Daily Financial Regulation Update — Wednesday, August 3, 2022 | Paul Hastings LLP | #macos | #macsecurity


Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: ‘The Rent Eats First’: How Renters and Communities are Impacted by Today’s Housing Market

August 2, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “‘The Rent Eats First’: How Renters and Communities are Impacted by Today’s Housing Market.”

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Elites and Companies in Economic Sectors that Generate Substantial Revenue for the Russian Regime

August 2, 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control imposed a new round of sanctions targeting Kremlin-connected elites, a major multinational company, and a sanctions evasion operation.

Treasury Releases CFIUS Annual Report for 2021

August 2, 2022

The U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States, released the public version of its Annual Report to Congress for calendar year 2021.

Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration

Agencies Issue Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts

August 2, 2022

The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, in consultation with state bank and credit union regulators, are inviting comment on a policy statement for prudent commercial real estate loan accommodations and workouts.

Federal Reserve Bank of New York

Total Household Debt Surpasses $16 trillion in Q2 2022; Mortgage, Auto Loan, and Credit Card Balances Increase

August 2, 2022

The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows an increase in total household debt in the second quarter of 2022, increasing by $312 billion (2%) to $16.15 trillion.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Cybersecurity Risks to Financial Sector

August 2, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed cybersecurity risks facing the financial sector before the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council. In his remarks, Mr. Hsu discussed the risk of evolving cybersecurity threats, the risk to critical operations, and the risk of complacency, and highlighted the need for collaboration among public- and private-sector stakeholders to safeguard confidence in the financial sector.

Securities and Exchange Commission

Remarks at the Small Business Capital Formation Advisory Committee Meeting

August 2, 2022

Securities and Exchange Chair Gary Gensler and Commissioners Hester M. Peirce and Jaime Lizarraga gave remarks at the Small Business Capital Formation Advisory Committee Meeting.

Commodity Futures Trading Commission

CFTC Customer Advisory Highlights What Customers Should Know Before Trading Over-the-Counter Forex

August 2, 2022

The Commodity Futures Trading Commission issued a customer advisory warning the public to thoroughly research potential investments in over-the-counter foreign exchange.

Freddie Mac

Freddie Mac Multifamily Midyear Outlook Shows Moderation on Macro Headwinds

August 2, 2022

After six months of healthy growth in multifamily fundamentals, Freddie Mac projects the pace of growth will begin to moderate through the remainder of 2022.

International

UK Financial Conduct Authority

FCA issues an update on switching in the mortgage market

August 2, 2022

The Financial Conduct Authority released its latest statement on switching in the mortgages market.

Consultation Paper: Calculating redress for non-compliant pension transfer advice

August 2, 2022

The Financial Conduct Authority published a consultation paper entitled, “Calculating redress for non-compliant pension transfer advice.”

Administration Changes

Vacancies

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)
  • Vice Chair for Supervision 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 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)
  • Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
  • President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
  • CSBS President and CEO Statement on Confirmation of 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)

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)

  • LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
  • Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
  • Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
  • SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
  • CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
  • Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
  • SEC Appoints Anthony C. Thompson to Second Term on PCAOB (August 2, 2022)

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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