Blog: Daily Financial Regulation Update — Wednesday, September 14, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: New Consumer Financial Products and the Impacts to Workers

September 13, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “New Consumer Financial Products and the Impacts to Workers.”

U.S. House of Representatives

Committee on Financial Services

Hearing: When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access

September 14, 2022

The U.S House Committee on Financial Services held a hearing entitled, “When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access.”

Federal Agencies

U.S. Department of the Treasury

OFAC Publishes Cyber-Related Frequently Asked Questions

September 13, 2022

U.S. Department of the Treasury Office of Foreign Assets Control published Frequently Asked Questions on cyber-related sanctions.

Office of the Comptroller of the Currency

OCC Reports Second Quarter 2022 Bank Trading Revenue

September 13, 2022

The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $10.3 billion in the second quarter of 2022.

FINRA

Investor Insights: Bond Liquidity—Factors to Consider and Questions to Ask

September 13, 2022

FINRA released an Investor Insight entitled, “Bond Liquidity—Factors to Consider and Questions to Ask.”

U.S. Small Business Administration

Small Business Facts: Small Business Innovation Measured by Patenting Activity

September 13, 2022

The U.S. Small Business Administration published the Small Business Facts sheet for September 2022 entitled, “Small Business Facts: Small Business Innovation Measured by Patenting Activity.”

Bank Policy Institute

Survey: U.S. Retail Banks Deliver Excellent Customer Service, Fraud Protection

September 13, 2022

The Bank Policy Institute released the results of a Morning Consult survey that found customers are highly satisfied with their bank’s service and fraud protections.

International

European Commission

 

COVID-19: Team Europe has delivered €47.7 billion to help its partners address the pandemic and its consequences

September 13, 2022

Since the outbreak of COVID-19 in early 2020, the EU, EU Member States and European financial institutions, as Team Europe, have disbursed €47.7 billion in support of partner countries in addressing the pandemic and its consequences.

Bank of England

Mortgage Lenders and Administrators Statistics – 2022 Q2

September 13, 2022

The Bank of England released the Mortgage Lenders and Administrators Return statistics for Q2 2022.

UK Financial Conduct Authority

Data: Mortgage lending statistics – September 2022

September 13, 2022

The UK Financial Conduct Authority released the mortgage lending statistics for September 2022.

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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