Blog: Daily Financial Regulation Update — Tuesday, July 26, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Federal Agencies

Federal Deposit Insurance Corporation

The FDIC Updates its Enforcement Actions Manual regarding Minimum Standards for Termination of Cease-and-Desist and Consent Orders

July 25, 2022

The Federal Deposit Insurance Corporation (FDIC) has updated its Formal and Informal Enforcement Actions Manual (manual) to address the FDIC’s minimum standards for terminating cease and desist and consent orders issued under Section 8(b) of the Federal Deposit Insurance Act.

Office of the Comptroller of the Currency

OCC Solicits Research on Implications of Financial Technology for Banking

July 25, 2022

The Office of the Comptroller of the Currency is soliciting academic-and policy-focused research on the impact of financial technology entities and nonbanks on banking and the markets for lending, deposit-taking and payment services through August 21, 2022.

Securities and Exchange Commission

Joint Statement: Commissioners Peirce and Uyeda Comment on the Financial Accounting Foundation Draft Strategic Plan

July 25, 2022

Securities and Exchange Commissioners Hester M. Peirce and Mark T. Uyeda issued a joint statement commenting on the Financial Accounting Foundation’s Strategic Plan Draft.

Commodity Futures Trading Commission

Keynote Address of Chairman Rostin Behnam at the Brookings Institution Webcast on The Future of Crypto Regulation

July 25, 2022

Commodity Futures Trading Commission Chair Rostin Behnam gave the keynote address at the Brookings Institution Webcast on the Future of Crypto Regulation.

International

Bank of England

Asset Purchase Facility Quarterly Report – 2022 Q2

July 25, 2022

The Bank of England published the Q2 2022 Asset Purchase Facility Quarterly Report.

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

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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