Daily Financial Regulation Update — Wednesday, August 17, 2022 | Paul Hastings LLP


Major Developments

Federal Reserve Board

Federal Reserve issues guidance for banking organizations considering crypto-related activities

August 16, 2022

The Federal Reserve Board issued a supervisory letter providing additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities.

Federal Agencies

Federal Reserve Board

Paper: Inflation Measured Every Day Keeps Adverse Responses Away: Temporal Aggregation and Monetary Policy Transmission

August 16, 2022

The Federal Reserve Board published a paper entitled, “Inflation Measured Every Day Keeps Adverse Responses Away: Temporal Aggregation and Monetary Policy Transmission.”

Paper: LINVER: The Linear Version of FRB/US

August 16, 2022

The Federal Reserve Board published a paper entitled, “LINVER: The Linear Version of FRB/US.”

Paper: Federal Reserve Board Statistical Releases: a Publications History

August 16, 2022

The Federal Reserve Board published a paper entitled, “Federal Reserve Board Statistical Releases: a Publications History.”

Date: G.17 Industrial Production and Capacity Utilization

August 16, 2022

The Federal Reserve Board released the G.17 Industrial Production and Capacity Utilization date for July 2022.

Federal Reserve Bank of New York

Business Leaders Survey – August 2022

August 16, 2022

The Federal Reserve Bank of New York released the Business Leaders Survey for August 2022.

US Small Business Administration

Report: The Impacts of COVID-19 on Racial Disparities in Small Business Earnings

August 16, 2022

The US Small Business Administration Office of Advocacy published a report entitled, “The Impacts of COVID-19 on Racial Disparities in Small Business Earnings.”

Federal Housing Finance Agency

FHFA Proposes 2023-2024 Multifamily Housing Goals for Fannie Mae and Freddie Mac

August 16, 2022

The Federal Housing Finance Agency proposed new benchmark levels for the multifamily housing goals for Fannie Mae and Freddie Mac for 2023 and 2024.

international

bank of england

Minutes of the Productive Finance Working Group – 15 March 2022

August 16, 2022

The Bank of England released the minutes of the Productive Finance Work Group meeting held March 15, 2022.

UK Financial Conduct Authority

Statement: FCA encourages market participants to continue transition of LIBOR-linked bonds

August 16, 2022

The Financial Conduct Authority issued a statement encouraging issuers and bondholders of outstanding LIBOR-linked bonds to take the necessary action to transition outstanding LIBOR-linked bonds to fair alternative rates.

Statement: IFPR and eligibility for enhanced SM&CR status as a Significant SYSC firm

August 16, 2022

The Financial Conduct Authority issued a statement on the Investment Firm Prudential Regime and eligibility for enhanced Senior Managers & Certification Regime status as a Significant SYSC firm.

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)

  • 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 Lizarraga Sworn In as SEC Commissioner (July 18, 2022)
  • Lori H. Price Named Director of Office of Credit Ratings (August 12, 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)
  • 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 the 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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