Daily Financial Regulation Update — Wednesday, June 15, 2022

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Considering the Index Fund Voting Process

June 14, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Considering the Index Fund Voting Process.”

U.S. House of Representatives

Committee on Financial Services

Committee Announces Update to June Committee Schedule

June 14, 2022

The U.S. House Committee on Financial Services announced the following update to the schedule for the month of June:

• Wednesday, June 22 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.”
• Thursday, June 23 at 10:00 AM ET: The full Committee will convene for a hybrid hearing entitled, “Monetary Policy and the State of the Economy.”
• Tuesday, June 28 at 12:00 PM ET: The Subcommittee on Oversight and Investigations will convene for a virtual hearing entitled, “Where Have All the Houses Gone? Private Equity, Single Family Rentals, and America’s Neighborhoods.”
• Wednesday, June 29 at 12:00 PM ET: The full Committee will convene for a virtual hearing entitled, “Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market.”
• Thursday, June 30 at 12:00 PM ET: The Task Force on Financial Technology will convene for a virtual hearing entitled, “Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs.”
• Press Release

Committee on Small Business

Hearing: Are Governmentwide Contracts Helping or Hurting Small Contractors?

June 14, 2022

The U.S. House Committee on Small Business held a hearing entitled, “Are Governmentwide Contracts Helping or Hurting Small Contractors?”

Federal Agencies

U.S. Department of the Treasury

Testimony of Deputy Secretary of the Treasury Wally Adeyemo before the Subcommittee on Financial Services and General Government, Committee on Appropriations, U.S Senate

June 14, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave testimony before the U.S. Senate Committee on Appropriations Subcommittee on Financial Services and General Government.

Securities and Exchange Commission

Broker-Dealer/Customer Arbitration: Investor Bulletin

June 14, 2022

The Securities and Exchange Commission issued an investor bulletin on broker-dealer/customer arbitration.

Consumer Financial Protection Bureau

CFPB Launches Initiative to Improve Customer Service at Big Banks

June 14, 2022

The Consumer Financial Protection Bureau is seeking public input on how bank customers can assert their rights to better customer service with big banks.

FINRA

Regulatory Notice: Exemption From Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems

June 14, 2022

FINRA issued a regulatory notice entitled, “Exemption From Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems.”

National Credit Union Administration

NCUA Releases Q1 2022 State-Level Credit Union Data Report

June 14, 2022

The National Credit Union Administration released the Q1 2022 State-Level Credit Union Data Report.

U.S. Small Business Administration

Small Business Economic Bulletin: June 2022

June 14, 2022

The U.S. Small Business Administration Office of Advocacy issued the June 2022 Small Business Economic Bulletin.

Fannie Mae

Fannie Mae Introduces New Refinance Application-Level Index (RALI)

June 14, 2022

Fannie Mae announced today the launch of its Refinance Application-Level Index, a weekly series designed to provide the market timely and comprehensive tracking of refinance activity and historical trends.

International

European Banking Authority

EBA Publishes Guidelines On Role And Responsibilities Of The AML/CFT Compliance Officer

June 14, 2022

The European Banking Authority published Guidelines specifying the role and responsibilities of the anti-money laundering and countering the financing of terrorism compliance officer and of the management body of credit or financial institutions.

Bank of England

Mortgage Lenders and Administrators Statistics – 2022 Q1

June 14, 2022

The Bank of England released the Q1 2022 Mortgage Lenders and Administrators Statistics.

Speech: Competitiveness and productive investment: What parts do they play in the reform of insurance regulation?

June 14, 2022

The Bank of England Executive Director Charlotte Gerken gave a speech entitled, “Competitiveness and productive investment: What parts do they play in the reform of insurance regulation?”

UK Financial Conduct Authority

FCA To Strengthen Protection of Access To Banking Services

June 14, 2022

The UK Financial Conduct Authority has proposed updated guidance on branch and ATM closures or conversions.

Mortgage Lending Statistics – June 2022

June 14, 2022

The UK Financial Conduct Authority released the June 2022 mortgage lending statistics.

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)

• Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
• 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.