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Main Developments
Justice Division Pronounces Enforcement Motion Charging Six People with Cryptocurrency Fraud Offenses in Instances Involving Over $100 Million in Meant Losses
July 1, 2022
The Division of Justice, along with federal regulation enforcement companions, introduced prison costs in opposition to six defendants in 4 separate circumstances for his or her alleged involvement in cryptocurrency-related fraud, together with the most important identified Non-Fungible Token (NFT) scheme charged so far, a fraudulent funding fund that purportedly traded on cryptocurrency exchanges, a world Ponzi scheme involving the sale of unregistered crypto securities, and a fraudulent preliminary coin providing.
Federal Companies
U.S. Division of the Treasury
Joint Assertion on the U.S.-UK Monetary Innovation Partnership Assembly June 29, 2022
July 1, 2022
The U.S. and U.Okay. individuals within the U.S.-UK Monetary Innovation Partnership issued a joint assertion on the end result of their assembly on June 29, 2022.
Assertion by Secretary of the Treasury Janet L. Yellen on World Financial institution Approval of Pandemic Prevention Fund
June 30, 2022
U.S. Secretary of the Treasury Janet L. Yellen issued an announcement on the World Financial institution’s approval of a brand new Monetary Middleman Fund for Pandemic Prevention, Preparedness and Response.
Secretary of the Treasury Janet L. Yellen’s Assembly with the President’s Working Group on Monetary Markets, the OCC, FDIC and CFPB on Stablecoins
June 30, 2022
U.S. Secretary of the Treasury Janet L. Yellen convened principals representing the President’s Working Group on Monetary Markets, along with the Workplace of the Comptroller of the Foreign money, the Federal Deposit Insurance coverage Company and the Shopper Monetary Safety Bureau, to debate stablecoin dangers and the way laws may contribute to the present regulatory framework.
Secretary of the Treasury Janet L. Yellen’s Assembly with the Retail Trade Leaders Affiliation
June 30, 2022
U.S. Secretary of the Treasury Janet L. Yellen met with CEOs representing member corporations of the Retail Trade Leaders Affiliation to debate the state of the American financial system, together with the fast restoration and methods to fight inflation.
Federal Reserve Board
Federal Deposit Insurance coverage Company
Federal Reserve and FDIC lengthen deadline for U.S. GSIB decision plan suggestions
July 1, 2022
The Federal Reserve Board and the Federal Deposit Insurance coverage Company introduced that they’ve prolonged the interval for issuing suggestions for the U.S. international systemically essential banks’ 2021 decision plans to permit the companies extra time to investigate them.
Federal Reserve Board
Federal Deposit Insurance coverage Company
Workplace of the Comptroller of the Foreign money
Companies launch checklist of distressed or underserved nonmetropolitan middle-income geographies
July 1, 2022
The Federal Reserve Board, Federal Deposit Insurance coverage Company, and Workplace of the Comptroller of the Foreign money launched the 2022 checklist of distressed or underserved nonmetropolitan middle-income geographies.
Federal Reserve Board
Paper: Integrating Prediction and Attribution to Classify Information
July 1, 2022
The Federal Reserve Board revealed a paper entitled, “Integrating Prediction and Attribution to Classify Information.”
Federal Deposit Insurance coverage Company
FDIC’s Workplace of the Ombudsman publishes 2021 Companies and Actions Report
July 1, 2022
The Federal Deposit Insurance coverage Company’s Workplace of the Ombudsman revealed a report highlighting its actions and the providers offered to stakeholders throughout 2021.
Paper: Financial institution Focus and Financial Coverage Move-Via
July 1, 2022
The Federal Deposit Insurance coverage Company revealed a working paper entitled, “Financial institution Focus and Financial Coverage Move-Via.”
Federal Housing Finance Company
FHFA Observe-Up Assertion on Upfront Charge for Commingled Securities and Overview of the Enterprise Regulatory Capital Framework
June 30, 2022
The Federal Housing Finance Company issued a follow-up assertion on the suggestions it has obtained concerning the upfront charge for commingled securities.
Financial institution Coverage Institute
Remark Letter: Usable Liquid Property Would Unlock Extra Liquidity Beneath Stress
July 1, 2022
The Financial institution Coverage Institute commented on the Financial institution of England and Prudential Regulatory Authority’s dialogue paper on the usability of liquid belongings.
Worldwide
European Banking Authority
EBA Danger Dashboard factors to excessive capital and liquidity ratios and signifies first indicators of degradation in asset high quality not least associated to geopolitical tensions
July 1, 2022
The European Banking Authority revealed its quarterly Danger Dashboard along with the outcomes of the autumn version of the Danger Evaluation Questionnaire.
EBA adopts choice on reporting of fee fraud information below the revised Fee Companies Directive
July 1, 2022
The European Banking Authority has adopted a call on the reporting by competent authorities of fee fraud information below the Fee Companies Directive.
Financial institution of England
Paper: Do private taxes have an effect on funding selections and inventory returns?
July 1, 2022
The Financial institution of England revealed a workers working paper entitled, “Do private taxes have an effect on funding selections and inventory returns?”
Cash and Credit score – Could 2022
July 1, 2022
The Financial institution of England launched its month-to-month Cash and Credit score statistics for Could 2022.
Administration Adjustments
Vacancies
Federal Reserve Board
- Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Listening to held on Could 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)
Federal Deposit Insurance coverage Company
- Chair – Vacant (Martin Gruenberg serves as Performing Chair)
- Vice Chairman – Vacant
Workplace of the Comptroller of the Foreign money
- Comptroller – Vacant (Michael Hsu serves as Performing Comptroller)
Appointments/Affirmation Hearings
U.S. Division of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in Could 23, 2022)
- Governor Phillip N Jefferson (sworn in Could 23, 2022)
- Governor Lisa D. Cook dinner (sworn in Could 23, 2022)
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in Could 23, 2022)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden’s Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden’s Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden’s Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 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)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 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 Financial institution of New York – John C. Williams (effective June 18, 2018)
Federal Deposit Insurance coverage Company – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
Shopper Monetary Safety Bureau – Rohit Chopra (effective October 12, 2021)
Securities and Change Fee – Gary Gensler (effective April 17, 2021)
Small Enterprise Administration – Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Commerce Fee – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Monetary Crimes Enforcement Community
Nationwide Credit score Union Administration – Todd M. Harper
U.S. Division of Housing and City Improvement – Marcia Fudge (effective March 10, 2021)
Federal Housing Finance Company – Sandra L. Thompson, (confirmed May 25, 2022)
U.S. Division of Training – Dr. Miguel Cardona (effective March 2, 2021)
PH Consumer Alerts
Click here to learn extra from our Coronavirus sequence.
Laws/Legislative Updates
Click here to view the complete textual content of the Coronavirus Support, Aid and Financial Safety Act (the “CARES Act”), Enacted March 27, 2020.
Click here to view the complete textual content of the Paycheck Safety Program Enhance Act of 2020, Enacted April 24, 2020.
Click here to view the complete textual content of the Paycheck Safety Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the complete textual content of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view the complete textual content of the American Rescue Plan of 2021, Enacted March 11, 2021.
Click here to view the complete textual content 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 City Affairs, Senate Committee on Small Enterprise and Entrepreneurship, Home Committee on Monetary Companies, and Home Committee on Small Enterprise.
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