PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Consumer Financial Protection Bureau
CFPB Moves to Reduce Junk Fees Charged by Debt Collectors
June 29, 2022
The Consumer Financial Protection Bureau issued an advisory opinion addressing that federal law often could prohibit debt collectors from charging consumers “pay-to-pay” fees when a consumer seeks to make a payment in a particular way, such as online or by phone.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market
June 29, 2022
The U.S. House Committee on Financial Services held a hearing entitled, “Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market.”
Hearing: Where Have All the Houses Gone? Private Equity, Single Family Rentals, and America’s Neighborhoods
June 29, 2022
The U.S. House Committee on Financial Services held a hearing entitled, “Where Have All the Houses Gone? Private Equity, Single Family Rentals, and America’s Neighborhoods.”
Federal Agencies
U.S. Department of the Treasury
Russian Elites, Proxies, and Oligarchs Task Force Joint Statement
June 29, 2022
The Russian Elites, Proxies, and Oligarchs Task Force issued a joint statement on its work over the past 100 days.
Federal Reserve Bank of New York
New York Fed Launches Corporate Bond Market Distress Index
June 29, 2022
The Federal Reserve Bank of New York announced the monthly publication of a first-of-its-kind research product focused on identifying periods of widespread distress in the U.S. corporate bond market.
Blog Post: What Is Corporate Bond Market Distress?
June 29, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “What Is Corporate Bond Market Distress?”
Report: Income Inequality and Job Creation
June 28, 2022
The Federal Reserve Bank of New York published a staff report entitled, “Income Inequality and Job Creation.”
Consumer Financial Protection Bureau
Blog Post: New report explores the impact of credit card line decreases on consumers
June 29, 2022
The Consumer Financial Protection Bureau published a blog post entitled, “New report explores the impact of credit card line decreases on consumers.”
FINRA
FINRA Publishes Independent Counsel’s Report on Arbitrator Selection Process
June 29, 2022
FINRA published the report of independent counsel Lowenstein Sandler LLP, which found no evidence of an improper agreement to remove certain arbitrators from arbitration cases.
Freddie Mac
Freddie Mac Takes Further Action to Help Renters Achieve Homeownership
June 29, 2022
Freddie Mac announced that it will increase homeownership opportunities for first-time homebuyers by considering on-time rent payments as part of the company’s loan purchase decisions.
Ginnie Mae
Global Markets Analysis Report – June 2022
June 29, 2022
Ginnie Mae published the June 2022 Global Markets Analysis Report.
International
European Commission
2022 Strategic Foresight Report: twinning the green and digital transitions in the new geopolitical context
June 29, 2022
The European Commission has adopted the 2022 Strategic Foresight Report – “Twinning the green and digital transitions in the new geopolitical context.”
Ukraine: Cohesion Policy steps up support to address the consequences of Russia’s aggression in Ukraine with the ‘Flexible Assistance to Territories’
June 29, 2022
The European Commission has adopted the Flexible Assistance to Territories package that extends further support and flexibility to Cohesion Policy funding in relation to Russia’s war in Ukraine.
Bank of England
Rowing in unison to enhance cross-border payments
June 29, 2022
Bank of England Executive Director for Banking, Payments and Innovation Victoria Cleland gave a speech at the Central Bank Payments Conference 2022 entitled, “Rowing in unison to enhance cross-border payments.”
UK Financial Conduct Authority
Feedback Statement: ESG integration in UK capital markets
June 29, 2022
The Financial Conduct Authority published a feedback statement entitled, “ESG integration in UK capital markets.”
Portfolio Letter: FCA Supervisory strategy for Lifetime Mortgage Providers
June 29, 2022
The Financial Conduct Authority published a portfolio letter entitled, “FCA Supervisory strategy for Lifetime Mortgage Providers.”
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.
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