Home Business framework Daily Financial Regulation Update — Friday, September 2, 2022 | Paul Hastings LLP

Daily Financial Regulation Update — Friday, September 2, 2022 | Paul Hastings LLP

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Federal agencies

Federal Reserve Board

Paper: The Rise of Nonbanks and the Quality of Financial Services: Evidence from Consumer Complaints

September 1, 2022

The Federal Reserve Board published an article entitled “The Rise of Nonbanks and the Quality of Financial Services: Evidence from Consumer Complaints”.

Federal Reserve Bank of New York

Report: Non-Compliant Preferences: Giant Mortgages and Big Bank Stress Tests

The Federal Reserve Bank of New York released a staff report titled “Non-Compliant Preferences: Giant Mortgages and Big Bank Stress Tests.”

Office of the Comptroller of the Currency

Acting Comptroller Discusses Importance of Community Banks; announces reduced assessment fees

September 1, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed the importance of community banks, as well as the challenges and opportunities of digitization, during a meeting with the Texas Bankers Association in Dallas.

Consumer Financial Protection Bureau

Report: Consumer Finances in Rural Appalachia

September 1, 2022

The Consumer Financial Protection Bureau released a report titled “Consumer Finances in Rural Appalachia.” This report is the first in a series on rural consumer finances.

Blog: Beware of scammers posing as the CFPB

September 1, 2022

The Consumer Financial Protection Bureau published a blog post entitled “Beware of scammers claiming to be from the CFPB”.

National Administration of Credit Unions

NCUA grants will enable low-income credit unions to expand services and build capacity

September 1, 2022

The National Credit Union Administration has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand their reach to underserved communities, participate in mentorship, receive training and improve digital services and security.

Surveillance letter: updates to the interest rate risk surveillance framework

September 1, 2022

The National Credit Union Administration has sent a watch letter to federally insured credit unions regarding updates to the interest rate risk monitoring framework.

ginnie mae

Global Market Analysis Report – August 2022

September 1, 2022

Ginnie Mae released the August 2022 Global Market Analysis Report.

Blog: Reflecting on Ginnie Mae’s 54 Years of Social Impact

Ginnie Mae President Alanna McCargo posted a blog post titled “Reflecting on Ginnie Mae’s 54 Years of Social Impact.”

International

European Banking Authority

Report: EBA calls for more proactive engagement between AML/CFT college supervisors

September 1, 2022

The European Banking Authority has published its second report on the functioning of AML/CFT supervisory colleges in the EU.

bank of england

Survey: monthly data from the panel of decision-makers – August 2022

September 1, 2022

The Bank of England has released monthly policymakers’ panel survey data for August 2022.

Market notice: update of the pricing of level A guarantees under the indexed long-term pension

September 1, 2022

The Bank of England has published a market notice entitled “Updated pricing for A-level guarantees in the long-term index-linked repo”.

Market Notice: Short Term Repo

September 1, 2022

The Bank of England has published a market notice entitled “Short Term Repo”.

Market Notice: Asset Purchase Facility: Gilt Sales

September 1, 2022

The Bank of England has issued a market notice entitled “Asset Purchase Facility: Gilt Sales”.

Administrative changes

Vacant jobs

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • Vice President – ​​Vacant

Office of the Comptroller of the Currency

  • Controller – Vacant (Michael Hsu is Acting Controller)

Appointments/Confirmation Hearings

U.S. Treasury Department – Janet Yellen (effective January 26, 2021)

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

  • Vice-President Lael Brainard (sworn in May 23, 2022)
  • Vice President 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 on May 23, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (November 22, 2021)
  • Statement from Secretary Walsh on Federal Reserve Appointments (November 22, 2021)
  • Brown’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
  • Toomey’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
  • Brown applauds Biden’s nomination of Governor Lael Brainard as vice president (November 22, 2021)
  • Brown Applauds Biden Nominees to Fed Board (January 14, 2022)
  • Toomey’s Statement on President Biden’s Fed Nominees (January 14, 2022)
  • Waters applauds appointments of Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to Federal Reserve leadership positions (January 14, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (January 14, 2022)
  • Statement from the Chairman of the Senate Banking Committee Brown regarding the nomination of Dr. Lisa Cook (March 29, 2022)
  • Statement by Ranking Member of the Senate Banking Committee Toomey Regarding the Nomination of Dr. Lisa Cook (March 29, 2022)
  • Statement by Senate Banking Committee Chairman Brown on Nomination of Michael Barr as Federal Reserve Vice Chairman for Oversight (April 15, 2022)
  • Statement by Senate Banking Committee Ranking Member Toomey on Nomination of Michael Barr as Federal Reserve Vice Chairman for Oversight (April 15, 2022)
  • Statement from the Chair of the Senate Banking Committee Regarding the Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Statement by a Ranking Member of the Senate Banking Committee Regarding the Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Jerome H. Powell sworn in for a second term as Chairman of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Lael Brainard is 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)
  • Statement by the Chairman of the Senate Banking Committee ahead of the confirmation vote for Michael Barr (July 13, 2022)
  • Statement by President Biden on confirming Michael Barr as Fed Vice Chairman (July 13, 2022)
  • Statement from CSBS President and CEO on Confirmation of Michael Barr as Vice President (July 14, 2022)
  • Michael S. Barr sworn in as Vice Chairman for Oversight 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)

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

  • LizAnn Eisen joins Corporate Finance Division as Deputy Director of Disclosure Program (January 27, 2022)
  • Lori H. Price named acting director of Office of Credit Ratings; Ahmed Abonamah leaves the SEC (February 1, 2022)
  • Philadelphia Regional Office Director Kelly L. Gibson Leaves SEC; Scott Thompson and Joy Thompson appointed co-acting office directors (February 11, 2022)
  • Joint Statement by the Chairman and SEC Commissioners on the Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
  • CFTC Commissioner’s Statement on the Senate Confirmations of Mark Uyeda and Jaime Lizarraga (June 17, 2022)
  • Jaime Lizárraga sworn in as SEC commissioner (July 18, 2022)
  • Lori H. Price appointed Director of Credit Rating Bureau (August 12, 2022)

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

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

  • Kristin Johnson, Commodity Futures Trading Commission Commissioner Candidate (September 13, 2021)
  • Christy Goldsmith Romero, Commodity Futures Trading Commission Commissioner Candidate (September 13, 2021)
  • US Senate unanimously confirms Behnam as president (December 17, 2021)
  • CFTC Chairman Rostin Behnam announces senior staff appointments (January 20, 2022)
  • CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
  • Statement by 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 First Staff Appointments (April 22, 2022)
  • CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
  • CFTC Commissioner Pham Announces Additional Appointments (May 13, 2022)
  • CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)

Financial Crimes Network

National Administration of Credit Unions – 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)

US Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Customer Alerts

Click here to learn more about 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”), Adopted March 27, 2020.

Click here to view the full text of the Expanding Paycheck Protection Program Act of 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Adopted on June 5, 2020.

Click here to view the full text of the Consolidated Credit Law, 2021, Adopted on December 27, 2020.

Click here to view the full text of the 2021 US bailout plan, Adopted March 11, 2021.

Click here to view the full text of the PPP Extension Act 2021, Adopted March 30, 2021.

Click here to see a current list of bills the Senate Committee on Banking, Housing and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services and the House Committee on Small Business.