Daily Financial Regulation Update -- Wednesday, July 6, 2022

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Federal Agencies

U.S. Department of the Treasury

Remarks by Under Secretary for Domestic Finance Nellie Liang at King's College London's Global Banking and Finance Conference

July 5, 2022

Under Secretary for Domestic Finance Nellie Liang gave remarks at King's College London's Global Banking and Finance Conference addressing current macroprudential regulation, and looking ahead at emerging threats and what should be changed.

Federal Reserve Board

Paper: Climate-related Financial Stability Risks for the United States: Methods and Applications

July 5, 2022

The Federal Reserve Board published a paper entitled, "Climate-related Financial Stability Risks for the United States: Methods and Applications."

Federal Reserve Bank of New York

Blog Post: The U.S. Dollar's Global Roles: Revisiting Where Things Stand

July 5, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The U.S. Dollar's Global Roles: Revisiting Where Things Stand."

Blog Post: The Fed's Inaugural Conference on the International Roles of the U.S. Dollar

July 5, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Fed's Inaugural Conference on the International Roles of the U.S. Dollar."

Federal Deposit Insurance Corporation

Working Paper: Does Banking Competition Really Increase Credit for All? The Effect of Bank Branching Deregulation on Small Business Credit

July 5, 2022

The Federal Deposit Insurance Corporation published a working paper entitled, "Does Banking Competition Really Increase Credit for All? The Effect of Bank Branching Deregulation on Small Business Credit."

U.S. Small Business Administration

OIG Report: SBA's Award and Payment Practices in the Shuttered Venue Operators Grant Program

July 5, 2022

The U.S Small Business Administration's (SBA) Office of the Inspector General inspected the SBA's award and payment practices used to administer the Shuttered Venue Operators Grant program.

International

European Commission

Digital Services Package: Commission welcomes the adoption by the European Parliament of the EU's new rulebook for digital services

July 5, 2022

The Commission welcomes the adoption by the European Parliament of the Digital Services Act and Digital Markets Act, proposed by the Commission in December 2020.

European Banking Authority

EBA updates the list of Other Systemically Important Institutions

July 4, 2022

The European Banking Authority (EBA) updated the list of Other Systemically Important Institutions in the EU, which, together with Global Systemically Important Institutions, are identified as systemically important by the relevant authorities according to harmonized criteria laid down in the EBA Guidelines.

Bank of England

Financial Stability Report - July 2022

July 5, 2022

The Bank of England Financial Policy Committee released the July 2022 Financial Stability Report.

Minutes of the Standards Advisory Panel - June 2022

July 4, 2022

The Bank of England released the Minutes of the Standards Advisory Panel on June 14, 2022.

UK Financial Conduct Authority

Guidance: FCA's approach to compromises for regulated firms

July 5, 2022

The Financial Conduct Authority published final guidance on its general approach to compromises.

FCA consults on proposals aimed at improving UK equity market

July 5, 2022

The Financial Conduct Authority published a consultation paper on proposals aimed at improving the functioning of equity secondary markets.

FCA further bolsters its leadership team as it expands its headcount

July 5, 2022

The Financial Conduct Authority has appointed six directors as it expands its headcount to meet a growing remit and to achieve its new strategy, which launched in April.

Administration Changes

Vacancies

Federal Reserve Board

  • Vice Chair for Supervision – Michael S. Barr nominated April 15, 2022 (Nomination Hearing held on May 19, 2022; committee approval on June 8, 2022; pending full Senate vote.)

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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