Daily Financial Regulation Update — Thursday, July 7, 2022

PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of Education

Education Department Releases Proposed Regulations to Revise Federal Student Loan Programs including Expanding and Improving Targeted Relief Programs

July 6, 2022

The U.S. Department of Education released proposed regulations that would expand and improve the major student loan discharge programs authorized by the Higher Education Act.

Congress

U.S. House of Representatives

Committee on Financial Services

Committee on Financial Services Announces July Committee Schedule

July 6, 2022

The U.S. House Committee on Financial Services announced the following hearing schedule for the month of July:

Wednesday, July 13 at 10:00 AM ET: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hybrid hearing entitled, “Better Together: Examining the Unified Proposed Rule to Modernize the Community Reinvestment Act.”

Tuesday, July 19 at 10:00 AM ET: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a hybrid hearing entitled, “Oversight of the SEC’s Division of Enforcement.”

Tuesday, July 19 at 2:00 PM ET: The Subcommittee on Oversight and Investigations will convene for a hybrid hearing entitled, “Thoughts and Prayers Are Not Enough: How Mass Shootings Harm Communities, Local Economies, and Economic Growth.”

Wednesday, July 20 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Housing in America: Oversight of the Federal Housing Finance Agency.”

Wednesday, July 27 at 10:00 am ET (and subsequent days if necessary): The full Committee will convene for a hybrid markup.

Federal Agencies

U.S. Department of the Treasury

Statement from Secretary of the Treasury Janet L. Yellen on the Release of the Final Pensions Rule under the American Rescue Plan

July 6, 2022

Secretary of the Treasury Janet L. Yellen issued a statement on the release of the final rule for the Special Financial Assistance Program, an initiative of the American Rescue Plan that provides funding to improve the solvency of multiemployer pensions.

Secretary of the Treasury Janet L. Yellen’s Third Meeting with the Heads and Private-Sector Leads of the Multilateral Development Banks to Discuss Climate Finance, with a Focus on Adaptation

July 6, 2022

Secretary of the Treasury Janet L. Yellen convened the heads and private sector leads of several of the multilateral development banks (MDBs) for a third time.

Federal Reserve Board Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Financial Crimes Enforcement Network National Credit Union Administration

Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence

July 6, 2022

The federal regulatory agencies issued a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.

Federal Reserve Board

Minutes of the Federal Open Market Committee, June 14-15, 2022

July 6, 2022

The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on June 14-15, 2022.

Federal Reserve Bank of New York

Blog Post: Did Changes to the Paycheck Protection Program Improve Access for Underserved Firms?

July 6, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Did Changes to the Paycheck Protection Program Improve Access for Underserved Firms?”

Commodity Futures Trading Commission

Keynote Address: Reimagining Tomorrow’s Markets

July 6, 2022

Commodity Futures Trading Commissioner Caroline D. Pham gave the keynote address at the 18^th Nasdaq Technology of the Future Conference entitled, “Reimagining Tomorrow’s Markets.”

International

Bank of England

Speech: Returning inflation to target

July 6, 2022

Bank of England Chief Economist and Executive Director for Monetary Analysis, Huw Pill, gave a speech for “Returning inflation to target.”

Minutes of the CBDC Technology Forum – June 2022

July 6, 2022

The Bank of England released the minutes of the CBDC Technology Forum meeting held on June 9, 2022.

UK Financial Conduct Authority

Policy Statement: Protecting investors in authorised funds following the Russian invasion of Ukraine

July 6, 2022

The Financial Conduct Authority published a policy statement entitled, “Protecting investors in authorized funds following the Russian invasion of Ukraine.”

Consumers struggling with rising prices urged to seek help

July 6, 2022

The Financial Conduct Authority and MoneyHelper are urging consumers to get help as soon as possible if they are struggling financially because of the rising cost of living.

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)

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)

• Vice Chair Lael Brainard (sworn in May 23, 2022)
• Governor Phillip N Jefferson (sworn in May 23, 2022)
• Governor Lisa D. Cook (sworn in May 23, 2022)
• Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
• Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
• Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
• Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
• Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
• Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (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.