Thursday, September 29 2022

PH Fintech Tracker on Executive Order for Digital Assets

Federal agencies

US Department of Treasury

US Treasury appoints enablers of Russian sanctions evasion, including digital miner

April 20, 2022

The US Treasury Department’s Office of Foreign Assets Control has identified entities and individuals involved in attempts to evade sanctions imposed by the United States and its international partners on Russia. OFAC also named companies operating in Russia’s virtual currency mining industry, which is said to be the third largest in the world. This is the first time that the Treasury has designated a virtual currency mining company as a sanctioned entity.

IMFC-Development Committee Joint Statement by Treasury Secretary Janet L. Yellen

April 20, 2022

Treasury Secretary Janet L. Yellen released a joint IMFC and Development Committee statement regarding Russia’s invasion of Ukraine.

READOUT: Deputy Treasury Secretary Wally Adeyemo Anti-Corruption Roundtable

April 20, 2022

Deputy Treasury Secretary Wally Adeyemo hosted an anti-corruption roundtable with leaders of non-governmental organizations (NGOs) to discuss the Treasury’s anti-corruption strategy and priorities.

Federal Reserve Board

Report: Beige Book

April 20, 2022

The Federal Reserve Board of Governors released the April 2022 Beige Book.

Document: Scaling too thin: the impact of lean inventories

April 20, 2022

The Federal Reserve Board has released a working paper on international finance titled “Spread Too Thin: The Impact of Lean Inventories”.

Federal Reserve Bank of New York

Blog post: Inflation persistence: how much is there and where does it come from?

April 20, 2022

The Federal Reserve Bank of New York released a Economy of Liberty Street blog post entitled “Inflation persistence: how much is there and where does it come from?”

Conference of State Banking Supervisors

The CSBS publishes its 2021 annual report

April 20, 2022

The Conference of State Banking Supervisors has published its 2021 annual report.

Federal Deposit Insurance Corporation

Working Paper: Upstream, Downstream, and Common Business Shocks

April 20, 2022

The Federal Deposit Insurance Corporation has released a discussion paper entitled “Upstream, Downstream and Common Firm Shocks”.

Office of the Comptroller of the Currency

Acting Comptroller of the Currency launches Project REACh efforts in Milwaukee

April 20, 2022

Acting Comptroller of the Currency Michael J. Hsu announced the launch of Project REACh, the Roundtable for Economic Access and Change, in Milwaukee.

Consumer Financial Protection Bureau

CFPB report highlights medical billing challenges

April 20, 2022

The Consumer Financial Protection Bureau released a report examining the financial consequences of medical billings and collections experienced by individuals and families across the country.

International

Bank of England Prudential Regulator

2022/23 business plan of the Prudential Regulatory Authority

April 20, 2022

The Bank of England Prudential Regulation Authority has released its 2022-23 business plan.

UK Financial Conduct Authority

FCA finalizes proposals to strengthen diversity disclosure on boards and executive committees of listed companies

April 20, 2022

The FCA has finalized rules requiring listed companies to report information and disclose targets on the representation of women and ethnic minorities on their boards and senior management, allowing investors to see more easily the diversity of their management teams.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Michael S. Barr Appointed April 15, 2022
  • Governor – Lisa Cook nominated January 14, 2022 (nomination hearing held February 3, 2022; select committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022)
  • Governor – Phillip Jefferson, appointed January 14, 2022 (nomination hearing held February 3, 2022); committee approval on March 16, 2022)

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • Vice President – ​​Vacant

Office of the Comptroller of the Currency

  • Controller – Vacant (Michael Hsu is Acting Controller)

Commodity Futures Commission

  • Three (3) vacant commissioner positions

Appointments/Confirmation Hearings

U.S. Treasury Department – Janet Yellen (effective January 26, 2021)

Federal Reserve Board

Federal Reserve Bank of New York

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Security and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

Financial Crimes Network

National Administration of Credit UnionsTodd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson

US Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Customer Alerts

Click here to learn more about 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”), Adopted March 27, 2020.

Click here to view the full text of the Expanding Paycheck Protection Program Act of 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Adopted on June 5, 2020.

Click here to view the full text of the Consolidated Credit Law, 2021, Adopted on December 27, 2020.

Click here to view the full text of the 2021 US bailout, Adopted March 11, 2021.

Click here to view the full text of the PPP Extension Act 2021, Adopted March 30, 2021.

Click here to see a current list of bills the Senate Committee on Banking, Housing and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services and the House Committee on Small Business.

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