Daily Financial Regulation Update — Thursday, June 9, 2022 | Paul Hastings LLP

Major developments

DFS Announces New Regulatory Guidance on Issuance of US Dollar-Backed Stablecoins

June 8, 2022

New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today released new DFS regulatory guidelines, establishing fundamental criteria for USD-backed stablecoins issued by entities regulated by DFS.

Congress

United States House of Representatives

Small Business Committee

Audience: Military on Main Street: Serving Veteran Entrepreneurship

June 8, 2022

The US House Committee on Small Business held a hearing titled “From the Military to Main Street: Serving Veteran Entrepreneurship”.

Federal agencies

US Department of Treasury

Secretary Yellen Testifies Before the U.S. House of Representatives Ways and Means Committee

June 8, 2022

US Treasury Secretary Janet L. Yellen testified at a hearing before the US House Ways and Means Committee on the administration’s budget proposal.

Article: The American economic recovery in the international context

June 8, 2022

U.S. Treasury Department Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra published an article titled “The U.S. Economic Recovery in the International Context.”

Security and Exchange Commission

Speech: Market Structure and the Retail Investor

June 8, 2022

Securities and Exchange Commission Chairman Gary Gensler delivered remarks ahead of the Piper Sandler Global Exchange Conference titled “Market Structure and the Retail Investor.”

Federal Housing Finance Agency

FHFA Announces Fair Housing Finance Plans for Fannie Mae and Freddie Mac

June 8, 2022

The Federal Housing Finance Agency today announced the release of Fannie Mae and Freddie Mac’s Fair Housing Finance Plans for 2022-2024.

Freddie Mac

Freddie Mac Announces Historic Fair Housing Finance Plan

June 8, 2022

Freddie Mac announced the company’s first Fair Housing Finance Plan, designed to promote equity and increase sustainable homeownership and rental opportunities for traditionally underserved Black and Latino communities across the country. .

International

bank of england

KnowledgeBank Post: Will the UK get its own digital currency?

June 8, 2022

The Bank of England published a KnowledgeBank Post titled “Will the UK get its own digital currency?”

Speech: Exploratory scenario of the Climate Biennial: insurance perspectives

June 8, 2022

Bank of England Chief Insurance Officer Stefan Claus delivered a keynote address at the Association of British Insurers’ 2022 Climate Summit titled ‘Climate Biennial Exploratory Scenario: Insurance Insights’.

UK Financial Conduct Authority

FCA Board Meeting Minutes

June 8, 2022

The Financial Conduct Authority has published the minutes of the board meeting held on April 28, 2022.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Michael S. Barr appointed April 15, 2022 (nomination hearing held May 19, 2022; committee approval June 8, 2022; full Senate vote pending.)

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • Vice President – ​​Vacant

Office of the Comptroller of the Currency

  • Controller – Vacant (Michael Hsu is Acting Controller)

Commodity Futures Commission

  • Three (3) vacant commissioner positions

Appointments/Confirmation Hearings

U.S. Treasury Department – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

  • Vice-President 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 Chairman 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 on May 23, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (November 22, 2021)
  • Statement from Secretary Walsh on Federal Reserve Appointments (November 22, 2021)
  • Brown’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
  • Toomey’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
  • Brown applauds Biden’s nomination of Governor Lael Brainard as vice president (November 22, 2021)
  • Brown Applauds Biden Nominees to Fed Board (January 14, 2022)
  • Toomey’s Statement on President Biden’s Fed Nominees (January 14, 2022)
  • Waters applauds appointments of Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to Federal Reserve leadership positions (January 14, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (January 14, 2022)
  • Statement from the Chairman of the Senate Banking Committee Brown regarding the nomination of Dr. Lisa Cook (March 29, 2022)
  • Statement by Ranking Member of the Senate Banking Committee Toomey Regarding the Nomination of Dr. Lisa Cook (March 29, 2022)
  • Statement by Senate Banking Committee Chairman Brown on Nomination of Michael Barr as Federal Reserve Vice Chairman for Oversight (April 15, 2022)
  • Statement by Senate Banking Committee Ranking Member Toomey on Nomination of Michael Barr as Federal Reserve Vice Chairman for Oversight (April 15, 2022)
  • Statement from the Chair of the Senate Banking Committee Regarding the Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Statement by a Ranking Member of the Senate Banking Committee Regarding the Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Jerome H. Powell sworn in for a second term as Chairman of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Lael Brainard is 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)

Security and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

  • Kristin Johnson, Commodity Futures Trading Commission Commissioner Candidate (September 13, 2021)
  • Christy Goldsmith Romero, Commodity Futures Trading Commission Commissioner Candidate (September 13, 2021)
  • US Senate unanimously confirms Behnam as president (December 17, 2021)
  • CFTC Chairman Rostin Behnam announces senior staff appointments (January 20, 2022)
  • CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
  • Statement by CFTC Chairman Rostin Behnam on the US Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
  • CFTC Commissioner Pham Announces First Staff Appointments (April 22, 2022)
  • CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
  • CFTC Commissioner Pham Announces Additional Appointments (May 13, 2022)
  • CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)

Financial Crimes Network

National Administration of Credit Unions – 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)

US Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Customer Alerts

Click here to learn more about 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”), Adopted March 27, 2020.

Click here to view the full text of the Expanding Paycheck Protection Program Act of 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Adopted on June 5, 2020.

Click here to view the full text of the Consolidated Credit Law, 2021, Adopted on December 27, 2020.

Click here to view the full text of the 2021 US bailout plan, Adopted March 11, 2021.

Click here to view the full text of the PPP Extension Act 2021, Adopted March 30, 2021.

Click here to see a current list of bills the Senate Committee on Banking, Housing and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services and the House Committee on Small Business.

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