Blog: Daily Financial Regulation Update — Tuesday, August 2, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Federal Agencies

U.S. Department of the Treasury

Treasury Announces Marketable Borrowing Estimates

August 1, 2022

The U.S. Department of the Treasury announced its current estimates of privately-held net marketable borrowing for the July – September 2022 and October – December 2022 quarters.

Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee

August 1, 2022

Assistant Secretary for Economy Policy Benjamin Harris gave the economy statement to the Treasury Borrowing Advisory Committee.

Federal Reserve Board

Senior Loan Officer Opinion Survey on Bank Lending Practices – July 2022

August 1, 2022

The Federal Reserve Board published the July 2022 Senior Loan Office Opinion Survey on Bank Lending Practices.

Paper: Labor Market Tightness during WWI and the Postwar Recession of 1920-1921

August 1, 2022

The Federal Reserve Board published a paper entitled, “Labor Market Tightness during WWI and the Postwar Recession of 1920-1921.”

Paper: On the optimal design of transfers and income-tax progressivity

August 1, 2022

The Federal Reserve Board published a paper entitled, “On the optimal design of transfers and income-tax progressivity.”

U.S. Small Business Administration

SBA Announces Two Federal Advisory Committees to Accelerate American Innovation and Access to Capital for Small Businesses and Startups

August 1, 2022

The U.S. Small Business Administration announced the establishment of two new federal advisory committees, the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) and the Investment Capital Advisory Committee (ICAC), to accelerate support for startups driving critical innovation across the U.S. and increase small businesses’ access to patient capital.

Ginnie Mae

Global Market Analysis Report – July 2022

August 1, 2022

Ginnie Mae published the Global Market Analysis Report for July 2022.

Bank Policy Institute

Comment Letter: CFPB Ignores Competition and Misconstrues Credit Card Markets in Late-Fee Review

August 1, 2022

The Bank Policy Institute responded to a Consumer Financial Protection Bureau review of credit card late fees.

International

UK Financial Conduct Authority

FCA clamps down on marketing of high-risk investments to consumers

August 1, 2022

The FCA has finalized stronger rules to help tackle misleading adverts that encourage investing in high-risk products.

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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