Daily Financial Regulation Update -- Thursday, June 9, 2022

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Major Developments

DFS Announces New Regulatory Guidance on the Issuance of U.S. Dollar-Backed Stablecoins

June 8, 2022

New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today issued new DFS Regulatory Guidance, setting foundational criteria for USD-backed stablecoins issued by DFS-regulated entities.

Congress

U.S. House of Representatives

Committee on Small Business

Hearing: Military to Main Street: Serving Veteran Entrepreneurship


June 8, 2022

The U.S. House Committee on Small Business held a hearing entitled, " Military to Main Street: Serving Veteran Entrepreneurship."

Federal Agencies

U.S. Department of the Treasury

Secretary Yellen Testifies Before the Committee on Ways and Means, U.S. House of Representatives

June 8, 2022

U.S. Secretary of the Treasury Janet L. Yellen gave testimony at a hearing before the U.S. House Committee on Ways and Means on the Administration's budget proposal.

Article: The U.S. Economic Recovery in International Context

June 8, 2022

U.S Department of the Treasury Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra published an article entitled, "The U.S. Economic Recovery in International Context."

Securities and Exchange Commission

Speech: Market Structure and the Retail Investor

June 8, 2022

Securities and Exchange Commission Chair Gary Gensler gave remark before the Piper Sandler Global Exchange Conference entitled, "Market Structure and the Retail Investor."

Federal Housing Finance Agency

FHFA Announces Equitable Housing Finance Plans for Fannie Mae and Freddie Mac

June 8, 2022

The Federal Housing Finance Agency today announced the release of Fannie Mae's and Freddie Mac's Equitable Housing Finance Plans for 2022-2024.

Freddie Mac

Freddie Mac Announces Landmark Equitable Housing Finance Plan

June 8, 2022

Freddie Mac announced the company's first Equitable Housing Finance Plan designed to promote equity and increase sustainable homeownership and rental opportunities for traditionally underserved Black and Latino communities across the nation.

International

Bank of England

KnowledgeBank Post: Will the UK get its own digital currency?

June 8, 2022

The Bank of England published a KnowledgeBank Post entitled, "Will the UK get its own digital currency?"

Speech: Climate Biennial Exploratory Scenario: Insurance Insights

June 8, 2022

Bank of England Head of Insurance Stefan Claus gave a speech at the Association of British Insurers Climate Summit 2022 entitled, "Climate Biennial Exploratory Scenario: Insurance Insights."

UK Financial Conduct Authority

FCA Board Meeting Minutes

June 8, 2022

The Financial Conduct Authority released minutes from the board meeting held on April 28, 2022.

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)

Commodity Futures Commission

  • Three (3) Commissioner Vacancies

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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