Daily Financial Regulation Update -- Thursday, May 19, 2022

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Small Business

Committee Holds Hearing on Oversight of SBA Office in Charge of Loan Programs

May 18, 2022

The House Small Business Committee held a hearing reviewing the challenges facing the Small Business Administration's (SBA) Office of Capital Access.

• Press Release
• Hearing Page
• Hearing Notice
• Hearing Memo
• Committee Chair Statement
• OCA Associate Administrator Testimony

Federal Agencies

U.S. Department of the Treasury

Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen in Bonn, Germany

May 18, 2022

The U.S. Department of the Treasury released the transcript of Secretary Janet L. Yellen's press conference ahead of the G7 Summit in Bonn, Germany.

• Transcript

U.S. Department of the Treasury Welcomes IFI Action Plan to Address Food Insecurity

May 18, 2022

The U.S. Department of the Treasury welcomed the IFI Action Plan to Address Food Insecurity developed by the Asian Development Bank, the African Development Bank, the European Bank for Reconstruction and Development, the International Fund for Agricultural Development, the Inter-American Development Bank, the International Monetary Fund and the World Bank Group.

• Press Release

Federal Reserve Bank of New York

New York Fed Launches Global Supply Chain Pressure Index

May 18, 2022

The Federal Reserve Bank of New York announced the monthly publication of a new research product focused on assessing the intensity of global supply chain disruptions through its Applied Macroeconomics and Econometrics Center. The Global Supply Chain Pressure Index (GSCPI)—a single measure of global supply chain pressures—will be updated regularly on the fourth business day of each month. The Bank also released a staff report and updated Liberty Street Economics blog post on the GSCPI.

• Global Supply Chain Pressure Index
• Press Release
• Staff Report
• Blog Post

Federal Deposit Insurance Corporation

Small Entity Compliance Guide related to Simplification of Deposit Insurance Rules for Trust and Mortgage Servicing Accounts

May 18, 2022

The Federal Deposit Insurance Corporation released a "Small Entity Compliance Guide" to assist insured depository institutions and community banking organizations in understanding and preparing for the changes in deposit insurance coverage as a result of the final rule amending the deposit insurance regulations for trust accounts and mortgage servicing accounts that will go into effect on April 1, 2024.

• Small Entity Compliance Guide
• Financial Institution Letter

Statement by FDIC Acting Chairman Martin J. Gruenberg on the Passing of CSBS President & CEO John W. Ryan

May 17, 2022

Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg issued the following statement on the passing of John W. Ryan, President and CEO of the Conference of State Bank Supervisors.

• Statement

Office of the Comptroller of the Currency

Acting Comptroller Issues Statement on Passing of John W. Ryan, President and CEO of the Conference of State Bank Supervisors

May 18, 2022

Acting Comptroller of the Currency Michael J. Hsu issued a statement on the passing of John W. Ryan, President and CEO of the Conference of State Bank Supervisors.

• Statement

National Credit Union Administration

NCUA Statement on Committee Passage of Vendor Authority and Underserved Areas Bills

May 18, 2022

National Credit Union Administration Chairman Todd M. Harper issued a statement after the approval of H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act of 2022, and H.R. 7003, the Expanding Financial Access for Underserved Communities Act, by the U.S. House Committee on Financial Services.

• Statement

U.S. Small Business Administration

Facts Sheet: Small Business Hiring Needs

May 18, 2022

The U.S. Small Business Administration released a Small Business Facts sheet entitled, "Small Business Hiring Needs."

• Facts Sheet

International

European Banking Authority

EBA adopts decision on supervisory reporting for intermediate EU parent undertaking threshold monitoring

May 18, 2022

The European Banking Authority adopted a decision on supervisory reporting for EU parent undertaking threshold monitoring for those entities belonging to third country groups, including third-country branches.

• Decision
• Press Release

Bank of England

QE at the Bank of England: a perspective on its functioning and effectiveness

May 18, 2022

The Bank of England published its Q1 2022 Quarterly Bulletin entitled, "QE at the Bank of England: a perspective on its functioning and effectiveness."

• Bulletin

Administration Changes

Vacancies

Federal Reserve Board

• Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing scheduled for 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)

• 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)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

• FDIC Announces Appointments to Its Division of Finance and Division of Insurance and Research (May 18, 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

• 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.