Daily Financial Regulation Update — Thursday, September 1, 2022 | Paul Hastings LLP

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Congress

United States House of Representatives

Financial Services Committee

House Financial Services Committee September Agenda Announced

August 31, 2022

The US House Committee on Financial Services has announced the following schedule for the month of September:

  • Thursday, September 8 at 12 p.m. ET: The Sub-Committee on Investor Protection, Entrepreneurship and Capital Markets will meet for a virtual hearing entitled “Accounting and Auditing Standards in the 21st Century”.
  • Wednesday, September 14 at 10 a.m. ET: The full committee will convene for a hybrid hearing titled “When the Banks Go: The Impacts of Risk Reduction on the Caribbean and Strategies to Ensure Financial Access.”
  • Tuesday, September 20 at 10 a.m. ET: The Subcommittee on National Security, International Development, and Monetary Policy will convene for a hybrid hearing titled “Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth.”
  • Tuesday, September 20 at 2 p.m. ET: The Diversity and Inclusion Subcommittee will convene for a hybrid hearing titled “An Examination of Diversity and Inclusion at America’s Largest Insurance Companies.”
  • Wednesday, September 21 at 10 a.m. ET: The full committee will convene for a hybrid hearing titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer-Facing Banks.”
  • Thursday, September 22 at 9 a.m. ET: The Housing, Community Development and Insurance Subcommittee will meet for a hybrid hearing titled “State of Emergency: Examining the Impact of Growing Wildfire Risk on the Insurance Market”.
  • Press release

Federal agencies

US Department of Treasury

Preliminary annual report on U.S. holdings of foreign securities at the end of 2021

August 31, 2022

The U.S. Department of the Treasury has released preliminary data on U.S. holdings of foreign securities as of year-end 2021. The final survey report, which will include additional details as well as possible data revisions, will be released on October 31, 2022. .

Federal Reserve Board

Document: The Implications of Digital Assets on Financial Stability

August 31, 2022

The Federal Reserve Board published an article titled “The Financial Stability Implications of Digital Assets.”

Federal Reserve Bank of Boston

Small Business Credit Survey: Small businesses face lingering pandemic effects with fewer workers and bigger hiring challenges

August 31, 2022

The Federal Reserve Bank of Boston has published an article on the results of the Small Business Credit Survey conducted from September to November 2021.

US Small Business Administration

SBA Advocacy Releases 2022 Small Business Profiles for States, Territories and Nation

August 31, 2022

The United States Small Business Administration’s Office of Advocacy has released the 2022 Small Business Profiles for states, territories and the nation.

Federal Housing Finance Agency

FHFA Announces Comprehensive Review of Federal Home Lending System

August 31, 2022

The Federal Housing Finance Agency has announced that it will conduct a comprehensive review of the federal home loan system beginning in the fall of 2022.

International

bank of england

Quarterly Credit Union Statistics – Q1 2022

August 31, 2022

The Bank of England has released quarterly credit union statistics for the first quarter of 2022.

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.

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