April 22, 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated entities and individuals involved in attempts to evade sanctions imposed by the United States and its international partners on Russia. OFAC designated Russian commercial bank Transkapitalbank and a global network of more than 40 individuals and entities led by U.S.-designated Russian oligarch Konstantin Malofeyev, including organizations whose primary mission is to facilitate sanctions evasion for Russian entities. OFAC also designated companies operating in Russia’s virtual currency mining industry, reportedly the third largest in the world. This is the first time the Treasury has designated a virtual currency mining company. 

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The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), and the top Republican on the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Bill Huizenga (MI-02), submitted a public comment letter expressing concerns with how two recent Securities and Exchange Commission (SEC) rulemakings could impact the digital asset ecosystem, including decentralized finance.

The Consumer Financial Protection Bureau (CFPB) issued a report on the challenges faced by Americans in rural communities. The report highlights that many of these communities lack access to physical bank branches, are more likely to seek credit from nonbanks, and are heavily affected by medical bills. The CFPB will be expanding its efforts to address these and other challenges facing the people and families of rural America.

The Biden Administration is planning to nominate Michael Barr, Dean of the Ford School of Public Policy at the University of Michigan, for Vice Chair for Supervision of the Board of Governors of the Federal Reserve System Michael Barr. Mr. Barr previously served in the Obama Administration in 2009-2010 as Assistant Secretary for Financial Institutions in the Department of the Treasury, where he served as a key architect of the Dodd-Frank Wall Street REform and Consumer Protection Act of 2010. He has served in a wide variety of advisory roles, including fintech companies.

Tuesday, April 26, 2022 at 10:00am EST: The U.S. Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”

Wednesday, April 27, 2022 at 10:00AM EST: The U.S. House Committee on Financial Services will hold a hearing entitled “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau.”

Thursday, April 28, 2022 at 10:00AM EST: The U.S. House Committee on Financial Services Task Force on Financial Technology will hold a hearing entitled “What’s in Your Digital Wallet? A Review of Recent Trends to Mobile Banking and Payments.” 

Thursday, April 28, 2022 at 2:00PM EST: The U.S. House Committee on Financial Services will hold a hearing entitled “Oversight of the Financial Crimes Enforcement Network.”