PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Small Business

Committee Holds Hearing on Oversight of SBA Office in Charge of Loan Programs

May 18, 2022

The House Small Business Committee held a hearing reviewing the challenges facing the Small Business Administration's (SBA) Office of Capital Access.

Federal Agencies

U.S. Department of the Treasury

Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen in Bonn, Germany

May 18, 2022

The U.S. Department of the Treasury released the transcript of Secretary Janet L. Yellen's press conference ahead of the G7 Summit in Bonn, Germany.

U.S. Department of the Treasury Welcomes IFI Action Plan to Address Food Insecurity

May 18, 2022

The U.S. Department of the Treasury welcomed the IFI Action Plan to Address Food Insecurity developed by the Asian Development Bank, the African Development Bank, the European Bank for Reconstruction and Development, the International Fund for Agricultural Development, the Inter-American Development Bank, the International Monetary Fund and the World Bank Group.

Federal Reserve Bank of New York

New York Fed Launches Global Supply Chain Pressure Index

May 18, 2022

The Federal Reserve Bank of New York announced the monthly publication of a new research product focused on assessing the intensity of global supply chain disruptions through its Applied Macroeconomics and Econometrics Center. The Global Supply Chain Pressure Index (GSCPI)—a single measure of global supply chain pressures—will be updated regularly on the fourth business day of each month. The Bank also released a staff report and updated Liberty Street Economics blog post on the GSCPI.

Federal Deposit Insurance Corporation

Small Entity Compliance Guide related to Simplification of Deposit Insurance Rules for Trust and Mortgage Servicing Accounts

May 18, 2022

The Federal Deposit Insurance Corporation released a "Small Entity Compliance Guide" to assist insured depository institutions and community banking organizations in understanding and preparing for the changes in deposit insurance coverage as a result of the final rule amending the deposit insurance regulations for trust accounts and mortgage servicing accounts that will go into effect on April 1, 2024.

Statement by FDIC Acting Chairman Martin J. Gruenberg on the Passing of CSBS President & CEO John W. Ryan

May 17, 2022

Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg issued the following statement on the passing of John W. Ryan, President and CEO of the Conference of State Bank Supervisors.

Office of the Comptroller of the Currency

Acting Comptroller Issues Statement on Passing of John W. Ryan, President and CEO of the Conference of State Bank Supervisors

May 18, 2022

Acting Comptroller of the Currency Michael J. Hsu issued a statement on the passing of John W. Ryan, President and CEO of the Conference of State Bank Supervisors.

National Credit Union Administration

NCUA Statement on Committee Passage of Vendor Authority and Underserved Areas Bills

May 18, 2022

National Credit Union Administration Chairman Todd M. Harper issued a statement after the approval of H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act of 2022, and H.R. 7003, the Expanding Financial Access for Underserved Communities Act, by the U.S. House Committee on Financial Services.

U.S. Small Business Administration

Facts Sheet: Small Business Hiring Needs

May 18, 2022

The U.S. Small Business Administration released a Small Business Facts sheet entitled, "Small Business Hiring Needs."

International

European Banking Authority

EBA adopts decision on supervisory reporting for intermediate EU parent undertaking threshold monitoring

May 18, 2022

The European Banking Authority adopted a decision on supervisory reporting for EU parent undertaking threshold monitoring for those entities belonging to third country groups, including third-country branches.

Bank of England

QE at the Bank of England: a perspective on its functioning and effectiveness

May 18, 2022

The Bank of England published its Q1 2022 Quarterly Bulletin entitled, "QE at the Bank of England: a perspective on its functioning and effectiveness."

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing scheduled for May 19, 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 (confirmed May 12, 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

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.