Daily Financial Regulation Update — Wednesday, June 22, 2022 | Paul Hastings LLP

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Federal agencies

Federal Reserve Bank of New York

Article: Contributing to a fair and transparent foreign exchange market

June 21, 2022

The Federal Reserve Bank of New York published an article entitled “Contributing to a fair and transparent foreign exchange market”.

Blog post: Will the US dollar continue to dominate global trade?

June 21, 2022

The Federal Reserve Bank of New York published a blog post titled “Will the US Dollar Continue to Dominate Global Trade?”

Federal Deposit Insurance Corporation

FDIC Board Amends Restoration Plan, Issues Proposed Rule on Assessments and Revised Deposit Insurance Assessment Rates

June 21, 2022

The Board of Directors of the Federal Deposit Insurance Corporation has issued a notice of proposed rulemaking to increase deposit insurance assessment rates by 2 basis points for all insured deposit-taking institutions to increase the probability that the reserve ratio of the Deposit Insurance Fund will reach the legal minimum of 1.35. percent before the statutory deadline of September 2028. The Board also adopted an amended restoration plan, which incorporates the increase in assessment rates.

Office of the Comptroller of the Currency

OCC Reports First Quarter 2022 Trading Revenue

June 21, 2022

The Office of the Comptroller of the Currency reported cumulative U.S. commercial bank and thrift association trading revenue of $10.6 billion in the first quarter of 2022. First quarter trading revenue was $3.4 billion. dollars, or 47.8%, more than the previous quarter and $10.0. million, or 0.1%, more than in the first quarter of 2021.

Freddie Mac

Higher Home Prices and Mortgage Rates Offset Freddie Mac’s Record First Quarter Net Operating Income Growth AIMI

June 21, 2022

The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) fell 5.3% in the first quarter of 2022, down 6.1% from the first quarter of 2021.

International

European Banking Authority

EBA clarifies use of data impacted by COVID-19 for internal credit risk models

June 21, 2022

The European Banking Authority has published four draft principles to support supervisory efforts in assessing the representativeness of data affected by COVID-19 for banks using internal ratings-based models.

Bank of England Prudential Regulator

Consultation Paper: Model Risk Management Principles for Banks

June 21, 2022

The Bank of England Prudential Regulator has published a consultation paper entitled “Model Risk Management Principles for Banks”.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Michael S. Barr appointed April 15, 2022 (nomination hearing held May 19, 2022; committee approval June 8, 2022; full Senate vote pending.)

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • Vice President – ​​Vacant

Office of the Comptroller of the Currency

  • Controller – Vacant (Michael Hsu is Acting Controller)

Appointments/Confirmation Hearings

U.S. Treasury Department – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

  • Vice-President Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in May 23, 2022)
  • Statement by Federal Reserve Board Chairman Jerome H. Powell on his nomination by President Biden (November 22, 2021)
  • Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn on May 23, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (November 22, 2021)
  • Statement from Secretary Walsh on Federal Reserve Appointments (November 22, 2021)
  • Brown’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
  • Toomey’s Statement on Jerome Powell’s Renomination as Fed Chair (November 22, 2021)
  • Brown applauds Biden’s nomination of Governor Lael Brainard as vice president (November 22, 2021)
  • Brown Applauds Biden Nominees to Fed Board (January 14, 2022)
  • Toomey’s Statement on President Biden’s Fed Nominees (January 14, 2022)
  • Waters applauds appointments of Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to Federal Reserve leadership positions (January 14, 2022)
  • Statement by Treasury Secretary Janet L. Yellen on Federal Reserve Appointments (January 14, 2022)
  • Statement from the Chairman of the Senate Banking Committee Brown regarding the appointment of Dr. Lisa Cook (March 29, 2022)
  • Statement by Ranking Member of the Senate Banking Committee Toomey Regarding the Nomination of Dr. Lisa Cook (March 29, 2022)
  • Statement by Senate Banking Committee Chairman Brown on Nomination of Michael Barr as Federal Reserve Vice Chairman for Oversight (April 15, 2022)
  • Statement by Senate Banking Committee Ranking Member Toomey on Nomination of Michael Barr as Federal Reserve Vice Chairman for Oversight (April 15, 2022)
  • Statement from the Chair of the Senate Banking Committee Regarding the Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Statement by a Ranking Member of the Senate Banking Committee Regarding the Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
  • Jerome H. Powell sworn in for a second term as Chairman of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Lael Brainard is sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
  • Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (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)

Security and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business AdministrationIsabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

  • Kristin Johnson, Commodity Futures Trading Commission Commissioner Candidate (September 13, 2021)
  • Christy Goldsmith Romero, Commodity Futures Trading Commission Commissioner Candidate (September 13, 2021)
  • US Senate unanimously confirms Behnam as president (December 17, 2021)
  • CFTC Chairman Rostin Behnam announces senior staff appointments (January 20, 2022)
  • CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
  • Statement by CFTC Chairman Rostin Behnam on the US Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
  • CFTC Commissioner Pham Announces First Staff Appointments (April 22, 2022)
  • CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
  • CFTC Commissioner Pham Announces Additional Appointments (May 13, 2022)
  • CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)

Financial Crimes Network

National Administration of Credit UnionsTodd 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)

US Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Customer Alerts

Click here to learn more about 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”), Adopted March 27, 2020.

Click here to view the full text of the Expanding Paycheck Protection Program Act of 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Adopted on June 5, 2020.

Click here to view the full text of the Consolidated Credit Law, 2021, Adopted on December 27, 2020.

Click here to view the full text of the 2021 US bailout, Adopted March 11, 2021.

Click here to view the full text of the PPP Extension Act 2021, Adopted March 30, 2021.

Click here to see a current list of bills the Senate Committee on Banking, Housing and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services and the House Committee on Small Business.


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