Daily Financial Regulation Update -- Friday, September 23, 2022

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Federal Agencies

U.S. Department of the Treasury

Remarks at the Securities Industry and Financial Markets Association by Under Secretary for Domestic Finance Nellie Liang regarding resilience of the Treasury Markets

September 22, 2022

Under Secretary for Domestic Finance Nellie Liang offered remarks at the Association's Prudential and Capital Board Subcommittee, focusing on the progress made by the official sector towards enhancing the resilience of the Treasury market.

Department of the Treasury Announces Over $8.28 Billion through the Emergency Capital Investment Program for community development- and minority- financial institutions

September 21, 2022

The Department of the Treasury has made more than $8.28 billion of investments in 162 community-development and minority financial institutions across the country through the Emergency Capital Investment Program.

Federal Reserve Bank of New York

Report: The FR 2004WI Guide Sheet

September 22, 2022

The Federal Reserve Bank of New York's report collects data on the net position, net forward financing and cumulative transactions of U.S. Treasury notes and bonds that the Department of the Treasury has offered for sale but has not yet issued (when-issued securities).

Federal Housing Finance Agency

Report: FHFA 2nd Quarter 2022 Foreclosure Prevention and Refinance Report

September 22, 2022

The Federal Housing Finance Agency released its second quarter 2022 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 96,945 foreclosure prevention actions during the quarter.

International

UK Financial Conduct Authority

Paper: New Guidance on the Trading Venue Perimeter

September 22, 2022

CP22/18 consults on new guidance on the regulatory perimeter for trading venues to clarify what a multilateral system means and how this applies to different types of arrangements in financial markets.

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.

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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