Daily Financial Regulation Update -- Friday, July 1, 2022

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs

June 30, 2022

The Task Force on Financial Technology held a hearing entitled, "Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs."

Committee on Small Business

Committee Announces July Hearings

June 30, 2022

The U.S. House Small Business Committee announced several committee hearings throughout July:

  • Wednesday, July 13, 2022- 10 A.M.- Hybrid Hearing: Fintech and Transparency in Small Business Lending (Subcommittee on Oversight, Investigations, and Regulations)
  • Thursday, July 14, 2022- 10 A.M.- Hybrid Hearing: A Review and Assessment of the SBA HUBZone Program (Subcommittee on Contracting and Infrastructure)
  • Tuesday, July 19, 2022- 10 AM- Hybrid Hearing: The SBA Office of International Trade and the STEP Program as Key Tools Recovery and Expansion (Subcommittee on Economic Growth, Tax, and Capital Access)
  • Wednesday, July 20, 2022- 10 AM- Hybrid Hearing: SBA District Office Collaboration with Resource Partners (Subcommittee on Underserved, Agricultural, and Rural Development)
  • Wednesday, July 27, 2022- 10 AM- Hybrid Hearing: Leveraging the Infrastructure Investment and Jobs Act: The Role of the SBA's Bond Guarantee Program
  • Press Release

Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Blocks Over $1 Billion in Suleiman Kerimov Trust

June 30, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced it has issued a Notification of Blocked Property to Heritage Trust, a Delaware-based trust in which OFAC-designated Russian oligarch Suleiman Abusaidovich Kerimov holds a property interest.

Amendment to the Global Terrorism Sanctions Regulations

June 30, 2022

The Department of the Treasury's Office of Foreign Assets Control is amending the Global Terrorism Sanctions Regulations to implement a September 9, 2019 counter-terrorism Executive Order. The amendment will take effect upon publication in the Federal Register on July 01, 2022.

Federal Reserve Board

Paper: Volatility in Home Sales and Prices: Supply or Demand?

June 30, 2022

The Federal Reserve Board published a paper entitled, "Volatility in Home Sales and Prices: Supply or Demand?."

Federal Reserve Bank of New York

New York Fed Releases Report on Policy Actions in Response to the COVID-19 Pandemic

June 30, 2022

The Federal Reserve Bank of New York released a special issue of its Economic Policy Review that describes the actions and liquidity facilities stood up by the Federal Reserve, along with other players in the official sector, in response to the economic dislocations brought about by the COVID-19 pandemic.

Staff Report: When It Rains, It Pours: Cyber Risk and Financial Conditions

June 30, 2022

The Federal Reserve Bank of New York published a staff report entitled, "When It Rains, It Pours: Cyber Risk and Financial Conditions."

Economic Inequality Series: How Equitable Has the COVID Labor Market Recovery Been?

June 30, 2022

The Federal Reserve Bank of New York published the first Liberty Street Economics blog post in its Economic Inequality Series entitled, "How Equitable Has the COVID Labor Market Recovery Been?"

Economic Inequality Series: Was the 2021-22 Rise in Inflation Equitable?

June 30, 2022

The Federal Reserve Bank of New York published the second Liberty Street Economics blog post in its Economic Inequality Series entitled, "Was the 2021-22 Rise in Inflation Equitable?"

National Credit Union Administration

NCUA Streamlines Part of Underserved Area Application Process

June 30, 2022

Effective immediately, multiple common bond federal credit unions submitting underserved area applications can list the areas they want to serve by census tracts, along with the year the census tract was in effect.

International

European Banking Authority

EBA publishes its final Guidelines on data collection exercises regarding high earners

June 30, 2022

The European Banking Authority published its final updated Guidelines on the data collection exercise on high earners, which were originally released in 2012 and revised in 2014.

EBA publishes its final guidelines on the remuneration and gender pay gap benchmarking exercise under the Capital Requirements Directive and the Investment Firms Directive

June 30, 2022

The European Banking Authority today published its final Guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive, which were originally published in 2012 and updated in 2014.

Bank of England

The Bank of England's final policy on EMIR 2.2 implementation and consultation on fees for non-UK FMIs

June 30, 2022

The Bank of England has published a Policy Statement and a Statement of Policy on its approach to 'tiering' non-UK central counterparties ('incoming CCPs') based on the level of risk they could pose to UK financial stability.

UK Financial Conduct Authority

Finding opportunity in a world of uncertainty

June 30, 2022

Financial Conduct Authority Executive Director of Markets Sarah Pritchard gave a speech at the CityUK Annual Conference entitled, "Finding opportunity in a world of uncertainty."

Consultation Paper: Winding down 'synthetic' sterling LIBOR and US dollar LIBOR

June 30, 2022

The Financial Conduct Authority published a consultation paper entitled, "Winding down 'synthetic' sterling LIBOR and US dollar LIBOR."

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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