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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, July 16, 2022

July 16, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Small Business and Entrepreneurship

Senators Send Letter Urging SBA to Process All Eligible COVID-19 Economic Injury Disaster Loan Applications

July 15, 2022

U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) and U.S. Senators John Cornyn (R-Texas), Chris Van Hollen (D-Md.), and Roger Wicker (R-Miss.), along with 44 senators, today sent a letter to U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman urging the SBA to process COVID-19 Economic Injury Disaster Loan applications that were received prior to the agency's May 6, 2022 deadline.

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at G20 High Level Seminar

July 15, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at the G20 High Level Seminar on macroeconomic policy and strengthening global collaboration for tackling food insecurity.

Federal Reserve Board

Federal Reserve Board releases survey of senior financial officers at banks on managing reserve balances

July 15, 2022

The Federal Reserve Board released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances.

Industrial Production and Capacity Utilization - G.17

July 15, 2022

The Federal Reserve Board published the July 2022 G.17 Industrial Production and Capacity Utilization with data from June 2022.

Federal Reserve Bank of New York

U.S. Economy in a Snapshot – July 2022

July 15, 2022

The Federal Reserve Bank of New York released the July 2022 U.S. Economy in a Snapshot.

Empire State Manufacturing Survey – July 2022

July 15, 2022

The Federal Reserve Bank of New York released the July 2022 Empire State Manufacturing Survey.

Statement on Compliance with the International Organization of Securities Commission's Principles for Federal Reserve Bank of New York Administered Reference Rates

July 15, 2022

The Federal Reserve Bank of New York updated its Statement of Compliance with the International Organization of Securities Commission's Principles for Financial Benchmarks.

Report: Fragility of Safe Asset Markets

July 15, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Fragility of Safe Asset Markets."

Report: A Bayesian Approach for Inference on Probabilistic Surveys

July 15, 2022

The Federal Reserve Bank of New York published a staff report entitled, "A Bayesian Approach for Inference on Probabilistic Surveys."

Federal Deposit Insurance Corporation

FDIC Updates on Brokered Deposits

July 15, 2022

The Federal Deposit Insurance Corporation (FDIC) is issuing a statement, adding a new Question and Answer, and updating public information on the Banker Resource Center Brokered Deposits Page, to remind FDIC-insured depository institutions (IDIs) that deposits swept from broker dealers with a primary purpose exception to unaffiliated IDIs must be reported as brokered if there are any additional third parties involved that qualify as a deposit broker.

FINRA

Investor Insight: Deferred Income Annuities: Plan Now for Payout Later

July 15, 2022

FINRA published an Investor Insight entitled, "Deferred Income Annuities: Plan Now for Payout Later."

Regulatory Notice: FINRA Amends the Code of Arbitration Procedure for Industry Disputes to Align the Code With the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021

July 15, 2022

Following the enactment of the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021, FINRA amended the Code of Arbitration Procedure for Industry Disputes to align the Code with the Act.

International

European Commission

Implementation of EU sanctions against Russia: Commission adopts proposal for "maintenance and alignment" package

July 15, 2022

The European Commission has adopted a joint High Representative-Commission proposal for a new package of measures to maintain and strengthen the effectiveness of the EU's packages of sanctions against Russia.

Bank of England

Paper: What is productive investment? Insights from firm-level data for the United Kingdom

July 15, 2022

The Bank of England published a staff working paper entitled, "What is productive investment? Insights from firm-level data for the United Kingdom."

Paper: Links between government bond and futures markets: dealer-client relationships and price discovery in the UK

July 15, 2022

The Bank of England published a staff working paper entitled "Links between government bond and futures markets: dealer-client relationships and price discovery in the UK."

Bank of England Prudential Regulation Authority

Consultation Paper: Remuneration: Unvested pay, Material Risk Takers and public appointments

July 15, 2022

The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Remuneration: Unvested pay, Material Risk Takers and public appointments."

Administration Changes

Vacancies

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.

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