Daily Financial Regulation Update — Thursday, September 22, 2022 | Paul Hastings LLP


federal agencies

US Treasury Department

Remarks on Digital Assets by Secretary of State for Domestic Finance Nellie Liang

September 21, 2022

Undersecretary for Domestic Finance Nellie Liang commented on the three digital asset reports issued under President Joe Biden’s Executive Order 14067 to “ensure responsible development of digital assets.”

Federal Reserve Board

Report: Federal Reserve Board and Federal Open Market Committee release economic forecasts from FOMC meeting 20-21 May September

September 21, 2022

The Federal Open Market Committee (FOMC) released economic forecasts in conjunction with the FOMC meeting of March 20-21. September.

Conference of State Banking Regulators

Blog: Understanding How Congress Put State Banking Regulators on the FDIC Board

September 21, 2022

The conference of state banking regulators has asked the Biden administration to propose a candidate for a seat on the FDIC board with experience in state banking supervision, as required by federal law.

International

Regulator of the Bank of England

Paper: Credit Unions: Changes to the Regulatory System CP7/22

September 21, 2022

The PRA issued CP 7/22 “Credit Unions: Changes to the Regulatory Regime”. The consultation paper is relevant to all credit unions in the UK.

UK Financial Conduct Authority

Report: FCA lays out potential interventions to reform the multifamily insurance market

September 21, 2022

The Financial Conduct Authority put forward a set of recommendations and other potential remedies to better protect renters from high prices and ensure the tenants’ home insurance market works better.

administrative changes

Job offers

Federal Deposit Insurance Company

  • Chairman – vacant (Martin Grünberg acts as Deputy Chairman)
  • Vice Chair – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 2022)

Office of the Comptroller of the Currency

  • Comptroller – Free (Michael Hsu serves as Acting Comptroller)

Appointments/Confirmation Hearings

US Department of Treasury – Janet Yellen (effective January 26, 2021)

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

  • Vice Chair Lael Brainard (sworn in 23 May 2022)
  • Vice Chairman for Oversight Michael Barr (sworn in July 19, 2022)
  • Governor Phillip N. Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in May 23, 2022)
  • Statement by Federal Reserve Board Chairman Jerome H. Powell on his nomination by President Biden (November 22, 2021)
  • Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve nominations (November 22, 2021)
  • Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
  • Brown Statement Reappointing Jerome Powell as Fed Chair (November 22, 2021)
  • Toomey Statement on Jerome Powell’s Re-Nomination for Fed Chair (November 22, 2021)
  • Brown Applauds Biden’s Appointment of Gov. Lael Brainard as Vice Chair (November 22, 2021)
  • Brown Welcomes Biden’s Nominee to Fed Board (January 14, 2022)
  • Toomey Statement on President Biden’s Fed Nominees (January 14, 2022)
  • Waters Welcomes Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson Nominations for Federal Reserve Leadership Roles (January 14, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
  • Brown Statement by Senate Banking Committee Chairmen Nominating Dr. Lisa Cook (March 29, 2022)
  • Toomey, Senate Banking Committee Ranking Member, Statement on Dr. Lisa Cook (March 29, 2022)
  • Brown Statement by Senate Banking Committee Chairperson Appointing Michael Barr as Federal Reserve Vice-Chairman for Oversight (April 15, 2022)
  • Toomey, Senate Banking Committee Ranking Member, Statement Regarding Michael Barr’s Nomination for Vice Chairman of the Federal Reserve Board for Oversight (April 15, 2022)
  • Statement by the chairmen of the Senate Banking Committee confirming Dr. Lisa Cook by the Senate (May 10, 2022)
  • Statement of Senate Banking Committee Ranking Members Confirming Dr. Lisa Cook by the Senate (May 10, 2022)
  • Jerome H. Powell Inaugurated for a Second Term as Chairman of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Lael Brainard Inaugurated as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Lisa D. Cook Sworn in as a Member of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Philip N. Jefferson Sworn in as a Member of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Statement by Senate Banking Committee Chairman ahead of Michael Barr Confirmation Vote (July 13, 2022)
  • Statement by President Biden confirming Michael Barr as Vice Chair of the Fed (July 13, 2022)
  • Statement from the President and CEO of CSBS confirming Michael Barr as Vice Chair (July 14, 2022)
  • Michael S. Barr Sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
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Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Company – Martin Grünberg (acting chairman, appointed February 5, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

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Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

  • LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
  • Lori H. Price Appointed Acting Director, Office of Credit Ratings; Ahmed Abonamah to leave SEC (February 1, 2022)
  • Kelly L. Gibson, director of the Philadelphia regional office, is leaving the SEC; Scott Thompson and Joy Thompson Appointed Office Acting Co-Heads (February 11, 2022)
  • Joint Statement by SEC Chair and Commissioners on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
  • CFTC Commissioner Statement Regarding Senate Confirmations of Mark Uyeda and Jaime Lizarraga (June 17, 2022)
  • Jaime Lizárraga Inaugurated as SEC Commissioner (July 18, 2022)
  • Lori H. Price Appointed Director, Office of Credit Ratings (12 August 2022)

Small Business – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

  • Kristin Johnson, nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
  • Christy Goldsmith Romero, nominee for commissioner of the Commodity Futures Trading Commission (September 13, 2021)
  • US Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
  • CFTC Chairman Rostin Behnam Announces Executive Appointments (January 20, 2022)
  • CFTC Chairman Rostin Behnam Appoints First CFTC Leadership (January 25, 2022)
  • Statement by CFTC Chair Rostin Behnam on US Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger and Caroline D. Pham (March 29, 2022)
  • CFTC Commissioner Pham announces first appointments (April 22, 2022)
  • CFTC Commissioner Goldsmith Romero Announces Appointments (April 27, 2022)
  • CFTC Commissioner Pham Announces Additional Appointments (May 13, 2022)
  • CFTC Commissioner Mersinger Announces Appointments (May 16, 2022)
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Financial Crime Enforcement Network

National Credit Union Administration – Todd M Harper

US Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Agency for Housing Financing – Sandra L. Thompson, (confirmed May 25, 2022)

US Department of Education – dr Miguel Cardona (valid from March 2, 2021)

PH Client Warnings

click here to read more from our Coronavirus series.

Legislation/Legal Updates

click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Effective March 27, 2020.

click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Effective April 24, 2020.

click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Effective June 5, 2020.

click here to view the full text Consolidated Appropriations Act, 2021, Effective December 27, 2020.

click here to view the full text of America’s 2021 bailout plan, Effective March 11, 2021.

click here to see the full text of the PPP Extension Act of 2021, Effective March 30, 2021.

Click here for a running list of proposed legislation from the Senate Committee on Banking, Housing and Urban Development, 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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