PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Bank of New York

SCE Public Policy Survey – August 2022

September 26, 2022

The Federal Reserve Bank of New York released the SCE Public Policy Survey results for August 2022.

Blog: Is China Running Out of Policy Space to Navigate Future Economic Challenges?

September 26, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Is China Running Out of Policy Space to Navigate Future Economic Challenges?"

Federal Reserve Bank of Boston

Speech: Perspectives on the Economy, and on the Opportunities Ahead

September 26, 2022

Federal Reserve Bank of Boston President Susan M. Collins gave a speech entitled, "Perspectives on the Economy, and on the Opportunities Ahead."

Commodity Futures Trading Commission

CFTC Commissioner Christy Goldsmith Romero Calls for Nominations and Topics for the Technology Advisory Committee

September 26, 2022

Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero, sponsor of the Technology Advisory Committee (TAC), called for committee-membership nominations and potential topics for TAC meetings.

Consumer Financial Protection Bureau

OIG Report: The CFPB Implemented Safety Measures in Accordance With Its Reentry Plan

September 26, 2022

The Consumer Financial Protection Bureau Office of Inspector General issued a report entitled, "The CFPB Implemented Safety Measures in Accordance With Its Reentry Plan."

Financial Stability Oversight Council

Financial Stability Oversight Council to Meet October 3

September 26, 2022

The Financial Stability Oversight Council (FSOC) announced it will meet on October 3 in an executive session and a public session. The preliminary agenda for the executive session includes an update from staff of the Board of Governors of the Federal Reserve System and the Commodity Futures Trading Commission on financial stability and energy market developments. The preliminary agenda for the public session includes a vote on the FSOC's report in response to the Executive Order on Ensuring Responsible Development of Digital Assets; votes on the establishment and initial membership of the FSOC's Climate-related Financial Risk Advisory Committee; and an update on the upcoming Treasury report on cloud services adoption in the financial sector.

National Credit Union Administration

Enhanced Credit Union Diversity Self-Assessment Improves Use Experience

September 26, 2022

The National Credit Union Administration has introduced several process improvements to the Credit Union Diversity Self-Assessment. These enhancements include additional details for submitting surveys, improved navigation, prepopulation of certain fields, and compliance with the 21st Century Integrated Digital Experience Act. The modernization also upgrades security and ensures data integrity and confidentiality.

International

European Commission

Commission Takes Action on Transparency and Cooperation with Member States

September 26, 2022

The European Commission published a report on the implementation of the Single Market Transparency Directive showing that Member States are becoming more transparent in adopting national technical regulations for products and information society services. The Commission also held a meeting of the Single Market Enforcement Task Force.

Fourth report confirms SURE success in protecting jobs during pandemic

September 26, 2022

The European Commission has published its fourth bi-annual report on the implementation and impact of SURE, the €100 billion instrument designed to protect jobs and incomes affected by the COVID-19 pandemic.

Bank of England

Bank of England Releases Guidance and Key Elements on the 2022 Stress Test

September 26, 2022

The Bank of England released guidance and key elements on the 2022 stress test annual cyclical scenario for UK banking system participants.

Statement from the Governor of the Bank of England

September 26, 2022

The Governor of the Bank of England (BoE) issued a statement indicating that the BoE is monitoring developments in financial markets in light of the significant repricing of financial assets.

Bank of England Prudential Regulation Authority

Policy Statement: Definition of capital: Updates to PRA Rules and supervisory expectations

September 26, 2022

The Bank of England Prudential Regulation Authority published a policy statement entitled, "Definition of capital: Updates to PRA Rules and supervisory expectations."

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.