Daily Financial Regulation Update -- Tuesday, June 28, 2022

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Federal Agencies

Federal Reserve Board

Federal Reserve Board announces final timeline and implementation details for adoption of new Fedwire Funds Service message format

June 27, 2022

The Federal Reserve Board announced the final timeline and implementation details for the adoption of a new Fedwire Funds Service message format.

Federal Reserve Bank of New York

Heads of the New York Fed and the UK Financial Conduct Authority to Co-Host a Conference on LIBOR

June 27, 2022

On Monday, July 11, 2022, Federal Reserve Bank of New York President John C. Williams and the United Kingdom's Financial Conduct Authority Chief Executive Nikhil Rathi—who together serve as co-chairs of the Financial Stability Board's Official Sector Steering Group—will co-host a conference, "Last Call on LIBOR: Final Steps to Transition."

Blog Post: The First Global Credit Crisis

June 27, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The First Global Credit Crisis."

Conference of State Bank Supervisors

CSBS Board of Directors Names James M. Cooper President and CEO

June 27, 2022

The Conference of State Bank Supervisors Board of Directors has announced the appointment of James M. Cooper as president and CEO.

Office of the Comptroller of the Currency

OCC Reports Improvement in Overall Mortgage Performance

June 27, 2022

The Office of the Comptroller of the Currency reported that the performance of first-lien mortgages in the federal banking system improved during the first quarter of 2022.

Consumer Financial Protection Bureau

Blog Post: Identifying and addressing the financial needs of immigrants

June 27, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Identifying and addressing the financial needs of immigrants."

International

Bank of England Prudential Regulation Authority

Letter: Fundamental Review of the Trading Book (FRTB): Timetable for submission of internal model/standard approach pre-applications

June 27, 2022

The Prudential Regulation Authority sent a letter to firms outlining its approach to the UK implementation of Basel 3.1, including FRTB, in Q4-2022, with a planned implementation date of January 1, 2025.

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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