PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Deposit Insurance Corporation

FDIC Issues Final Rule Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC's Name or Logo

May 17, 2022

The Board of Directors of the Federal Deposit Insurance Corporation approved a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC's name or logo.

Federal Agencies

U.S. Department of the Treasury

Counter ISIS Finance Group Leaders Issue Joint Statement

May 17, 2022

The Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS held its sixteenth meeting in Marrakech, Morocco, to discuss global efforts to combat ISIS financing. The CFIG co-leaders issued a joint statement on the meeting.

Remarks by Secretary of the Treasury Janet L. Yellen at the Brussels Economic Forum

May 17, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the Brussels Economic Forum.

Readout: U.S. Secretary of the Treasury Janet L. Yellen's Meetings in Brussels, Belgium

May 17, 2022

U.S. Secretary of the Treasury Janet L. Yellen met with European Commission President Ursula von der Leyen, as well as European Commission Executive Vice President Valdis Dombrovskis and European Commissioner for the Economy Paolo Gentiloni. The Secretary discussed the need for the international community to provide economic assistance to Ukraine and also discussed Europe's efforts to reduce its reliance on Russian energy.

Remarks on Treasury's Efforts to Promote Transparency and Accountability Around Financial Institutions' Net-Zero Targets

May 17, 2022

Climate Counselor John Mortion gave remarks at the MSCI Capital for Climate Action Conference on the Department of the Treasury's efforts to promote transparency and accountability around financial institutions' net-zero targets.

Federal Reserve Board

Industrial Production and Capacity Utilization - G.17

May 17, 2022

The Federal Reserve Board published its April Industrial Production and Capacity Utilization data.

Federal Reserve Bank of New York

Business Leaders Survey

May 17, 2022

The Federal Reserve Bank of New York published the May Business Leaders Survey.

Blog Post: Do Businesses in the Region Expect High Inflation to Persist?

May 17, 2022

The Federal Reserve Bank of New York published a Liberty Street Economicsblog post entitled, "Do Businesses in the Region Expect High Inflation to Persist?"

New York Fed Announces Papers to be Published in High School Fed Challenge

May 17, 2022

The Federal Reserve Bank of New York announced the results of this year's High School Fed Challenge, an academic paper competition in which student teams researched and analyzed an economic theme, then wrote podcast scripts reflecting their research. The selected podcast scripts will be published in this year's issue of the Journal of Future Economists, which will publish this summer.

Conference of State Bank Supervisors

CSBS Board of Directors Announces the Passing of John W. Ryan

May 17, 2022

The Conference of State Bank Supervisors announced that President and CEO John W. Ryan died unexpectedly late Monday in Washington, D.C.

Amendments to Guidelines for Appeals of Material Supervisory Determinations

May 17, 2022

The FDIC has adopted Guidelines for Appeals of Material Supervisory Determinations that restore the Supervision Appeals Review Committee as the final level of review in the agency's supervisory appeals process. The revised Guidelines take effect May 17, 2022.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Risk Management

May 17, 2022

Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of risk management in remarks at Bloomberg Risk & Regulation Week 2022.

Securities and Exchange Commission

Testimony at Hearing before the Subcommittee on Financial Services and General Government U.S. House Appropriations Committee

May 18, 2022

Securities and Exchange Commission Chair Gary Gensler gave testimony at a hearing before the U.S. House Appropriations Committee Subcommittee on Financial Services and General Government regarding capital markets.

Speech: Investor Protection in a Digital Age

May 17, 2022

Securities and Exchange Commission Chair Gary Gensler gave remarks at the 2022 NASAA Spring Meeting & Public Policy Symposium.

Consumer Financial Protection Bureau

CFPB Takes Action to Protect Depositors from False Claims About FDIC Insurance

May 17, 2022

The Consumer Financial Protection Bureau (CFPB) released an enforcement circular that augments prohibited practices on claims about Federal Deposit Insurance Corporation (FDIC) insurance for entities subject to the Consumer Financial Protection Act. In sum, although the Federal Deposit Insurance Act requires an entity knowingly act, the CFPA does not maintain such a requirement when a party misrepresents the deposit insurance status of a product or service.

International

European Banking Authority

EBA publishes peer review on management of non-performing exposures

May 17, 2022

The European Banking Authority published the conclusion of its peer review of how prudential and consumer protection authorities supervise the management of non-performing exposures (NPE) by institutions and have implemented the EBA Guidelines on the management of NPE.

UK Financial Conduct Authority

Reporting sanctions evasions

May 17, 2022

The UK Financial Conduct Authority issued guidance on reporting sanctions evasions.

Newsletter: Market Watch 69

May 17, 2022

The UK Financial Conduct Authority published the 69th Market Watch newsletter on market conduct and transaction reporting issues.

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)

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.