (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022; confirmed by full Senate vote May 10, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022
    (nomination hearing held on February 3, 2022); committee approval March 16, 2022; confirmed by full Senate vote May 11, 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 (confirmed May 12, 2022)

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.