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

Subscribe to PH FedACTion: Financial Regulatory Updates

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.

• Strategy
• Press Release

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."

• Hearing Page
• Committee Memorandum
• Deputy Comptroller of the Currency Testimony
• CSBS Commissioner Testimony
• NCUA Director Testimony
• FCA Chief Data Information and Intelligence Officer Testimony
• OCC Press Release
• CSBS Press Release

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.

• Snapshot
• Overview

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?"

• Article

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.

• Remarks

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."

• Blog Post

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.

• Final Draft RTS
• Press Release

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

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

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

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."

• Working Paper

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.

• Consultation Paper
• Overview

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."

• Speech

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)

• Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)

Federal Reserve Board – Jerome H. Powell (confirmed May 12, 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)
• 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)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

• New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 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)

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)

Financial Crimes Enforcement Network

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

National Credit Union Administration – Todd M. Harper

• Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 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)

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.