Blog: Daily Financial Regulation Update — Saturday, September 10, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Iranian Ministry of Intelligence and Minister for Malign Cyber Activities

September 9, 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control is designating Iran’s Ministry of Intelligence and Security and its Minister of Intelligence for engaging in cyber-enabled activities against the United States and its allies.

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Brookings Institution

September 9, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Brookings Institution.

Remarks by Under Secretary of the Treasury Nellie Liang at the Office of Financial Research’s Climate Implications for Financial Stability Conference

September 9, 2022

Under Secretary of the Treasury Nellie Liang gave remarks at the Office of Financial Research’s Climate Implications for Financial Stability Conference.

Federal Reserve Board
Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Prudential Banking Agencies reaffirm commitment to Basel III standards

September 9, 2022

The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency reaffirmed their commitment to implementing enhanced regulatory capital requirements that align with the final set of “Basel III” standards issued by the Basel Committee on Banking Supervision in December 2017.

Federal Reserve Board

Speech: The Economic Outlook: Time to Let the Data Do the Talking

September 9, 2022

Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, “The Economic Outlook: Time to Let the Data Do the Talking.”

Federal Reserve Bank of New York

U.S. Economy in a Snapshot – September 2022

September 9, 2022

The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for September 2022.

Report: Risk-Free Rates and Convenience Yields Around the World

September 9, 2022

The Federal Reserve Bank of New York published a staff report entitled, “Risk-Free Rates and Convenience Yields Around the World.”

Federal Deposit Insurance Corporation
Financial Crimes Enforcement Network

FDIC FinCEN Digital Identity Tech Sprint – Key Takeaways and Solution Summaries

September 9, 2022

The Federal Deposit Insurance Corporation and Financial Crimes Enforcement Network released the solution summaries from the Digital Identity Tech Sprint concluded on April 4, 2022.

Securities and Exchange Commission

SEC Division of Corporation Finance to Add Industry Offices Focused on Crypto Assets and Industrial Applications and Services

September 9, 2022

The Securities and Exchange Commission announced plans to add an Office of Crypto Assets and an Office of Industrial Applications and Services to the Division of Corporation Finance’s Disclosure Review Program (DRP).

SEC Adopts JOBS Act Inflation Adjustments

September 9, 2022

The Securities and Exchange Commission adopted amendments to its rules to implement inflation adjustments mandated by the Jumpstart Our Business Startups (JOBS) Act.

Remarks at the SEC Speaks Conference 2022

September 9, 2022

Securities and Exchange Commissioner Mark T. Uyeda, Director Gurbir S. Grewal, and Deputy Director Gomez Abero gave remarks at the SEC Speaks Conference 2022.

Commodity Futures Trading Commission

Speech: Money and Life, the Metaverse, and Everything

September 9, 2022

Commodity Futures Trading Commissioner Caroline D. Pham gave the keynote address at the EUROFI Financial Forum Prague 2022 entitled, “Money and Life, the Metaverse, and Everything.”

State Agencies

California Department of Financial Protection and Innovation

Student Loan Servicing Act – Notice of Proposed Rulemaking

September 9, 2022

The California Department of Financial Protection and Innovation released a notice of proposed rulemaking implementing the Student Loan Servicing Act.

International

European Banking Authority

EBA issues revised list of validation rules

September 9, 2022

The European Banking Authority issued a revised list of validation rules for its reporting standards (Technical Standards and Guidelines), highlighting those which have been deactivated either for incorrectness or for triggering IT problems.

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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