Blog: Daily Financial Regulation Update — Saturday, May 6, 2022 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer, Targets DPRK Cyber Threats

May 6, 2022

the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Blender.io, which is used by the Democratic People’s Republic of Korea to support its cyber activities and money-laundering of stolen virtual currency.

Statement from Secretaries Yellen, Fudge, McDonough, and Vilsack on Continued Efforts to Connect Homeowners to Pandemic Relief

May 6, 2022

The Secretaries of Treasury Janet L. Yellen, Housing and Urban Development Marcia L. Fudge, Veterans Affairs Denis McDonough, and Agriculture Tom Vilsack are calling on servicers of federally backed mortgages to make every effort to ensure no individual or family unduly experiences unnecessary hardship or foreclosure while assistance is available under the Homeowner Assistance Fund.

Federal Reserve Board

Agencies to Host Webinar on Community Reinvestment Act Notice of Proposed Rulemaking

May 6, 2022

On Wednesday, May 11, 2022 at 3:00 p.m. Eastern, policy experts from the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency will host a special Ask the Regulators webinar on the notice of proposed rulemaking to strengthen and modernize Community Reinvestment Act regulations.

Federal Reserve Supervision and Regulation Report

May 6, 2022

The Federal Reserve Board released the May 2022 Federal Reserve Supervision and Regulation Report.

Working Paper: Credit Default Swaps

May 6, 2022

The Federal Reserve Board published a working paper entitled, “Credit Default Swaps.”

Working Paper: Enhancing Stress Tests by Adding Macroprudential Elements

May 6, 2022

The Federal Reserve Board published a working paper entitled, “Enhancing Stress Tests by Adding Macroprudential Elements.”

Consumer Credit – G.19

The Federal Reserve Board released the March 2022 G.19 Consumer Credit data.

Securities and Exchange Commission

Speech: A Century with a Gold Standard

May 6, 2022

Securities and Exchange Commission Chair Gary Gensler gave a speech before the Annual Conference on Financial Market Regulation entitled, “A Century with a Gold Standard.”

Remarks at SEC Small Business Capital Formation Advisory Committee Meeting

May 6, 2022

Chair Gary Gensler and Commissioners gave remarks at the SEC Small Business Capital Formation Advisory Committee meeting.

Consumer Financial Protection Bureau

The CFPB’s 2021 Fair Lending Annual Report to Congress

May 6, 2022

The Consumer Financial Protection Bureau released its 2021 annual Fair Lending Report to Congress.

Blog Post: Credit reporting companies and furnishers have obligations to assure accuracy in consumer reports

May 6, 2022

The Consumer Financial Protection Bureau issued a blog post entitled, “Credit reporting companies and furnishers have obligations to assure accuracy in consumer reports.”

U.S. Small Business Administration

Advocacy Comments on SEC’s Proposed Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure

May 6, 2022

The U.S. Small Business Administration Office of Advocacy filed a comment letter on the SEC’s proposed cybersecurity risk management, strategy, governance and incident disclosure rules, encouraging SEC to publish a Supplemental Initial Regulatory Flexibility Analysis and allow additional time for public comment.

International

Bank of England

Market Participants Survey results – May 2022

May 6, 2022

The Bank of England released the results from the May 2022 Market Participants Survey.

Working Paper: Central bank swap lines: micro-level evidence

May 6, 2022

The Bank of England staff published a working paper entitled, “Central bank swap lines: micro-level evidence.”

Bank of England Prudential Regulation Authority

PRA Releases Statements on Trading Activity Wind-Down

May 6, 2022

The Bank of England Prudential Regulation Authority released a Policy Statement, Statement of Policy and Supervisory Statement containing the Authority’s final policy on trading activity wind-down.

Statement on EBA Guidelines relating to the management of non-performing and forborne exposures

May 6, 2022

The Bank of England Prudential Regulation Authority released a statement setting out the Authority’s approach to the European Banking Authority Guidelines relating to the management of non-performing exposures and forborne exposures.

UK Financial Conduct Authority

FCA warns businesses to stop misleading credit adverts to protect consumers

May 6, 2022

The Financial Conduct Authority issued a letter warning lenders and brokers to discontinue using misleading terms in their advertising or face regulatory action.

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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