Blog: Daily Financial Regulation Update — Thursday, May 5, 2022 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Reserve Board

Federal Reserve issues FOMC statement

May 4, 2022

The Federal Open Market Committee issued a statement along with a document entitled, “Plans for Reducing the Size of the Federal Reserve’s Balance Sheet.”

Federal Reserve Bank of New York

Statement Regarding Plans for Reducing SOMA Holdings of Treasury Securities, Agency Debt, and Agency Mortgage-Backed Securities

May 4, 2022

The Federal Reserve Bank of New York issued a statement in response to the FOMC Plans for Reducing the Size of the Federal Reserve’s Balance Sheet.

Federal Agencies

U.S. Department of the Treasury

Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith

May 4, 2022

Deputy Assistant Secretary for Federal Finance Brian Smith issued Treasury’s Quarterly Refunding Statement.

Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

May 4, 2022

The Treasury Borrowing Advisory Committee issued a report to the Secretary of the Treasury and released minutes from its meeting held on May 3, 2022.

Office of the Comptroller of the Currency

OCC to Host Virtual Innovation Office Hours

May 4, 2022

The Office of the Comptroller of the Currency announced that it will host virtual Innovation Office Hours on June 14-15, 2022, to promote responsible innovation in the federal banking system.

Securities and Exchange Commission

Sample Letter to Companies Regarding Disclosures Pertaining to Russia’s Invasion of Ukraine and Related Supply Chain Issues

May 4, 2022

The Securities and Exchange Commission issued a sample letter containing potential comments that the Division may issue to companies based on their specific facts and circumstances regarding disclosures pertaining to Russia’s invasion of Ukraine and related supply chain issues.

National Credit Union Administration

NCUA Chair Todd M. Harper Remarks at Inclusiv’s 2022 Annual Conference

May 4, 2022

National Credit Union Administration Chair Todd M. Harper gave remarks at the 2022 Inclusiv Annual Conference.

International

European Commission

Commission approves German umbrella scheme to support companies in context of Russia’s invasion of Ukraine

May 4, 2022

The European Commission has approved a German umbrella scheme with a budget of around €11 billion to support companies across sectors in the context of Russia’s invasion of Ukraine.

Speech by President von der Leyen at the EP Plenary on the social and economic consequences for the EU of the Russian war in Ukraine

May 4, 2022

Commission President von der Leyen gave a speech at the EP Plenary on the social and economic consequences of the Russian war in Ukraine on the EU and reinforcing the EU’s capacity to act.

European Banking Authority

EBA provides its advice to the EU Commission on non-bank lending

May 4, 2022

The European Banking Authority (EBA) published a Report on non-bank lending in response to the European Commission’s February 2021 Call for Advice on this topic. The EBA’s proposals aim at addressing risks arising from the provision of lending by non-bank entities in the areas of supervision, consumer protection, anti-money laundering and countering the financing of terrorism (AML/CFT), macro and microprudential risks.

Bank of England

Insurance Stress Test 2022 cover letter to firms

May 4, 2022

The Prudential Regulation Authority (PRA) issued a letter to the largest PRA-regulated life and general insurers launching the 2022 Insurance Stress Test exercise.

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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