Major developments

Paul Hastings Announces New Tracker for Digital Assets Executive Order

March 14, 2022

Paul Hastings LLP has created a tracker to help clients and friends of the firm keep track of the various requirements of the Executive Order on Digital Assets, issued March 11, 2022, as well as agency deliverables for each section and waiting. delivery, their due dates. The tracker will be updated to include significant changes and other regulatory developments relating to digital assets.

Federal agencies

Federal Reserve Bank of New York

Consumer spending growth expectations rise, while inflation expectations edge up

March 14, 2022

The Federal Reserve Bank of New York’s Center for Microeconomic Data has released the February 2022 Consumer Expectations Survey, which shows an increase in inflation expectations in the short to medium term, reversing some of the sharp declines of last month. . Expectations for the median house price, on the other hand, have declined.

Security and Exchange Commission

Trading and Markets Division staff statement on market and counterparty risk

March 14, 2022

Trade and Markets Division staff have issued a statement urging brokers and other market participants to remain vigilant of market and counterparty risks that may arise during times of heightened volatility and global uncertainty.

Consumer Financial Protection Bureau

Send money securely to loved ones in conflict zones

March 14, 2022

The Consumer Financial Protection Bureau has published a blog post outlining resources to help consumers send money overseas amid the crisis in Ukraine.

International

UK Financial Conduct Authority

Update on the market share test under the ancillary activity exemption for commodity derivatives

March 14, 2022

The Financial Conduct Authority publishes a statement on the ancillary activity exemption of Article 2(1)(j) of MiFID II, which allows firms trading in commodity derivatives, emission allowances and emission allowances to be exempted from MiFID investment firm authorization if they fulfill certain conditions. Criteria. As part of verifying that they meet these criteria, companies are currently required to perform the ‘market share test’ and ‘core business test’ as set out in UK MiFID RTS 20.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Sarah Bloom Raskin appointed January 14, 2022 (nomination hearing held February 3, 2022)
  • Governor – Lisa Cook appointed January 14, 2022 (nomination hearing held February 3, 2022)
  • Governor – Phillip Jefferson, appointed January 14, 2022 (nomination hearing held February 3, 2022)

Federal Deposit Insurance Corporation

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

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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