Daily Financial Regulation Update – Tuesday, August 2, 2022 | Paul Hastings LLP

Federal Agencies

US Department of the Treasury

Treasury Announces Marketable Borrowing Estimates

August 1, 2022

The US Department of the Treasury announced its current estimates of privately-held net marketable borrowing for the July – September 2022 and October – December 2022 quarters.

Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee

August 1, 2022

Assistant Secretary for Economy Policy Benjamin Harris gave the economy statement to the Treasury Borrowing Advisory Committee.

Federal Reserve Board

Senior Loan Officer Opinion Survey on Bank Lending Practices – July 2022

August 1, 2022

The Federal Reserve Board published the July 2022 Senior Loan Office Opinion Survey on Bank Lending Practices.

Paper: Labor Market Tightness during WWI and the Postwar Recession of 1920-1921

August 1, 2022

The Federal Reserve Board published a paper entitled, “Labor Market Tightness during WWI and the Postwar Recession of 1920-1921.”

Paper: On the optimal design of transfers and income-tax progressivity

August 1, 2022

The Federal Reserve Board published a paper entitled, “On the optimal design of transfers and income-tax progressivity.”

US Small Business Administration

SBA Announces Two Federal Advisory Committees to Accelerate American Innovation and Access to Capital for Small Businesses and Startups

August 1, 2022

The US Small Business Administration announced the establishment of two new federal advisory committees, the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) and the Investment Capital Advisory Committee (ICAC), to accelerate support for startups driving critical innovation across the US and increase small businesses’ access to patient capital.

Ginnie Mae

Global Market Analysis Report – July 2022

August 1, 2022

Ginnie Mae published the Global Market Analysis Report for July 2022.

Bank Policy Institute

Comment Letter: CFPB Ignores Competition and Misconstrues Credit Card Markets in Late-Fee Review

August 1, 2022

The Bank Policy Institute responded to a Consumer Financial Protection Bureau review of credit card late fees.

International

UK Financial Conduct Authority

FCA clamps down on marketing of high-risk investments to consumers

August 1, 2022

The FCA has finalized stronger rules to help tackle misleading adverts that encourage investing in high-risk products.

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

US 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)

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)
  • US 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 US 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

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

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

US 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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