Daily Financial Regulation Update -- Thursday, June 16, 2022

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Major Developments

Federal Reserve issues FOMC statement

June 15, 2022

The Federal Reserve issued a statement regarding the Federal Open Market Committee meeting held June 14-15.

Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for April

June 15, 2022

The U.S Department of the Treasury released the Treasury International Capital Data for April 2022.

Readout: Secretary of the Treasury Janet L. Yellen's Meeting with the National Retail Federation Board of Directors

June 15, 2022

U.S. Secretary of the Treasury Janet L. Yellen met with the Board of the Directors of the National Retail Federation to discuss the state of the American economy.

Federal Reserve Board

Federal Reserve Board and Federal Open Market Committee release economic projections

June 15, 2022

The Federal Reserve Board and Federal Open Market Committee released economic projections made by the Federal Open Market Committee participants at the June 14-15 meeting.

Federal Reserve Bank of New York

Empire State Manufacturing Survey – June 2022

June 15, 2022

The Federal Reserve Bank of New York released the June 2022 Empire State Manufacturing Survey.

Securities and Exchange Commission

Remarks at Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem.

June 15, 2022

Securities and Exchange Commissioner Hester M. Peirce gave remarks at the Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?

Commodity Futures Trading Commission

CFTC Customer Advisory Encourages Older Adults to Stay Alert and Share Information About Fraud

June 15, 2022

The Commodity Futures Trading Commission's Office of Customer Education and Outreach today issued the customer advisory, Be Alert and Share Information to Help Seniors Avoid Fraud.

Remarks: Keynote Address of Commissioner Christy Goldsmith Romero at the Chicago Bar Association's Futures & Derivatives Law Seminar

June 15, 2022

Commodity Futures Trading Commissioner Christy Goldsmith Romero gave the keynote address at the Chicago Bar Association's Futures & Derivatives Law Seminar in Chicago, Illinois.

Consumer Financial Protection Bureau

Blog Post: Buy Now, Pay Later and Credit Reporting

June 15, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Buy Now, Pay Later and Credit Reporting."

Financial Crimes Enforcement Network

FinCEN Issues Advisory on Elder Financial Exploitation

June 15, 2022

The Financial Crimes Enforcement Network is issuing an advisory to alert financial institutions to the rising trend of elder financial exploitation.

FINRA

Investor Insights: Concentrate on Concentration Risk

June 15, 2022

FINRA published an Investor Insight entitled, "Concentrate on Concentration Risk."

Federal Housing Finance Agency

FHFA Issues 2021 Report to Congress

June 15, 2022

The Federal Housing Finance Agency released its 2021 Report to Congress.

State Agencies

New York State Department of Financial Services

DFS Announces New Proposed Check Cashing Regulation

June 15, 2022

The New York State Department of Financial Services announced a new proposed check cashing regulation following the emergency regulation announced in February. The proposed regulation sets forth a new fee methodology which evaluates the needs of licensees and consumers who use check cashing services.

International

European Banking Authority

EBA Published 2021 Annual Report

June 15, 2022

The European Banking Authority published its Annual Report which describes the activities and achievements of the Authority in 2021 and provides an overview of the key priorities for the coming year.

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)

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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