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Federal Agencies

U.S. Department of the Treasury

Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States

June 10, 2022

The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Consensus 2022 Addressing National Security Matters involving Digital Assets

June 10, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at Consensus 2022.

Securities and Exchange Commission

SEC Updates Exchange Act Q&A of General Applicability

June

The Securities and Exchange Commission updated Question 101.01 of the Exchange Act Sections Questions and Answers of General Applicability.

Commodity Futures Trading Commission

CFTC Staff Issues Advisory on Swap Data Errors and Related Error Correction Notification Form

June 10, 2022

The Commodity Futures Trading Commission’s Division of Data issued an advisory that provides instructions for notifying staff when a swap execution facility, designated contract market, or reporting counterparty determines that it is unable to timely correct a swap data error.

State Agencies

California Department of Financial Protection and Innovation

Lending Disclosure Regulations Finalized after Four Years

June 9, 2022

The California Office of Administrative Law approved the Department of Financial Protection and Innovation’s proposed commercial financing disclosure regulations, implementing final regulations to implement a 2018 statute. The final disclosure regulations will become effective on December 9, 2022.

International

Bank of England

Resolvability assessment of major UK banks: 2022

June 10, 2022

The Bank of England has published the findings from its first assessment of the resolvability of the eight major UK firms as part of the Resolvability Assessment Framework.

Minutes of the March London FXJSC Main Committee Meetings

June 10, 2022

The Bank of England released minutes from the London Foreign Exchange Joint Standing Committee (FXJSC) meetings held in March 2022.

Summary Minutes of the Working Group on Sterling Risk-Free Reference Rates Sub-Group and Task Force Meetings – April/May 2022

June 10, 2022

The Bank of England published summary minutes of the Working Group on Sterling Risk-Free Reference Rates Sub-Group and Task Force meetings held in April and May 2022.

Bank of England/Ipsos Inflation Attitudes Survey

June 10, 2022

The Bank of England released the quarterly Bank of England/Ipsos Inflation Attitudes Survey.

Paper: What drives repo haircuts? Evidence from the UK market

June 10, 2022

The Bank of England published a staff working paper entitled, “What drives repo haircuts? Evidence from the UK market.”

UK Financial Conduct Authority

Speech: Innovation & Regulation: Partners in the success of Financial Services

June 10, 2022

The UK Financial Conduct Authority Chief Data, Information and Intelligence Officer, Jessica Rusu, gave a speech at Money 20/20 Amsterdam entitled, “Innovation & Regulation: Partners in the success of Financial Services.”

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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 (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.

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