Blog: Daily Financial Regulation Update — Thursday, May 12, 2022 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: A Notch Above? Examining the Bond Rating Industry

May 11, 2022

The U.S. House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing entitled, “A Notch Above? Examining the Bond Rating Industry.”

Federal Agencies

Federal Reserve Board Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency

Agencies release revised interagency questions and answers regarding flood insurance

May 11, 2022

The Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency jointly issued revised questions and answers regarding federal flood insurance law and the agencies’ implementing regulations.

Federal Reserve Bank of New York

Underlying Inflation Gauge (UIG)

May 11, 2022

The Federal Reserve Bank of New York published its April 2022 Underlying Inflation Gauge (UIG). The UIG full data set measure for April is currently estimated at 4.9%, which is similar to the March UIG.

The Labor Market for Recent College Graduates

May 11, 2022

The Federal Reserve Bank of New York released the updated Labor Market for Recent College Graduates data.

New York Fed to Launch Regular Publication of New Global Supply Chain Research Product

May 11, 2022

The Federal Reserve Bank of New York’s Applied Macroeconomics and Econometrics Center announced that it will begin monthly publication of a new research product focused on assessing the intensity of global supply chain disruptions. The first report will be on May 18, 2022.

Lorie K. Logan to Resign from the New York Fed to become President of Dallas Federal Reserve Bank

May 11, 2022

The Federal Reserve Bank of New York announced that Lorie K. Logan will step down from her role as Manager of the System Open Market Account (SOMA) and Head of Market Operations, Monitoring, and Analysis in the Markets Group in order to become President and Chief Executive Officer of the Federal Reserve Bank of Dallas.

Securities and Exchange Commission

Speech: “A ‘New’ New Era:”

May 11, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks at the International Swaps and Derivatives Association Annual Meeting.

Commodity Futures Trading Commission

CFTC Announces Voluntary Carbon Markets Convening

May 11, 2022

Commodity Futures Trading Commission Chairman Rostin Behnam announced the first-ever Voluntary Carbon Convening on June 2. The purpose of the meeting is to discuss issues related to the supply and demand for high quality carbon offsets, including product standardization and the data necessary to support the integrity of carbon offsets’ greenhouse gas emissions avoidance and reduction claims.

International

European Commission

Consumer protection: Commission adopts stronger consumer rules for online financial services

May 11, 2022

The European Commission has adopted a reform of the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance.

European Banking Authority

EBA sees progress in the implementation of the supervisory review and evaluation process and of the supervisory priorities for 2021 but flags some areas for improvement

May 11, 2022

The European Banking Authority published its annual Report on convergence of supervisory practices for 2021.

Bank of England

Analysis: How have firms’ views on financial stability risks in the UK evolved in recent months?

May 11, 2022

The Bank of England published a Bank Overground post analyzing the 2022 H1 Systemic Risk Survey entitled, “How have firms’ views on financial stability risks in the UK evolved in recent months?”

KnowledgeBank: What is a central bank digital currency?

May 11, 2022

The Bank of England published a KnowledgeBank post entitled, “What is a central bank digital currency?”

UK Financial Conduct Authority

FCA reminds consumers of the risks of investing in cryptoassets

May 11, 2022

The UK Financial Conduct Authority issued a statement reminding consumers of the risks of investing in cryptoassets.

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; confirmed by full Senate vote May 10, 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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