Daily Financial Regulation Update — Saturday, August 20, 2022 | Paul Hastings LLP

August 22, 2022

Montana Economy

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Major developments

Federal Deposit Insurance Corporation

FDIC sends cease-and-desist letters to five companies for making false or misleading crypto-related claims about deposit insurance

August 19, 2022

The Federal Deposit Insurance Corporation (FDIC) has issued letters asking five companies and their officers, directors and employees to cease and desist from making false and misleading statements about FDIC deposit insurance and to take immediate corrective action to remedy such false or misleading statements pursuant to Section 18(a)(4) of the Federal Deposit Insurance Act and Part 328 of the FDIC Rules.

Federal agencies

US Department of Treasury

Treasury Approves Four Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State’s Small Business Credit Initiative

August 19, 2022

The U.S. Department of the Treasury announced that it had approved plans by the states of Colorado, Oregon, New York and Montana under the state’s Small Business Credit Initiative for funding of up to reach $750 million to expand access to capital for small businesses.

Security and Exchange Commission

Chairman Gensler’s remarks ahead of Reuters Events’ Responsible Business USA 2022

August 19, 2022

Securities and Exchange Commission Chairman Gary Gensler spoke ahead of Reuters’ Responsible Business USA 2022 Event.

Commodity Futures Trading Commission

Opening Remarks by Commissioner Kristin Johnson for the CFTC and OMWI Roundtable on Digital Assets and Financial Inclusion

August 19, 2022

Commodity Futures Trade Commissioner Kristin Johnson spoke about digital asset policy, innovation, legislation and regulation during a roundtable at the CFTC.

Consumer Financial Protection Bureau

Blog: Why we’re modernizing the way we collect credit card data

August 19, 2022

The Consumer Financial Protection Bureau published a blog post titled “Why We’re Modernizing How We Collect Credit Card Data.”

FINRA

FINRA Board of Governors Elects Eric Noll as Chairman

August 19, 2022

FINRA’s Board of Governors has elected current FINRA Public Governor Eric Noll as its next Chairman.

Banking Policy Institute

Proposed FDIC Deposit Insurance Rating Increase: A Threat to Small Businesses and the Economy, Based on Outdated Data

August 19, 2022

The Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Independent Community Bankers of America, National Bankers Association, and Mid-Size Bank Coalition of America sent a comment letter to the Federal Deposit Insurance Commission on its proposed deposit insurance assessment rate increase.

International

bank of england

Article: The size-centrality relationship in production networks

August 19, 2022

The Bank of England has published a staff working paper titled “The Size-Centrality Relationship in Production Networks”.

Document: Firming price inflation

August 19, 2022

The Bank of England has released a staff working paper entitled “Firming up price inflation”.

UK Financial Conduct Authority

FCA warns Buy Now Pay Later companies against misleading ads

August 19, 2022

The Financial Conduct Authority has sent letters to the CEO to companies that offer Buy Now Pay Later (BNPL) products stating that, while some deals are unregulated, financial promotions of all BNPL products must adhere to financial promotion rules .

Administrative changes

Vacant jobs

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)
  • Vice President for Oversight Michael Barr (sworn in July 19, 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 nomination 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)
  • Statement by the Chairman of the Senate Banking Committee ahead of the confirmation vote for Michael Barr (July 13, 2022)
  • Statement by President Biden on confirming Michael Barr as Fed Vice Chairman (July 13, 2022)
  • Statement from CSBS President and CEO on Confirmation of Michael Barr as Vice President (July 14, 2022)
  • Michael S. Barr sworn in as Vice Chairman for Oversight of the Board of Governors of the Federal Reserve System (July 19, 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)

  • LizAnn Eisen joins Corporate Finance Division as Deputy Director of Disclosure Program (January 27, 2022)
  • Lori H. Price named acting director of Office of Credit Ratings; Ahmed Abonamah leaves the SEC (February 1, 2022)
  • Philadelphia Regional Office Director Kelly L. Gibson Leaves SEC; Scott Thompson and Joy Thompson named co-acting office directors (February 11, 2022)
  • Joint Statement by the Chairman and SEC Commissioners on the Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
  • CFTC Commissioner’s Statement on the Senate Confirmations of Mark Uyeda and Jaime Lizarraga (June 17, 2022)
  • Jaime Lizárraga sworn in as SEC commissioner (July 18, 2022)
  • Lori H. Price appointed Director of Credit Rating Bureau (August 12, 2022)

Small Business Administration – Isabella 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 Unions – 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)

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 plan, 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.