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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, April 5, 2022

April 05, 2022

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Major Developments

Securities and Exchange Commission

Speech: Gary Gensler On Crypto Markets

April 4, 2022

Securities and Exchange Commission Chair Gary Gensler gave a speech on crypto markets at the Penn Law Capital Markets Association Annual Conference.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Roll Out of Capital Formation Legislation to Mark 10th Anniversary of JOBS Act

April 4, 2022

Ahead of the 10th anniversary of enactment of the bipartisan Jumpstart Our Business Startups (JOBS) Act, members of the U.S. Senate Banking Committee unveiled a discussion draft of a new plan to help accelerate economic growth and spur new business formation.

Federal Agencies

Federal Reserve Bank of New York

Statement Regarding Repurchase Agreement Small Value Exercise

April 4, 2022

The New York Fed's Open Market Trading Desk announced it intends to conduct a small value forward-settling overnight repo operation with Primary Dealers and Standing Repo Facility counterparties beginning on April 11, 2022.

Renewed Statement of Commitment to the FX Global Code

April 4, 2022

The Federal Reserve Bank of New York released its renewed Statement of Commitment to the FX Global Code.

Climate Change and Financial Stability: The Weather Channel

April 4, 2022

The Federal Reserve Bank of New York released a Liberty Street Economics blog post entitled, "Climate Change and Financial Stability: The Weather Channel."

Office of the Comptroller of the Currency

Interest Rate Risk Statistics Report

April 4, 2022

The Office of the Comptroller of the Currency (OCC) published the spring 2022 edition of its Interest Rate Risk Statistics Report.

Securities and Exchange Commission

Speech: Gary Gensler Before the 2022 41st Annual Small Business Forum

April 4, 2022

Securities and Exchange Commission Chair Gary Gensler gave a speech before the 2022 41st Annual Small Business Forum addressing capital raising by small businesses.

Speech: Rethinking Capital Raising Policy

April 4, 2022

Martha Miller, Director of the Office of the Advocate for Small Business Capital Formation, gave opening remarks entitled "Rethinking Capital Raising Policy" at the SEC's Small Business Forum.

FINRA

Investor Alert: Golden Rules for Investors: What to Know Before Buying Physical Precious Metals

April 4, 2022

FINRA issued an Investor Alert entitled, "Golden Rules for Investors: What to Know Before Buying Physical Precious Metals."

U.S. Small Business Administration

SBA Revises Small Business Size Standards in 16 Industrial Sectors to Increase Eligibility for Its Federal Contracting and Loan Programs

April 4, 2022

The U.S. Small Business Administration issued four final rules to modify revenues-based small business size standards in 16 North American Industrial Classification System (NAICS) sectors that will increase small business eligibility for SBA's federal contracting and loan programs for approximately 59,000 additional firms.

International

European Commission

Financial services: European Commission adopts additional equivalence decisions for US exchanges

April 4, 2022

The European Commission has adopted a decision declaring that a number of U.S. exchanges supervised by the US Securities Exchange Commission are equivalent to EU regulated markets. As a result, derivatives traded on these US exchanges will now be treated as exchange-traded derivatives under EU law.

Bank of England

Joint statement from UK Financial Regulation Authorities on London Metal Exchange and LME Clear

April 4, 2022

The UK financial regulatory authorities issued a statement on the recent volatility in the nickel trading markets.

Speech: Monetary and Financial Stability and the Invasion of Ukraine

April 4, 2022

Jon Cunliffe, Bank of England Deputy Governor, Financial Stability, gave a speech entitled "Monetary and financial stability and the invasion of Ukraine."

UK Financial Conduct Authority

Speech: Building a Digital Regulator: How the FCA is Riding the Innovation Wave

April 4, 2022

Jessica Rusu, UK Financial Conduct Authority Chief Data, Information and Intelligence Officer, gave a speech at the Innovation Finance Global Summit 2022.

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.