PH Fintech Tracker on Executive Order for Digital Assets

Major developments

US Treasury steps up sanctions on Russia for aggression in Ukraine; President issues decree prohibiting new investment in the Russian Federation

April 6, 2022

The United States Treasury Department’s Office of Foreign Assets Control has imposed new sanctions against the Russian Federation in response to Russia’s continued aggression against Ukraine. The Treasury is imposing full blocking sanctions on Sberbank, Russia’s largest public bank, and Alfa-Bank, Russia’s largest private bank. The Treasury is also targeting family members of President Vladimir Putin and Foreign Minister Sergei Lavrov as well as members of the Russian Security Council. In addition, U.S. President Joseph R. Biden issues a new Executive Order that prohibits new investment in the Russian Federation and the provision of certain services to anyone located in the Russian Federation by U.S. persons, wherever located. find.

US, G7 and EU impose significant and immediate costs on Russia

April 6, 2022

The United States, the G7 and the European Union have announced additional sanctions against Russia in response to its aggression in Ukraine.

Congress

US Senate

Banking, Housing and Urban Affairs Commission

Toomey Announces Legislation to Create a Responsible Regulatory Framework for Stablecoins

April 6, 2022

U.S. Senate Banking Committee member Pat Toomey (R-Pa.) released a bill for discussion establishing a new regulatory framework for payment stablecoins.

United States House of Representatives

Financial Services Committee

Hearing: The Secretary of the Treasury’s annual testimony on the state of the international financial system

April 6, 2022

The United States House Committee on Financial Services held a hearing entitled “The Secretary of the Treasury’s Annual Testimony on the State of the International Financial System.”

Federal agencies

Federal Reserve Board

Minutes of the Federal Open Market Committee, March 15-16, 2022

April 6, 2022

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of the committee meeting held on March 15-16, 2022.

Conference of State Banking Supervisors

Community bankers start the year with a bleak economic outlook

April 6, 2022

The Conference of State Banking Supervisors has released the Community Banking Sentiment Index for the first quarter of 2022, which reveals that community bankers have a pessimistic view of the economy, driven by diminished expectations about future business conditions .

Security and Exchange Commission

SEC Proposes Rules for Registration and Regulation of Securities-Based Swap Execution Devices

April 6, 2022

The Securities and Exchange Commission has proposed new SE regulations under the Securities Exchange Act of 1934 to create a regime for registering and regulating securities swap execution facilities.

Statement by the Commission on certain administrative decisions

April 5, 2022

The Securities and Exchange Commission has released the findings of a review of a control gap related to the separation of its enforcement and adjudication functions within its administrative rulings system and how this gap relates to two court cases currently in litigation in federal court.

Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Semi-Annual Report

April 6, 2022

The Consumer Financial Protection Bureau submitted its semi-annual report to Congress for the period beginning April 1, 2021 and ending September 30, 2021.

CFPB finds payday borrowers continue to pay significant rollover fees despite state protections and payment plans

April 6, 2022

The Consumer Financial Protection Bureau released a report titled “Consumer Use of Extended State Payday Loan Payment Plans.”

Director Chopra’s Opening Remarks to the Consumer Advisory Council

April 6, 2022

Director of the Consumer Financial Protection Bureau, Rohit Chopra, gave a keynote address to the Consumer Advisory Council.

Administrative changes

Vacant jobs

Federal Reserve Board

• Vice President for Oversight – Vacant
• 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 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.