Daily Financial Regulation Update — Thursday, June 30, 2022 | Paul Hastings LLP | #macos | #macsecurity


Major Developments

Consumer Financial Protection Bureau

CFPB Moves to Reduce Junk Fees Charged by Debt Collectors

June 29, 2022

The Consumer Financial Protection Bureau issued an advisory opinion addressing that federal law often could prohibit debt collectors from charging consumers “pay-to-pay” fees when a consumer seeks to make a payment in a particular way, such as online or by phone.

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market

June 29, 2022

The U.S. House Committee on Financial Services held a hearing entitled, “Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market.”

Hearing: Where Have All the Houses Gone? Private Equity, Single Family Rentals, and America’s Neighborhoods

June 29, 2022

The U.S. House Committee on Financial Services held a hearing entitled, “Where Have All the Houses Gone? Private Equity, Single Family Rentals, and America’s Neighborhoods.”

Federal Agencies

U.S. Department of the Treasury

Russian Elites, Proxies, and Oligarchs Task Force Joint Statement

June 29, 2022

The Russian Elites, Proxies, and Oligarchs Task Force issued a joint statement on its work over the past 100 days.

Federal Reserve Bank of New York

New York Fed Launches Corporate Bond Market Distress Index

June 29, 2022

The Federal Reserve Bank of New York announced the monthly publication of a first-of-its-kind research product focused on identifying periods of widespread distress in the U.S. corporate bond market.

Blog Post: What Is Corporate Bond Market Distress?

June 29, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “What Is Corporate Bond Market Distress?”

Report: Income Inequality and Job Creation

June 28, 2022

The Federal Reserve Bank of New York published a staff report entitled, “Income Inequality and Job Creation.”

Consumer Financial Protection Bureau

Blog Post: New report explores the impact of credit card line decreases on consumers

June 29, 2022

The Consumer Financial Protection Bureau published a blog post entitled, “New report explores the impact of credit card line decreases on consumers.”

FINRA

FINRA Publishes Independent Counsel’s Report on Arbitrator Selection Process

June 29, 2022

FINRA published the report of independent counsel Lowenstein Sandler LLP, which found no evidence of an improper agreement to remove certain arbitrators from arbitration cases.

Freddie Mac

Freddie Mac Takes Further Action to Help Renters Achieve Homeownership

June 29, 2022

Freddie Mac announced that it will increase homeownership opportunities for first-time homebuyers by considering on-time rent payments as part of the company’s loan purchase decisions.

Ginnie Mae

Global Markets Analysis Report – June 2022

June 29, 2022

Ginnie Mae published the June 2022 Global Markets Analysis Report.

International

European Commission

2022 Strategic Foresight Report: twinning the green and digital transitions in the new geopolitical context

June 29, 2022

The European Commission has adopted the 2022 Strategic Foresight Report – “Twinning the green and digital transitions in the new geopolitical context.”

Ukraine: Cohesion Policy steps up support to address the consequences of Russia’s aggression in Ukraine with the ‘Flexible Assistance to Territories’

June 29, 2022

The European Commission has adopted the Flexible Assistance to Territories package that extends further support and flexibility to Cohesion Policy funding in relation to Russia’s war in Ukraine.

Bank of England

Rowing in unison to enhance cross-border payments

June 29, 2022

Bank of England Executive Director for Banking, Payments and Innovation Victoria Cleland gave a speech at the Central Bank Payments Conference 2022 entitled, “Rowing in unison to enhance cross-border payments.”

UK Financial Conduct Authority

Feedback Statement: ESG integration in UK capital markets

June 29, 2022

The Financial Conduct Authority published a feedback statement entitled, “ESG integration in UK capital markets.”

Portfolio Letter: FCA Supervisory strategy for Lifetime Mortgage Providers

June 29, 2022

The Financial Conduct Authority published a portfolio letter entitled, “FCA Supervisory strategy for Lifetime Mortgage Providers.”

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)

  • Vice Chair Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in May 23, 2022)
  • Statement by Federal Reserve Board Chair 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)
  • Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
  • Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
  • Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
  • Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
  • Brown Applauds Biden’s Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
  • Brown Applauds Biden’s Nominees for Fed Board (January 14, 2022)
  • Toomey Statement on President Biden’s Fed Nominees (January 14, 2022)
  • Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
  • Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
  • Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
  • Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
  • Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
  • Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
  • Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Lael Brainard sworn in 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)

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)

  • 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)
  • U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
  • CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
  • CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
  • Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
  • CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
  • CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
  • CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
  • CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)

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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