Daily Financial Regulation Update — Tuesday, September 20, 2022 | Paul Hastings LLP


federal agencies

US Treasury Department

Note: Ensuring responsible development of digital assets

September 19, 2022

The US Treasury Department today submitted a Request for Comment to get feedback from the American public on the illicit financial and national security risks posed by digital assets.

Federal Deposit Insurance Company

Remarks by FDIC Acting Chairman Martin J. Gruenberg at the 21st Annual Banking Research Conference sponsored by the FDIC Center for Financial Research

September 19, 2022

Chairman Martin J. Grünberg spoke at the 21stSt annual banking research conference.

Office of the Comptroller of the Currency

Securities and Exchange Commission

Study: Office of the Investor Advocate publishes research study on fund performance benchmarks

September 19, 2022

Researchers from the Office of the Investor Advocate have published an independent research study examining the impact of mutual fund performance benchmarks on investor decision-making and the potential strategic behavior of companies when viewing benchmarks.

Risk Warning: Checks for the New Distribution Rules for Investor Advisors

September 19, 2022

The Risk Alert notifies SEC-registered investment advisers, including advisers to private funds, of upcoming areas of review during audits focused on the Advisers Act’s amended marketing rule.

Consumer Financial Protection Agency

Report: CFPB Annual Report of 2021 Mortgage Market Activity shows an end to the refinancing boom and an increase in home loans

September 19, 2022

The Consumer Financial Protection Bureau has released its annual report on residential mortgage lending activity and trends for 2021. The report’s data is submitted by thousands of lenders across the country under the Home Mortgage Disclosure Act.

Blog: Market Surveillance Insights: Exploring the Potential Credit Impact of High Vehicle Costs on Consumers

September 19, 2022

The Consumer Financial Protection Bureau examined available data to examine the potential relationship between rising car prices and changes in car loan characteristics and performance. This post examines how rising car prices can lead to higher loan amounts and monthly payments, and how this can impact consumers.

International

European Commission

Resilient the Single Market: Equip Europe with a robust toolbox to ensure the free movement and availability of relevant goods and services

September 19, 2022

The Commission presents the new Single Market Emergency Instrument (SMEI). This crisis management framework aims to safeguard the free movement of goods, services and people and the availability of essential goods and services in the event of future emergencies, to the benefit of citizens and businesses across the EU.

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European Banking Authority

The EBA reacts to the EU Parliament’s 2020 discharge report

September 19, 2022

The opinion responds to the observations made by the European Parliament in its 2020 discharge report and explains the actions taken by the European Banking Authority (EBA) in response.

administrative changes

Job offers

Federal Deposit Insurance Company

  • Chairman – vacant (Martin Grünberg acts as Deputy Chairman)
  • Vice-Chairman – vacant

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)

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)
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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)

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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