PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Federal Agencies
U.S. Department of the Treasury
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Peterson Institute for International Economics addressing Sanctions on Russian Economy
April 18, 2022
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Peterson Institute for International Economics.
Federal Reserve Bank of New York
Home Price Expectations Diverge in the Short- and Medium-Term; Sharp Increases in Rent Expected Over the Next Year
April 18, 2022
The Federal Reserve Bank of New York today released results from its 2022 SCE Housing Survey, which is part of the broader Survey of Consumer Expectations and provides information on consumers’ housing-related experiences and expectations.
Business Leaders Survey
April 18, 2022
Business activity grew solidly in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s April 2022 Business Leaders Survey.
Federal Deposit Insurance Corporation
National Interest Rate Averages and Interest Rate Caps
April 18, 2022
The Federal Deposit Insurance Corporation released the April 2022 National Rates and Rate Caps, when applicable.
Securities and Exchange Commission
Speech: Grading the Regulators and Homework for the Teachers
April 18, 2022
Commissioner A. Crenshaw gave a speech entitled, “Grading the Regulators and Homework for the Teachers,” at the Symposium on Private Firms: Reporting, Financing, and the Aggregate Economy at the University of Chicago Booth School of Business.
Consumer Financial Protection Bureau
Transcript Withholding Holds Back Workers and Wages
April 18, 2022
Recently, U.S. Department of Education Secretary Cardona issued an important call to end the practice of transcript withholding. The CFPB is also examining the practice of transcript withholding as a debt collection practice.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Federal Housing Administration Adds 40-Year Mortgage Modification with Partial Claim to Home Retention Options for Struggling Borrowers
April 18, 2022
The Federal Housing Administration (FHA) announced that it is adding a new, 40-year mortgage modification option for mortgage servicers to use in conjunction with its partial claim option to assist additional borrowers who are behind on their mortgage payments for FHA Title II forward mortgages.
Freddie Mac
Quarterly Forecast: The Purchase Market Will Remain Solid Even as Mortgage Rates Rise
April 18, 2022
Freddie Mac released its new Quarterly Forecast predicting that the single-family purchase market will remain solid in 2022 despite increases in mortgage rates.
U.S. Department of Education
U.S. Department of Education Announces American Rescue Plan Summit
April 18, 2022
The U.S. Department of Education announced plans for an upcoming summit focused on the ways President Biden’s American Rescue Plan is helping students, educators, families and schools recover from the pandemic.
Administration Changes
Vacancies
Federal Reserve Board
- Vice Chair for Supervision Michael S. Barr nominated April 15, 2022
- Governor – Lisa Cook nominated January 14, 2022 (nomination hearing held on February 3, 2022; tied-committee vote March 16, 2022 full Senate vote to consider nomination March 29, 2022)
- Governor – Phillip Jefferson, nominated January 14, 2022 (nomination hearing held on February 3, 2022); committee approval March 16, 2022)
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
Federal Reserve Bank of New York
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
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.
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