Blog: Daily Financial Regulation Update — Tuesday, May 10, 2022 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Fed Releases May 2022 Financial Stability Report

May 9, 2022

The Federal Reserve Board issued the May 2022 Financial Stability Report.

Fed Releases April 2022 Senior Loan Officer Opinion Survey on Bank Lending Practices

May 9, 2022

The Federal Reserve Board released the April 2022 Senior Loan Officer Opinion Survey on Bank Lending Practices.

Federal Reserve Bank of New York

Inflation Expectations Mixed; Credit Access Expectations Deteriorate

May 9, 2022

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the April 2022 Survey of Consumer Expectations, which shows that inflation expectations fell at the one-year horizon and rose at the three-year horizon.

Staff Report: Uncertainty Shocks, Capital Flows, and International Risk Spillovers

May 9, 2022

The Federal Reserve Bank of New York staff published a report entitled, “Uncertainty Shocks, Capital Flows, and International Risk Spillovers.”

Office of the Comptroller of the Currency

Acting Comptroller Addresses Bank Mergers

May 9, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed the need to update the framework used to analyze bank merger applications before the Brookings Institution.

Securities and Exchange Commission

SEC Extends Comment Period for Proposed Rules on Climate-Related Disclosures, Reopens Comment Periods for Proposed Rules Regarding Private Fund Advisers and Regulation ATS

May 9, 2022

The Securities and Exchange Commission announced that it has extended the public comment period on the proposed rulemaking to enhance and standardize climate-related disclosures for investors until June 17, 2022. The SEC also announced that it will reopen the comment periods on the proposed rulemaking to enhance private fund investor protection and on the proposed rulemaking to include significant Treasury markets platforms within Regulation ATS for 30 days.

Consumer Financial Protection Bureau

CFPB Issues Advisory Opinion on Coverage of Fair Lending Laws

May 9, 2022

The Consumer Financial Protection Bureau published an advisory opinion to affirm that the Equal Credit Opportunity Act.

International

Bank of England

Speech: The route back to 2% inflation

May 9, 2022

Monetary Policy Committee member Michael Saunders gave a speech at the Resolution Foundation entitled, “The route back to 2% inflation.”

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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