PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Remarks regarding Digital Assets by Under Secretary for Domestic Finance Nellie Liang

September 21, 2022

Under Secretary for Domestic Finance Nellie Liang offered remarks on the three digital assets reports issued pursuant to President Joe Biden's Executive Order 14067 on "Ensuring Responsible Development of Digital Assets."

Federal Reserve Board

Report: Federal Reserve Board and Federal Open Market Committee release economic projections from the September 20-21 FOMC meeting

September 21, 2022

The Federal Open Market Committee (FOMC) released economic projections in conjunction with the September 20-21 FOMC meeting.

Conference of State Bank Supervisors

Blog: Understanding How Congress Included State Bank Supervisors in the FDIC Board

September 21, 2022

The Conference of State Bank Supervisors has called on the Biden Administration to put forth a FDIC Board seat candidate with state bank supervisory experience as required by federal law.

International

Bank of England Prudential Regulation Authority

Paper: Credit Unions: Changes to the Regulatory Regime CP7/22

September 21, 2022

The PRA published CP 7/22 "Credit Unions: Changes to the Regulatory Regime." The Consultation Paper is relevant to all United Kingdom credit unions.

UK Financial Conduct Authority

Report: FCA sets out potential interventions to reform multi-occupancy buildings insurance market

September 21, 2022

The Financial Conduct Authority set out a range of recommendations and other potential remedies designed to give leaseholders greater protections from high prices and ensure the buildings insurance market operates better for leaseholders.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 2022)

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)

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.