Blog: Daily Financial Regulation Update — Wednesday, June 22, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Federal Agencies

Federal Reserve Bank of New York

Article: Contributing to a Fair and Transparent FX Market

June 21, 2022

The Federal Reserve Bank of New York published an article entitled, “Contributing to a Fair and Transparent FX Market.”

Blog Post: Will the U.S. Dollar Continue to Dominate World Trade?

June 21, 2022

The Federal Reserve Bank of New York published blog post entitled, “Will the U.S. Dollar Continue to Dominate World Trade?”

Federal Deposit Insurance Corporation

FDIC Board of Directors Amends Restoration Plan and Issues a Proposed Rule on Assessments, Revised Deposit Insurance Assessment Rates

June 21, 2022

The Federal Deposit Insurance Corporation Board of Directors issued a notice of proposed rulemaking to increase deposit insurance assessment rates by 2 basis points for all insured depository institutions in order to increase the likelihood that the reserve ratio of the Deposit Insurance Fund reaches the statutory minimum of 1.35 percent by the statutory deadline of September 2028. The Board also adopted an Amended Restoration Plan, which incorporates the increase in assessment rates.

Office of the Comptroller of the Currency

OCC Reports First Quarter 2022 Bank Trading Revenue

June 21, 2022

The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $10.6 billion in the first quarter of 2022. The first quarter trading revenue was $3.4 billion, or 47.8%, more than in the previous quarter and $10.0 million, or 0.1%, more than in the first quarter of 2021.

Freddie Mac

Higher Property Prices and Mortgage Rates Offset Record Net Operating Income Growth in Freddie Mac’s First Quarter AIMI

June 21, 2022

The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) fell by 5.3% in the first quarter of 2022, with the index down 6.1% compared to the first quarter of 2021.

International

European Banking Authority

EBA clarifies the use of COVID-19-impacted data for internal credit risk models

June 21, 2022

The European Banking Authority published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using internal ratings based models.

Bank of England Prudential Regulation Authority

Consultation Paper: Model risk management principles for banks

June 21, 2022

The Bank of England Prudential Regulation Authority published a consultation paper entitled, “Model risk management principles for banks.”

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)

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

Financial Crimes Enforcement Network

National Credit Union Administration – 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)

U.S. 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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