ICO News

Daily Financial Regulation Update — Saturday, July 2, 2022 | Paul Hastings LLP – JDSupra – JD Supra


Major Developments

Justice Department Announces Enforcement Action Charging Six Individuals with Cryptocurrency Fraud Offenses in Cases Involving Over $100 Million in Intended Losses

July 1, 2022

The Department of Justice, together with federal law enforcement partners, announced criminal charges against six defendants in four separate cases for their alleged involvement in cryptocurrency-related fraud, including the largest known Non-Fungible Token (NFT) scheme charged to date, a fraudulent investment fund that purportedly traded on cryptocurrency exchanges, a global Ponzi scheme involving the sale of unregistered crypto securities, and a fraudulent initial coin offering.

Federal Agencies

U.S. Department of the Treasury

Joint Statement on the U.S.-UK Financial Innovation Partnership Meeting June 29, 2022

July 1, 2022

The U.S. and U.K. participants in the U.S.-UK Financial Innovation Partnership issued a joint statement on the outcome of their meeting on June 29, 2022.

Statement by Secretary of the Treasury Janet L. Yellen on World Bank Approval of Pandemic Prevention Fund

June 30, 2022

U.S. Secretary of the Treasury Janet L. Yellen issued a statement on the World Bank’s approval of a new Financial Intermediary Fund for Pandemic Prevention, Preparedness and Response.

Secretary of the Treasury Janet L. Yellen’s Meeting with the President’s Working Group on Financial 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 Financial Markets, in addition to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Consumer Financial Protection Bureau, to discuss stablecoin risks and how legislation could contribute to the existing regulatory framework.

Secretary of the Treasury Janet L. Yellen’s Meeting with the Retail Industry Leaders Association

June 30, 2022

U.S. Secretary of the Treasury Janet L. Yellen met with CEOs representing member companies of the Retail Industry Leaders Association to discuss the state of the American economy, including the rapid recovery and strategies to combat inflation.

Federal Reserve Board
Federal Deposit Insurance Corporation

Federal Reserve and FDIC extend deadline for U.S. GSIB resolution plan feedback

July 1, 2022

The Federal Reserve Board and the Federal Deposit Insurance Corporation announced that they have extended the period for issuing feedback for the U.S. global systemically important banks’ 2021 resolution plans to allow the agencies additional time to analyze them.

Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

Agencies release list of distressed or underserved nonmetropolitan middle-income geographies

July 1, 2022

The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency released the 2022 list of distressed or underserved nonmetropolitan middle-income geographies.

Federal Reserve Board

Paper: Integrating Prediction and Attribution to Classify News

July 1, 2022

The Federal Reserve Board published a paper entitled, “Integrating Prediction and Attribution to Classify News.”

Federal Deposit Insurance Corporation

FDIC’s Office of the Ombudsman publishes 2021 Services and Activities Report

July 1, 2022

The Federal Deposit Insurance Corporation’s Office of the Ombudsman published a report highlighting its activities and the services provided to stakeholders during 2021.

Paper: Bank Concentration and Monetary Policy Pass-Through

July 1, 2022

The Federal Deposit Insurance Corporation published a working paper entitled, “Bank Concentration and Monetary Policy Pass-Through.”

Federal Housing Finance Agency

FHFA Follow-Up Statement on Upfront Fee for Commingled Securities and Review of the Enterprise Regulatory Capital Framework

June 30, 2022

The Federal Housing Finance Agency issued a follow-up statement on the feedback it has received regarding the upfront fee for commingled securities.

Bank Policy Institute

Comment Letter: Usable Liquid Assets Would Unlock More Liquidity Under Stress

July 1, 2022

The Bank Policy Institute commented on the Bank of England and Prudential Regulatory Authority’s discussion paper on the usability of liquid assets.

International

European Banking Authority

EBA Risk Dashboard points to high capital and liquidity ratios and indicates first signs of deterioration in asset quality not least related to geopolitical tensions

July 1, 2022

The European Banking Authority published its quarterly Risk Dashboard together with the results of the autumn edition of the Risk Assessment Questionnaire.

EBA adopts decision on reporting of payment fraud data under the revised Payment Services Directive

July 1, 2022

The European Banking Authority has adopted a decision on the reporting by competent authorities of payment fraud data under the Payment Services Directive.

Bank of England

Paper: Do personal taxes affect investment decisions and stock returns?

July 1, 2022

The Bank of England published a staff working paper entitled, “Do personal taxes affect investment decisions and stock returns?”

Money and Credit – May 2022

July 1, 2022

The Bank of England released its monthly Money and Credit statistics for May 2022.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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)

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

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, (confirmed May 25, 2022)

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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