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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, September 3, 2022

September 03, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

OFAC Issues Updates Related to Price Cap on Russian Oil

September 2, 2022

The U.S Department of the Treasury Office of Foreign Assets Control issued updates regarding G7 Finance Ministers statement confirming their joint intention to implement a price cap with respect to Russian-origin crude oil and petroleum products.

OFAC Amends the Cyber-Related Sanctions Regulations and Associated Administrative List Updates

September 2, 2022

The U.S Department of the Treasury Office of Foreign Assets Control is amending, and reissuing in their entirety, the Cyber-Related Sanctions Regulations, 31 C.F.R. part 578. This administrative action replaces the abbreviated regulations published on December 31, 2015, with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses and other regulatory provisions that will provide further guidance to the public.

Federal Reserve Board

Paper: Bank Deposit Flows to Money Market Funds and Overnight Reverse-Repo Usage during Monetary Policy Tightening

September 2, 2022

The Federal Reserve Board published a paper entitled, "Bank Deposit Flows to Money Market Funds and ON RRP Usage during Monetary Policy Tightening."

International

European Commission

Commission Adopts Foreign Investment and Export Control Reports

September 2, 2022

The European Commission has adopted two reports on the screening of Foreign Direct Investments and Export Controls Regulation.

Bank of England

Statistics: External business of Monetary Financial Institutions operating in the UK - 2022 Q2

September 2, 2022

The Bank of England released statistics on the external business of monetary financial institutions operating in the UK for Q2 2022.

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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