Blog: Daily Financial Regulation Update — Wednesday, May 11, 2022 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: The Financial Stability Oversight Council Annual Report to Congress

May 10, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “The Financial Stability Oversight Council Annual Report to Congress.”

Federal Agencies

Federal Reserve Board

Paper: Cyberattacks and Financial Stability: Evidence from a Natural Experiment

May 10, 2022

The Federal Reserve Board published a paper entitled, “Cyberattacks and Financial Stability: Evidence from a Natural Experiment.”

Paper: The Collateral Channel and Bank Credit

May 10, 2022

The Federal Reserve Board published a paper entitled, “The Collateral Channel and Bank Credit.”

Federal Reserve Bank of New York

Quarterly Report: Total Household Debt Increases in Q1 2022, Driven by Mortgage and Auto Balances

May 10, 2022

The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows a solid increase in total household debt in the first quarter of 2022, increasing by $266 billion (1.7%) to $15.84 trillion. The Bank staff have also published a Liberty Street Economics blog post analyzing the data.

Speech: The Right Tools for Our Time

May 10, 2022

The Federal Reserve Bank of New York President and CEO John C. Williams gave a speech at the NABE/Bundesbank International Economic Symposium in Eltville am Rhein, Germany, entitled, “The Right Tools for Our Time.”

Federal Reserve Bank of Boston

Article: What is cash visibility? And why does improving it matter?

May 10, 2022

The Federal Reserve Bank of Boston published an article entitled, “What is cash visibility? And why does improving it matter?”

Commodity Futures Trading Commission

CFTC Issues Proposed Rule to Modify Swap Clearing Requirement to Address Transition from LIBOR and Other Interbank Offered Rates to Alternative Reference Rates

May 9, 2022

The Commodity Futures Trading Commission today unanimously voted to approve a notice of proposed rulemaking to modify the Commission’s interest rate swap clearing requirement to remove certain clearing requirements tied to the London Interbank Offered Rate and other interbank offered rates, and replace them with similar clearing requirements for swaps referencing overnight, nearly risk-free reference rates.

Bank Policy Institute

Financial Trades Support Modified SEC Cyber Incident Disclosure Proposal to Aid Law Enforcement and Support Remediation Efforts

May 10, 2022

The American Bankers Association, Bank Policy Institute, Independent Community Bankers of America and Mid-Size Bank Coalition of America commented on a U.S. Securities and Exchange Commission proposal that would implement new requirements for financial institutions to disclose material cyber incidents, as well as cybersecurity risk management, strategy and governance.

International

European Commission

European Commission and EIB sign an Agreement to enable further investments worldwide

May 10, 2022

The European Commission and the European Investment Bank (EIB) signed a Guarantee Agreement through which the European Commission will support up to €26.7 billion of EIB financial operations to enable public investments in sectors like clean energy, digital and transport infrastructure, health and education over the next seven years.

European Banking Authority

European Supervisory Agencies call for improvements in product descriptions intended for retail investors

May 10, 2022

The European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority issued a joint supervisory statement regarding the ‘What is this product?’ section of the key information document for packaged retail and insurance-based investment products.

The EBA has designed a framework for reporting of deposits subject to Russian and Belarusian economic sanctions

May 10, 2022

Following the request from the EU Commission, the European Banking Authority has developed a template for the annual reporting of information on deposits subject to the Russia and the Belarus Economic Sanctions Regulations.

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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