PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 21, 2022
April 21, 2022
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PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
U.S. Department of the Treasury
U.S. Treasury Designates Facilitators of Russian Sanctions Evasion, including a Digital Minor
April 20, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control designated entities and individuals involved in attempts to evade sanctions imposed by the United States and its international partners on Russia. OFAC also designated companies operating in Russia's virtual currency mining industry, reportedly the third largest in the world. This represents the first time Treasury has designated a virtual currency mining company as a sanctioned entity.
Joint IMFC and Development Committee Statement by Treasury Secretary Janet L. Yellen
April 20, 2022
Treasury Secretary Janet L. Yellen released a joint IMFC and Development Committee statement regarding Russia's invasion of Ukraine.
READOUT: Deputy Secretary of the Treasury Wally Adeyemo's Anti-Corruption Roundtable
April 20, 2022
Deputy Secretary of the Treasury Wally Adeyemo hosted an anti-corruption roundtable with leaders of nongovernmental organizations (NGOs) to discuss Treasury's anti-corruption strategy and priorities.
Federal Reserve Board
Report: Beige Book
April 20, 2022
The Board of Governors of the Federal Reserve published the April 2022 Beige Book.
Paper: Spread Too Thin: The Impact of Lean Inventories
April 20, 2022
The Federal Reserve Board published an International Finance Discussion Paper entitled, "Spread Too Thin: The Impact of Lean Inventories."
Federal Reserve Bank of New York
Blog Post: Inflation Persistence: How Much Is There and Where Is It Coming From?
April 20, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Inflation Persistence: How Much Is There and Where Is It Coming From?"
Conference of State Bank Supervisors
CSBS Releases 2021 Annual Report
April 20, 2022
The Conference of State Bank Supervisors released its 2021 Annual Report.
Federal Deposit Insurance Corporation
Working Paper: Upstream, Downstream and Common Firm Shocks
April 20, 2022
The Federal Deposit Insurance Corporation published a working paper entitled, "Upstream, Downstream and Common Firm Shocks."
Office of the Comptroller of the Currency
Acting Comptroller of the Currency Launches Project REACh Efforts in Milwaukee
April 20, 2022
Acting Comptroller of the Currency Michael J. Hsu announced the launch of Project REACh, the Roundtable for Economic Access and Change, in Milwaukee.
Consumer Financial Protection Bureau
CFPB Report Spotlights Medical Billing Challenges
April 20, 2022
The Consumer Financial Protection Bureau issued a report examining the financial consequences of medical billing and collections endured by individuals and families across the country.
International
Bank of England Prudential Regulation Authority
Prudential Regulation Authority Business Plan 2022/23
April 20, 2022
The Bank of England Prudential Regulation Authority released its 2022-23 Business Plan.
UK Financial Conduct Authority
FCA finalizes proposals to boost disclosure of diversity on listed company boards and executive committees
April 20, 2022
The FCA has finalized rules requiring listed companies to report information and disclose against targets on the representation of women and ethnic minorities on their boards and executive management, making it easier for investors to see the diversity of their senior leadership teams.
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
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
Federal Reserve Bank of New York
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
- HUD Announces Key Staff Appointments (April 11, 2022)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.