Blog: Daily Financial Regulation Update — Tuesday, November 15, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Global Russian Military Supply Chain, Kremlin-linked Networks, and Elites with Western Fortunes

November 14, 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), alongside the U.S. Department of State, sanctioned a transnational network procuring technology that supports the Russian military-industrial complex. OFAC also designated a global network of financial facilitators, enablers, and others associated with two key Kremlin-linked elites whose fortunes are intertwined with the West.

Federal Reserve Board

OIG Report: Observations on Cybersecurity Risk Management Processes for Vendors Supporting the Main Street Lending Program and the Secondary Market Corporate Credit Facility

November 14, 2022

The Federal Reserve Board Office of Inspector General released a report entitled, “Observations on Cybersecurity Risk Management Processes for Vendors Supporting the Main Street Lending Program and the Secondary Market Corporate Credit Facility.”

Federal Reserve Bank of New York

Survey of Consumer Expectations: Inflation Expectations Increase Across All Horizons; Unemployment Expectations Deteriorated

November 14, 2022

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the October 2022 Survey of Consumer Expectations which shows that inflation expectations increased in the short, medium, and longer terms.

Paper: The Impact of U.S. Monetary Policy on Foreign Firms

November 14, 2022

The Federal Reserve Bank of New York published a staff report entitled, “The Impact of U.S. Monetary Policy on Foreign Firms.”

Blog: Banking System Vulnerability: 2022 Update

November 14, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Banking System Vulnerability: 2022 Update.”

Office of the Comptroller of the Currency

Senior Deputy Comptroller Discusses Efforts to Ensure Fair Lending

November 14, 2022

Senior Deputy Comptroller for Bank Supervision Policy Grovetta Gardineer discussed the Office of the Comptroller of the Currency’s ongoing efforts to ensure its regulated institutions provide fair and equitable credit services in remarks delivered on behalf of Acting Comptroller Michael J. Hsu at the CRA & Fair Lending Colloquium in Las Vegas.

Securities and Exchange Commission

Speech: 2022 SEC Regulation Outside the United States

November 14, 2022

Securities and Exchange Commission Division of Investment Management Director William Birdthistle gave a keynote address entitled, “2022 SEC Regulation Outside the United States.”

Commodity Futures Trading Commission

Remarks: If You See Something, Say Something

November 14, 2022

Commodity Futures Trading Commission Commissioner Caroline D. Pham gave remarks at the New York University Law Program on Corporate Compliance and Enforcement Fall Conference entitled, “If You See Something, Say Something.”

International

European Banking Authority

EBA publishes final technical standards on the measurement of liquidity risks for investment firms

November 14, 2022

The European Banking Authority published its final Regulatory Technical Standards on specific liquidity measurement for investment firms under the Investment Firms Directive.

Bank of England

Speech: Challenge, convene, collaborate and create

November 14, 2022

Bank of England Deputy Governor Sire Dave Ramsden gave a speech entitled, “Challenge, convene, collaborate and create.”

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 2022)

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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