Daily Financial Regulation Update -- Friday, July 1, 2022

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs

June 30, 2022

The Task Force on Financial Technology held a hearing entitled, "Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs."

• Hearing Page
• Committee Memorandum
• Committee Chair Waters Statement

Committee on Small Business

Committee Announces July Hearings

June 30, 2022

The U.S. House Small Business Committee announced several committee hearings throughout July:

• Wednesday, July 13, 2022- 10 A.M.- Hybrid Hearing: Fintech and Transparency in Small Business Lending (Subcommittee on Oversight, Investigations, and Regulations)
• Thursday, July 14, 2022- 10 A.M.- Hybrid Hearing: A Review and Assessment of the SBA HUBZone Program (Subcommittee on Contracting and Infrastructure)
• Tuesday, July 19, 2022- 10 AM- Hybrid Hearing: The SBA Office of International Trade and the STEP Program as Key Tools Recovery and Expansion (Subcommittee on Economic Growth, Tax, and Capital Access)
• Wednesday, July 20, 2022- 10 AM- Hybrid Hearing: SBA District Office Collaboration with Resource Partners (Subcommittee on Underserved, Agricultural, and Rural Development)
• Wednesday, July 27, 2022- 10 AM- Hybrid Hearing: Leveraging the Infrastructure Investment and Jobs Act: The Role of the SBA's Bond Guarantee Program
• Press Release

Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Blocks Over $1 Billion in Suleiman Kerimov Trust

June 30, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced it has issued a Notification of Blocked Property to Heritage Trust, a Delaware-based trust in which OFAC-designated Russian oligarch Suleiman Abusaidovich Kerimov holds a property interest.

• Press Release

Amendment to the Global Terrorism Sanctions Regulations

June 30, 2022

The Department of the Treasury's Office of Foreign Assets Control is amending the Global Terrorism Sanctions Regulations to implement a September 9, 2019 counter-terrorism Executive Order. The amendment will take effect upon publication in the Federal Register on July 01, 2022.

• Amendment

Federal Reserve Board

Paper: Volatility in Home Sales and Prices: Supply or Demand?

June 30, 2022

The Federal Reserve Board published a paper entitled, "Volatility in Home Sales and Prices: Supply or Demand?."

• Paper

Federal Reserve Bank of New York

New York Fed Releases Report on Policy Actions in Response to the COVID-19 Pandemic

June 30, 2022

The Federal Reserve Bank of New York released a special issue of its Economic Policy Review that describes the actions and liquidity facilities stood up by the Federal Reserve, along with other players in the official sector, in response to the economic dislocations brought about by the COVID-19 pandemic.

• Economic Policy Review
• Press Release

Staff Report: When It Rains, It Pours: Cyber Risk and Financial Conditions

June 30, 2022

The Federal Reserve Bank of New York published a staff report entitled, "When It Rains, It Pours: Cyber Risk and Financial Conditions."

• Report

Economic Inequality Series: How Equitable Has the COVID Labor Market Recovery Been?

June 30, 2022

The Federal Reserve Bank of New York published the first Liberty Street Economics blog post in its Economic Inequality Series entitled, "How Equitable Has the COVID Labor Market Recovery Been?"

• Blog Post

Economic Inequality Series: Was the 2021-22 Rise in Inflation Equitable?

June 30, 2022

The Federal Reserve Bank of New York published the second Liberty Street Economics blog post in its Economic Inequality Series entitled, "Was the 2021-22 Rise in Inflation Equitable?"

• Blog Post

National Credit Union Administration

NCUA Streamlines Part of Underserved Area Application Process

June 30, 2022

Effective immediately, multiple common bond federal credit unions submitting underserved area applications can list the areas they want to serve by census tracts, along with the year the census tract was in effect.

International

European Banking Authority

EBA publishes its final Guidelines on data collection exercises regarding high earners

June 30, 2022

The European Banking Authority published its final updated Guidelines on the data collection exercise on high earners, which were originally released in 2012 and revised in 2014.

• Guidelines
• Press Release

EBA publishes its final guidelines on the remuneration and gender pay gap benchmarking exercise under the Capital Requirements Directive and the Investment Firms Directive

June 30, 2022

The European Banking Authority today published its final Guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive, which were originally published in 2012 and updated in 2014.

• CRD Guidelines
• IFD Guidelines
• Press Release

Bank of England

The Bank of England's final policy on EMIR 2.2 implementation and consultation on fees for non-UK FMIs

June 30, 2022

The Bank of England has published a Policy Statement and a Statement of Policy on its approach to 'tiering' non-UK central counterparties ('incoming CCPs') based on the level of risk they could pose to UK financial stability.

• CCPs Policy Statement
• CCPs Statement of Policy
• Comparable Compliance Policy Statement
• Comparable Compliance Statement of Policy
• Temporary Recognition Regime Information
• CCPs Consultation Paper
• CSDs Consultation Paper
• Press Release

UK Financial Conduct Authority

Finding opportunity in a world of uncertainty

June 30, 2022

Financial Conduct Authority Executive Director of Markets Sarah Pritchard gave a speech at the CityUK Annual Conference entitled, "Finding opportunity in a world of uncertainty."

• Speech

Consultation Paper: Winding down 'synthetic' sterling LIBOR and US dollar LIBOR

June 30, 2022

The Financial Conduct Authority published a consultation paper entitled, "Winding down 'synthetic' sterling LIBOR and US dollar LIBOR."

• Paper
• Overview

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)

• Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
• Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)

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)

• New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

• FDIC Announces Appointments to Its Division of Finance and Division of Insurance and Research (May 18, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

• Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
• CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 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)
• Mark T. Uyeda Sworn In as SEC Commissioner (June 30, 2022)

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

• Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
• Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
• Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)

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

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

National Credit Union Administration – Todd M. Harper

• Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
• Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
• Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
• Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)

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

• Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
• Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
• Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
• HUD Announces Key Staff Appointments (April 11, 2022)
• Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)

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

• Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
• Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
• Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
• Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
• Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)

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

• Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
• Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
• Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
• Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.