Blog: Daily Financial Regulation Update — Wednesday, May 4, 2022 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Remarks by Treasury’s Counselor for Racial Equity Janis Bowdler at the 2022 Inclusiv Annual Conference in San Juan, Puerto Rico

May 3, 2022

Treasury’s Counselor for Racial Equity Janis Bowdler gave remarks at the 2022 Inclusiv Annual Conference.

Federal Deposit Insurance Corporation

FDIC to Launch 2022 Small Business Lending Survey

May 3, 2022

Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg and U.S. Census Bureau Director Robert L. Santos formally invited approximately 2,000 U.S. banks to participate in a nationally representative online survey about their small business lending practices and volumes.

Securities and Exchange Commission

SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit

May 3, 2022

The Securities and Exchange Commission announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) in the Division of Enforcement will grow to 50 dedicated positions.

Federal Housing Finance Agency

FHFA Announces Mandatory Use of the Supplemental Consumer Information Form

May 3, 2022

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form as part of the application process for loans that will be sold to the Enterprises.

International

European Banking Authority

EBA updates its Guidelines for assessing equivalence of professional secrecy regimes of third country authorities

May 3, 2022

The European Banking Authority published its updated Guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third country authorities, to widen the scope and the purpose of the assessment.

Bank of England

Speech: Why macroprudential policy needs to tackle financial stability risks from climate change

May 3, 2022

Financial Policy Committee member Elisabeth Stheeman gave a speech entitled, “Why macroprudential policy needs to tackle financial stability risks from climate change.”

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022
  • Governor – Lisa Cook nominated January 14, 2022 (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022)
  • Governor – Phillip Jefferson, nominated January 14, 2022 (nomination hearing held on February 3, 2022); committee approval March 16, 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 February 4, 2022, named Chair Pro Tempore pending Senate confirmation)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

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

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.

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