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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, May 28, 2022

May 28, 2022

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Small Business

Committee Announces June Hearings

May 27, 2022

The House Small Business Committee announced several committee hearings throughout June:

Wednesday, June 8, 2022- 10 A.M.- Hybrid Hearing: Military to Main Street: Serving Veteran Entrepreneurship

Tuesday, June 14, 2022- 10 A.M.- Hybrid Hearing: Are Governmentwide Acquisition Contracts Helping or Hurting Small Contractors?

Thursday, June 23, 2022- 10 AM- Hybrid Hearing: SBA Management Review: Office of Government Contracting and Business Development

Federal Agencies

Federal Reserve Board

Paper: Central Bank Communication about Climate Change

May 27, 2022

The Federal Reserve Board published a paper entitled, "Central Bank Communication about Climate Change."

Federal Reserve Bank of New York

Report: Scarce, Abundant, or Ample? A Time-Varying Model of the Reserve Demand Curve

May 27, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Scarce, Abundant, or Ample? A Time-Varying Model of the Reserve Demand Curve."

Federal Reserve Bank of Boston

Paper: Impact of Occupational Unemployment Risk on Household Spending

May 27, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Impact of Occupational Unemployment Risk on Household Spending."

International

Bank of England

Paper: Measuring Capital at Risk in the UK banking sector: a microstructural network approach

May 27, 2022

The Bank of England published a staff working paper entitled, "Measuring Capital at Risk in the UK banking sector: a microstructural network approach."

Minutes of the Securities Lending Committee meeting – May 2022

May 27, 2022

The Bank of England released the minutes of the May 2022 Securities Lending Committee meeting.

Bank of England Prudential Regulation Authority

Climate Financial Risk Forum Session 3 Minutes

May 27, 2022

The Bank of England Prudential Regulation Authority and Financial Conduct Authority released the minutes for the first meeting of the the Climate Financial Risk Forum Session 3 held on April 27, 2022.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 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 (effective May 23, 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)

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, (confirmed May 25, 2022)

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.