Daily Financial Regulation Update — Thursday, May 19, 2022 | Paul Hastings LLP

PH Fintech Tracker on Executive Order for Digital Assets

Congress

United States House of Representatives

Small Business Committee

Committee holds hearing on oversight of SBA’s office of lending programs

May 18, 2022

The House Small Business Committee held a hearing to consider challenges facing the Small Business Administration’s (SBA) Capital Access Office.

Federal agencies

US Department of Treasury

Transcript of Treasury Secretary Janet L. Yellen’s press conference in Bonn, Germany

May 18, 2022

The US Treasury Department has released the transcript of Secretary Janet L. Yellen’s press conference ahead of the G7 summit in Bonn, Germany.

US Treasury Department welcomes IFI action plan to address food insecurity

May 18, 2022

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

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 release 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 unique measure of global supply chain pressures – will be updated regularly on the fourth business day of each month. The Bank has also published a staff report and updated Economy of Liberty Street blog post on the GSCPI.

Federal Deposit Insurance Corporation

Small Entity Compliance Guide to Simplifying Deposit Insurance Rules for Trust and Mortgage Servicing Accounts

May 18, 2022

The Federal Deposit Insurance Corporation has released a “Small Entity Compliance Guide” to help insured depository institutions and community banking organizations understand and prepare for changes in deposit insurance coverage as a result of the final rule amending deposit insurance regulations for trust accounts and mortgages. management accounts which will come into effect on April 1, 2024.

Statement by Acting FDIC Chairman Martin J. Gruenberg on the Passing of CSBS President and 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, Chairman and Chief Executive Officer of the Conference of State Banking Supervisors.

Office of the Comptroller of the Currency

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

May 18, 2022

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

National Administration of Credit Unions

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

May 18, 2022

National Credit Union Administration Chairman Todd M. Harper released a statement following the approval of HR 7022, the Enhanced Cybersecurity for the Financial Industry Act of 2022, and HR 7003, the Cyber ​​Security Act of 2022. Expanding Financial Access for Underserved Communities, by the US House Committee on Financial Services.

US Small Business Administration

Fact Sheet: Small Business Hiring Needs

May 18, 2022

The United States Small Business Administration has published a small business fact sheet titled “Small Business Hiring Needs”.

International

European Banking Authority

EBA adopts decision on supervisory reporting for supervision of intermediate parent undertaking threshold in the EU

May 18, 2022

The European Banking Authority has adopted a decision on prudential reporting for the supervision of the parent undertaking threshold in the Union for entities belonging to third country groups, including third country branches.

bank of england

QE at the Bank of England: a view on how it works and how effective it is

May 18, 2022

The Bank of England has published its quarterly bulletin for the first quarter of 2022 entitled “QE at the Bank of England: a perspective on its operation and effectiveness”.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Michael S. Barr appointed April 15, 2022 (nomination hearing scheduled for May 19, 2022)

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 (confirmed May 12, 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)
  • 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)

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

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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