PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Waters Delivers Opening Statement at Subcommittee Hearing on the Growth of Alternative Payment Systems

September 20, 2022

Congresswoman Maxine Waters, Chairwoman of the House Committee on Financial Services, delivered the following statement at a Subcommittee on National Security, International Development, and Monetary Policy hearing entitled, "Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth."

Federal Agencies

U.S. Department of the Treasury

Testimony of Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

September 20, 2022

Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg testified before the U.S. Senate's Committee on Banking, Housing and Urban Affairs.

Federal Reserve Bank of Boston

Research: Avoiding the next financial crisis: How does collateral quality affect 'repo' loan risk?

September 20, 2022

Federal Reserve Bank of Boston economists Mattia Landoni Jun Kyung Auh authored a paper examining risk-taking associated with short-term loans known as "repos."

Federal Deposit Insurance Corporation

Paper: Do Municipalities Pay More to Issue Unrated Bonds?

September 20, 2022

The Federal Deposit Insurance Corporation released its study of the circumstances that affect the decision to obtain a rating and whether unrated bonds, controlling for observable risk factors, are more expensive to issue than rated bonds.

International

European Banking Authority

EBA publishes final draft technical standards on the performance-related triggers for non-sequential amortisation systems in STS on-balance-sheet securitisations

September 20, 2022

The European Banking Authority published its final draft Regulatory Technical Standards (RTS) specifying the minimum performance-related triggers for simple, transparent and standardised (STS) on-balance-sheet securitisations that feature non-sequential amortisation.

Bank of England

Paper: Fees regime for financial market infrastructure supervision 2022/23

September 20, 2022

The Bank of England issued a paper setting forth proposals for the Bank of England's supervisory fees for financial market infrastructures for the 2022/23 fee year.

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)

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.