PH Fintech Tracker on Executive Order for Digital Assets
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: ‘The Rent Eats First’: How Renters and Communities are Impacted by Today’s Housing Market
August 2, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “‘The Rent Eats First’: How Renters and Communities are Impacted by Today’s Housing Market.”
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Elites and Companies in Economic Sectors that Generate Substantial Revenue for the Russian Regime
August 2, 2022
The U.S. Department of the Treasury’s Office of Foreign Assets Control imposed a new round of sanctions targeting Kremlin-connected elites, a major multinational company, and a sanctions evasion operation.
Treasury Releases CFIUS Annual Report for 2021
August 2, 2022
The U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States, released the public version of its Annual Report to Congress for calendar year 2021.
Federal Deposit Insurance Corporation Office of the Comptroller of the Currency National Credit Union Administration
Agencies Issue Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts
August 2, 2022
The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, in consultation with state bank and credit union regulators, are inviting comment on a policy statement for prudent commercial real estate loan accommodations and workouts.
Federal Reserve Bank of New York
Total Household Debt Surpasses $16 trillion in Q2 2022; Mortgage, Auto Loan, and Credit Card Balances Increase
August 2, 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 an increase in total household debt in the second quarter of 2022, increasing by $312 billion (2%) to $16.15 trillion.
Office of the Comptroller of the Currency
Acting Comptroller Discusses Cybersecurity Risks to Financial Sector
August 2, 2022
Acting Comptroller of the Currency Michael J. Hsu discussed cybersecurity risks facing the financial sector before the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council. In his remarks, Mr. Hsu discussed the risk of evolving cybersecurity threats, the risk to critical operations, and the risk of complacency, and highlighted the need for collaboration among public- and private-sector stakeholders to safeguard confidence in the financial sector.
Securities and Exchange Commission
Remarks at the Small Business Capital Formation Advisory Committee Meeting
August 2, 2022
Securities and Exchange Chair Gary Gensler and Commissioners Hester M. Peirce and Jaime Lizarraga gave remarks at the Small Business Capital Formation Advisory Committee Meeting.
Commodity Futures Trading Commission
CFTC Customer Advisory Highlights What Customers Should Know Before Trading Over-the-Counter Forex
August 2, 2022
The Commodity Futures Trading Commission issued a customer advisory warning the public to thoroughly research potential investments in over-the-counter foreign exchange.
Freddie Mac
Freddie Mac Multifamily Midyear Outlook Shows Moderation on Macro Headwinds
August 2, 2022
After six months of healthy growth in multifamily fundamentals, Freddie Mac projects the pace of growth will begin to moderate through the remainder of 2022.
International
UK Financial Conduct Authority
FCA issues an update on switching in the mortgage market
August 2, 2022
The Financial Conduct Authority released its latest statement on switching in the mortgages market.
Consultation Paper: Calculating redress for non-compliant pension transfer advice
August 2, 2022
The Financial Conduct Authority published a consultation paper entitled, “Calculating redress for non-compliant pension transfer advice.”
Administration Changes
Vacancies
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)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
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, (confirmed May 25, 2022)
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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