Daily Financial Regulation Update — Tuesday, July 12, 2022

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Bank of New York

Inflation Expectations Increase at Short Term, But Decline at Medium and Longer Terms; Home Price Growth Expectations Decline Sharply

July 11, 2022

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the June 2022 Survey of Consumer Expectations, which shows an increase in short-term inflation expectations, but a decline in medium-term and longer-term inflation expectations.

Report: Intermediary Balance Sheets and the Treasury Yield Curve

July 11, 2022

The Federal Reserve Bank of New York published a staff report entitled, “Intermediary Balance Sheets and the Treasury Yield Curve.”

Report: Global Supply Chain Pressures, International Trade, and Inflation

July 11, 2022

The Federal Reserve Bank of New York published a staff report entitled, “Global Supply Chain Pressures, International Trade, and Inflation.”

Blog Post: Consumer Scores and Price Discrimination

July 11, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Consumer Scores and Price Discrimination.”

Federal Housing Finance Agency

FHFA Releases Latest Report on Non-performing Loan Sales

July 11, 2022

The Federal Housing Finance Agency released the latest report on the sale of non-performing loans by Fannie Mae and Freddie Mac.

International

Financial Stability Board

FSB issues statement on the international regulation and supervision of crypto-asset activities

July 11, 2022

The Financial Stability Board issued a statement on the international regulation of crypto-asset activities.

Bank of England

Speech: It’s the risk management, stupid!

July 11, 2022

Bank of England Financial Policy Committee Member Anil Kashyap gave a speech entitled, “It’s the risk management, stupid!”

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)
• 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)
• 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.