PH Fintech Tracker on Executive Order for Digital Assets
Congress
US Senate
Banking, Housing and Urban Affairs Commission
Hearing: Building a resilient economy: strengthening supply
March 22, 2022
The US Senate Committee on Banking, Housing and Urban Affairs held a hearing titled “Building a Resilient Economy: Strengthening the Supply”.
United States House of Representatives
Financial Services Committee
Committee Announces Updates to March Committee Schedule
March 22, 2022
House Committee on Financial Services, announced the following calendar updates for the month of March:
- March 29: The full committee will convene for a hybrid hearing titled “Devalued, Denied and Disrespected: How Bias and Discrimination in Home Ratings Harm Homeowners and Communities of Color.”
- March 30: The Artificial Intelligence Working Group will meet for a hybrid hearing titled “Following the Codes – Using AI for Effective RegTech.”
- March 30: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a hybrid hearing titled “Oversight of U.S. Stock Exchanges: Examining Their Role in Our Economy.”
- March 31: The Subcommittee on Consumer Protection and Financial Institutions will meet for a hybrid hearing entitled “The End of Overdraft Fees? Examination of the movement to eliminate fees that cost consumers billions”.
- Press release
Federal agencies
US Department of Treasury
Remarks by National Finance Undersecretary Nellie Liang to the National Association for Business Economics on the Executive Order on Digital Assets and Stablecoins
March 22, 2022
Under Secretary of Home Finance Nellie Liang spoke at the National Association for Business Economics about the recent Executive Order (EO) on digital assets and the Treasury Department’s work on the future of money and Payments and Analysis from the President’s Stablecoin Task Force.
Federal Reserve Board
Document: Vulnerabilities of Money Market Funds: A Global Perspective
March 22, 2022
The Federal Reserve Board published an article entitled “Money Market Fund Vulnerabilities: A Global Perspective”.
Federal Reserve Bank of New York
Blog Post: Student Loan Repayment During Pandemic Forbearance
March 22, 2022
The Federal Reserve Bank of New York released a Economy of Liberty Street blog post titled “Student Loan Repayment During Pandemic Forbearance.”
Federal Reserve Bank of Boston
Paper: High inflation turns heads and can tilt expectations
March 22, 2022
The Federal Reserve Bank of Boston published an article entitled “Inflation Levels and (In)Attention”.
Federal Deposit Insurance Corporation
FDIC Releases Fourth Quarter 2021 State Profiles
March 22, 2022
The Federal Deposit Insurance Corporation (FDIC) has released its fourth quarter 2021 FDIC State Profiles.
Office of the Comptroller of the Currency
OCC Announces Improved Mortgage Performance for Q4 2021
March 22, 2022
The Office of the Comptroller of the Currency reported that the performance of first mortgages in the federal banking system improved during the fourth quarter of 2021.
Security and Exchange Commission
SEC updates Q&A guidelines on proxies, trending offerings and periodic reports
March 22, 2022
The Securities and Exchange Commission has updated various questions and answers:
Consumer Financial Protection Bureau
CFPB Releases Policy on Contract Gagging Clauses and Fake Review Fraud
March 22, 2022
The Consumer Financial Protection Bureau has issued policy guidance regarding potentially illegal practices related to consumer reviews.
International
European Commission
New rules to strengthen cybersecurity and information security in EU institutions, bodies, offices and agencies
March 22, 2022
The Commission has proposed new rules to establish common cyber and information security measures across EU institutions, bodies, offices and agencies.
European Banking Authority
Findings: supervision of the fight against money laundering and the financing of terrorism is improving but is not yet always effective, notes the EBA
March 22, 2022
The EBA has published the findings of its assessment of competent authorities’ approaches to supervising banks in the fight against money laundering and terrorist financing (AML/CFT).
Administrative changes
Vacant jobs
Federal Reserve Board
- Vice President for Oversight – Vacant
- Governor – Lisa Cook appointed January 14, 2022 (nomination hearing held February 3, 2022; committee approval March 16, 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 Unions – Todd 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 plan, 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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