PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 2, 2022
June 02, 2022
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Federal Agencies
Federal Reserve Board
Beige Book - June 1, 2022
June 1, 2022
The Federal Reserve Board published its June 2022 Beige Book.
Paper: The transmission of financial shocks and leverage of financial institutions: An endogenous regime switching framework
June 1, 2022
The Federal Reserve Board published a paper entitled, "The transmission of financial shocks and leverage of financial institutions: An endogenous regime switching framework."
Federal Reserve Bank of New York
Blog Post: How Is the Corporate Bond Market Responding to Financial Market Turmoil?
June 1, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Is the Corporate Bond Market Responding to Financial Market Turmoil?"
Speech: The Song Remains the Same
June 1, 2022
Federal Reserve Bank of New York President and Chief Executive Officer John C. Williams gave remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop in New York City entitled, "The Song Remains the Same."
Federal Deposit Insurance Corporation
Summary of Deposits Survey and Filing for June 30, 2022
June 1, 2022
The Federal Deposit Insurance Corporation released the Summary of Deposits Survey and Filing instructions for the report as of June 30, 2022.
Securities and Exchange Commission
SEC Launches Game Show-Themed Public Service Campaign
June 1, 2022
The Securities and Exchange Commission's Office of Investor Education and Advocacy unveiled a game show-themed public service campaign to help investors make informed investment decisions and avoid fraud.
SEC Announces Eight New Investor Advisory Committee Members
June 1, 2022
The Securities and Exchange Commission announced eight new members to fill all vacancies on its Investor Advisory Committee. The new members join 15 current committee members.
Commodity Futures Trading Commission
CFTC Commissioner Pham Discusses Crypto Regulation and Customer Protections with CNBC and Yahoo! Finance
June 1, 2022
Commodity Futures Trading Commissioner Caroline D. Pham discussed crypto regulation and customer protections with CNBC at the DC Blockchain Summit with Yahoo! Finance Live last week.
Bank Policy Institute
On Bank Mergers, the Benefits of a Competitive Industry Are Clear and the Regulatory Standards Are Appropriately Stringent
June 1, 2022
The Bank Policy Institute responded to the FDIC's request for information on the federal bank merger review framework.
State Agencies
California Department of Financial Protection and Innovation
Invitation for Comments: CCFPL - Oversight of Crypto Asset-Related Financial Products and Services
June 1, 2022
The Department of Financial Protection and Innovation published an Invitation for Comments seeking input from stakeholders and the public in developing guidance and, as appropriate, regulatory clarity and supervision of covered persons and service providers involved in the offering and provision of crypto asset-related financial products and services in California.
International
European Banking Authority
ESAs publish the joint Report on the withdrawal of authorisation for serious breaches of AML/CFT rules
June 1, 2022
The European Supervisory Authorities (EBA, EIOPA and ESMA) published a joint Report which provides a comprehensive analysis on the completeness, adequacy and uniformity of the applicable laws and practices on the withdrawal of license for serious breaches of the rules on anti-money laundering and countering the financing of terrorism.
Bank of England
Survey: Monthly Decision Maker Panel data - May 2022
June 1, 2022
The Bank of England released the May 2022 Monthly Decision Maker Panel survey data.
Speech: Old dogs, new tricks: adapting central bank balance sheets to a world of digital currencies
June 1, 2022
The Bank of England Executive Director for Markets Andrew Hauser gave a speech entitled, "Old dogs, new tricks: adapting central bank balance sheets to a world of digital currencies."
Paper: An interpretable machine learning workflow with an application to economic forecasting
June 1, 2022
The Bank of England published a staff working paper entitled, "An interpretable machine learning workflow with an application to economic forecasting."
UK Financial Conduct Authority
Richard Lloyd becomes Interim Chair of the FCA
June 1, 2022
Richard Lloyd OBE has become Interim Chair of the Financial Conduct Authority, as previously announced on 4 February 2022.
Speech: Keeping pace with rising costs – improving financial inclusion for consumers
June 1, 2022
Sheldon Mills, Executive Director of Consumers and Competition, delivered a speech at the Financial Inclusion Virtual Summit 2022 entitled, "Keeping pace with rising costs – improving financial inclusion for consumers."
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)
- Vice Chair Lael Brainard (sworn in May 23, 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)
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)
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
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)
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.