PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, July 30, 2022
July 30, 2022
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Major Developments
Federal Deposit Insurance Corporation
FDIC Issues a Fact Sheet and Advisory on FDIC Deposit Insurance and Crypto Companies
July 29, 2022
The Federal Deposit Insurance Corporation published a fact sheet entitled, "What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies." The FDIC also issued a Financial Institution Letter containing an Advisory to FDIC Institutions Regarding Deposit Insurance and Dealings with Crypto Companies.
Federal Agencies
U.S. Department of the Treasury
Treasury Targets the Kremlin's Continued Malign Political Influence Operations in the U.S. and Globally
July 29, 2022
The Department of the Treasury's Office of Foreign Assets Control, as part of a joint action with the Department of Justice, sanctioned two individuals and four entities that support the Kremlin's global malign influence operations and election interference activities.
Federal Reserve Board
Paper: Climate Change and Financial Policy: A Literature Review
July 29, 2022
The Federal Reserve Board published a paper entitled, "Climate Change and Financial Policy: A Literature Review."
Federal Reserve Issues 2021 Annual Report to Congress
July 29, 2022
The Federal Reserve Board issued a report to congress on the operations of the Board during 2021.
Federal Reserve Bank of New York
Data: The Labor Market for Recent College Graduates Update
July 29, 2022
The Federal Reserve Bank of New York updated the Labor Market for Recent College Graduates data for Q2 2022.
Blog Post: The Transatlantic Economy Policy Responses to the Pandemic and the Road to Recovery Conference
July 29, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Transatlantic Economy Policy Responses to the Pandemic and the Road to Recovery Conference."
Securities and Exchange Commission
SEC Re-Proposes Amendments to Exemption From National Securities Association Membership
July 29, 2022
The Securities and Exchange Commission re-proposed rule amendments that would narrow the exemption from Section 15(b)(8) of the Securities Exchange Act, which requires any broker or dealer registered with the Commission to become a member of a national securities association unless the broker or dealer effects transactions in securities solely on an exchange of which it is a member.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioners Peirce and Uyeda Statement
New Report from the Small Business Forum Includes Recommendations to Improve Capital Raising
July 28, 2022
The Securities and Exchange Commission released a report to Congress, which summarizes policy recommendations made during the 41st Annual Government-Business Forum on Small Business Capital Formation.
Statement in Honor of National Whistleblower Day
July 29, 2022
Securities and Exchange Commission Division of Enforcement Director Gurbir Grewal issued a statement in honor of National Whistleblower Day.
Consumer Financial Protection Bureau
Department of Justice
CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections
July 29, 2022
The Department of Justice and the Consumer Financial Protection Bureau issued a joint letter reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Relief Act.
Consumer Financial Protection Bureau
Blog Post: CFPB Recognizes National Whistleblower Day
July 29, 2022
The Consumer Financial Protection Bureau issued a blog post recognizing National Whistleblower Day.
International
European Banking Authority
The EBA responds to the public consultations on sustainability-related disclosure standards launched by the International Sustainability Standards Board and the European Financial Reporting Advisory Group
July 29, 2022
The European Banking Authority submitted its responses to the consultations of the International Sustainability Standards Board and the European Financial Reporting Advisory Group on sustainability-related disclosure standards.
EBA launches call for candidates to expand its reserve list for the Banking Stakeholder Group
July 29, 2022
The European Banking Authority launched a call for interest to expand its reserve list of candidates who can be appointed in the current Banking Stakeholder Group when a vacancy arises.
EBA publishes its final guidelines on the criteria for the exemption of investment firms from liquidity requirements in accordance with Investment Firms Regulation
July 29, 2022
The European Banking Authority published its final guidelines on the criteria for the exemption of small and non-interconnected investment firms from the liquidity requirements in accordance with the Investment Firms Regulation.
EBA consults on revised Guidelines on methods for calculating contributions to deposit guarantee schemes
July 29, 2022
The European Banking Authority launched a public consultation on its draft revised Guidelines on deposit guarantee schemes contributions.
Bank of England
Results of the Semi-Annual FX Turnover Surveys in April 2022
July 29, 2022
The Bank of England released the results of the Semi-Annual FX Turnover Surveys held in April 2022.
Statistics: Money and Credit - June 2022
July 29, 2022
The Bank of England released the Money and Credit statistics for June 2022.
Statistics: Credit union annual statistics – 2021
July 29, 2022
The Bank of England released annual credit union statistics for 2021.
UK Financial Conduct Authority
Review of TCFD-aligned disclosures by premium listed commercial companies
July 29, 2022
The Financial Conduct Authority published a review of TCFD-aligned disclosures by premium listed commercial companies.
Administration Changes
Vacancies
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)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- 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) (sworn in May 23, 2022)
- 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)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 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)
- 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)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 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)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
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)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- 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)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
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.