Every day Monetary Regulation Replace — Saturday, July 16, 2022 | Paul Hastings LLP

Congress

U.S. Senate

Committee on Small Enterprise and Entrepreneurship

Senators Ship Letter Urging SBA to Course of All Eligible COVID-19 Financial Harm Catastrophe Mortgage Functions

July 15, 2022

U.S. Senate Committee on Small Enterprise & Entrepreneurship Chair Ben Cardin (D-Md.) and U.S. Senators John Cornyn (R-Texas), Chris Van Hollen (D-Md.), and Roger Wicker (R-Miss.), together with 44 senators, in the present day despatched a letter to U.S. Small Enterprise Administration (SBA) Administrator Isabella Casillas Guzman urging the SBA to course of COVID-19 Financial Harm Catastrophe Mortgage purposes that have been obtained previous to the company’s Might 6, 2022 deadline.

Federal Companies

U.S. Division of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at G20 Excessive Stage Seminar

July 15, 2022

Secretary of the Treasury Janet L. Yellen gave remarks on the G20 Excessive Stage Seminar on macroeconomic coverage and strengthening world collaboration for tackling meals insecurity.

Federal Reserve Board

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

July 15, 2022

The Federal Reserve Board launched outcomes of a survey of senior monetary officers at banks about their methods and practices for managing reserve balances.

Industrial Manufacturing and Capability Utilization – G.17

July 15, 2022

The Federal Reserve Board printed the July 2022 G.17 Industrial Manufacturing and Capability Utilization with knowledge from June 2022.

Federal Reserve Financial institution of New York

U.S. Financial system in a Snapshot – July 2022

July 15, 2022

The Federal Reserve Financial institution of New York launched the July 2022 U.S. Financial system in a Snapshot.

Empire State Manufacturing Survey – July 2022

July 15, 2022

The Federal Reserve Financial institution of New York launched the July 2022 Empire State Manufacturing Survey.

Assertion on Compliance with the Worldwide Group of Securities Fee’s Rules for Federal Reserve Financial institution of New York Administered Reference Charges

July 15, 2022

The Federal Reserve Financial institution of New York up to date its Assertion of Compliance with the Worldwide Group of Securities Fee’s Rules for Monetary Benchmarks.

Report: Fragility of Secure Asset Markets

July 15, 2022

The Federal Reserve Financial institution of New York printed a workers report entitled, “Fragility of Secure Asset Markets.”

Report: A Bayesian Strategy for Inference on Probabilistic Surveys

July 15, 2022

The Federal Reserve Financial institution of New York printed a workers report entitled, “A Bayesian Strategy for Inference on Probabilistic Surveys.”

Federal Deposit Insurance coverage Company

FDIC Updates on Brokered Deposits

July 15, 2022

The Federal Deposit Insurance coverage Company (FDIC) is issuing an announcement, including a brand new Query and Reply, and updating public data on the Banker Useful resource Middle Brokered Deposits Web page, to remind FDIC-insured depository establishments (IDIs) that deposits swept from dealer sellers with a major goal exception to unaffiliated IDIs have to be reported as brokered if there are any further third events concerned that qualify as a deposit dealer.

FINRA

Investor Perception: Deferred Revenue Annuities: Plan Now for Payout Later

July 15, 2022

FINRA printed an Investor Perception entitled, “Deferred Revenue Annuities: Plan Now for Payout Later.”

Regulatory Discover: FINRA Amends the Code of Arbitration Process for Business Disputes to Align the Code With the Ending Compelled Arbitration of Sexual Assault and Sexual Harassment Act of 2021

July 15, 2022

Following the enactment of the Ending Compelled Arbitration of Sexual Assault and Sexual Harassment Act of 2021, FINRA amended the Code of Arbitration Process for Business Disputes to align the Code with the Act.

Worldwide

European Fee

Implementation of EU sanctions in opposition to Russia: Fee adopts proposal for “upkeep and alignment” package deal

July 15, 2022

The European Fee has adopted a joint Excessive Consultant-Fee proposal for a brand new package deal of measures to take care of and strengthen the effectiveness of the EU’s packages of sanctions in opposition to Russia.

Financial institution of England

Paper: What’s productive funding? Insights from firm-level knowledge for the UK

July 15, 2022

The Financial institution of England printed a workers working paper entitled, “What’s productive funding? Insights from firm-level knowledge for the UK.”

Paper: Hyperlinks between authorities bond and futures markets: dealer-client relationships and value discovery within the UK

July 15, 2022

The Financial institution of England printed a workers working paper entitled “Hyperlinks between authorities bond and futures markets: dealer-client relationships and value discovery within the UK.”

Financial institution of England Prudential Regulation Authority

Session Paper: Remuneration: Unvested pay, Materials Danger Takers and public appointments

July 15, 2022

The Financial institution of England Prudential Regulation Authority printed a session paper entitled, “Remuneration: Unvested pay, Materials Danger Takers and public appointments.”

Administration Modifications

Vacancies

Federal Deposit Insurance coverage Company

  • Chair – Vacant (Martin Gruenberg serves as Performing Chair)
  • Vice Chairman – Vacant

Workplace of the Comptroller of the Forex

  • Comptroller – Vacant (Michael Hsu serves as Performing Comptroller)

Appointments/Affirmation Hearings

U.S. Division of the Treasury – Janet Yellen (efficient January 26, 2021)

Federal Reserve Board – Jerome H. Powell (efficient Might 23, 2022)

  • Vice Chair Lael Brainard (sworn in Might 23, 2022)
  • Vice Chair Michael Barr (confirmed June 13, 2022)
  • Governor Phillip N Jefferson (sworn in Might 23, 2022)
  • Governor Lisa D. Prepare dinner (sworn in Might 23, 2022)
  • Assertion by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
  • Assertion by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in Might 23, 2022)
  • Secretary of the Treasury Janet L. Yellen Assertion on Federal Reserve Nominations (November 22, 2021)
  • Assertion by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
  • Brown Assertion on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
  • Toomey Assertion on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
  • Brown Applauds Biden’s Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
  • Brown Applauds Biden’s Nominees for Fed Board (January 14, 2022)
  • Toomey Assertion on President Biden’s Fed Nominees (January 14, 2022)
  • Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Prepare dinner, and Philip Jefferson to Management Roles within the Federal Reserve (January 14, 2022)
  • Assertion by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
  • Senate Banking Committee Chair Brown Assertion on Nomination of Dr. Lisa Prepare dinner (March 29, 2022)
  • Senate Banking Committee Rating Member Toomey Assertion on Nomination of Dr. Lisa Prepare dinner (March 29, 2022)
  • Senate Banking Committee Chair Brown Assertion on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
  • Senate Banking Committee Rating Member Toomey Assertion on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
  • Senate Banking Committee Chair Assertion on Senate Affirmation of Dr. Lisa Prepare dinner (Might 10, 2022)
  • Senate Banking Committee Rating Member Assertion on Senate Affirmation of Dr. Lisa Prepare dinner (Might 10, 2022)
  • Jerome H. Powell sworn in for second time period as Chair of the Board of Governors of the Federal Reserve System (Might 23, 2022)
  • Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (Might 23, 2022)
  • Lisa D. Prepare dinner sworn in as a member of the Board of Governors of the Federal Reserve System (Might 23, 2022)
  • Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (Might 23, 2022)
  • Senate Banking Committee Chair Assertion Forward of Affirmation Vote for Michael Barr (July 13, 2022)
  • President Biden Assertion on Affirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
  • CSBS President and CEO Assertion on Affirmation of Michael Barr as Vice Chair (July 14, 2022)

Federal Reserve Financial institution of New York – John C. Williams (efficient June 18, 2018)

Federal Deposit Insurance coverage Company – Martin Gruenberg (Performing Chair, appointed February 5, 2022)

Shopper Monetary Safety Bureau – Rohit Chopra (efficient October 12, 2021)

Securities and Change Fee – Gary Gensler (efficient April 17, 2021)

Small Enterprise Administration – Isabella Casillas Guzman (efficient March 16, 2021)

Commodity Futures Commerce Fee – Rostin Behnam (efficient December 17, 2021)

  • Kristin Johnson, Nominee for Commissioner of the Commodity Futures Buying and selling Fee (September 13, 2021)
  • Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Buying and selling Fee (September 13, 2021)
  • U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
  • CFTC Chairman Rostin Behnam Pronounces Government Employees Appointments (January 20, 2022)
  • CFTC Chairman Rostin Behnam Appoints Preliminary CFTC Management (January 25, 2022)
  • Assertion of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer season Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
  • CFTC Commissioner Pham Pronounces Preliminary Employees Appointments (April 22, 2022)
  • CFTC Commissioner Goldsmith Romero Pronounces Employees Appointments (April 27, 2022)
  • CFTC Commissioner Pham Pronounces Extra Employees Appointments (Might 13, 2022)
  • CFTC Commissioner Mersinger Pronounces Employees Appointments (Might 16, 2022)

Monetary Crimes Enforcement Community

Nationwide Credit score Union Administration – Todd M. Harper

U.S. Division of Housing and City Improvement – Marcia Fudge (efficient March 10, 2021)

Federal Housing Finance Company – Sandra L. Thompson, (confirmed Might 25, 2022)

U.S. Division of Training – Dr. Miguel Cardona (efficient March 2, 2021)

PH Shopper Alerts

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Laws/Legislative Updates

Click on right here to view the complete textual content of the Coronavirus Help, Reduction and Financial Safety Act (the “CARES Act”), Enacted March 27, 2020.

Click on right here to view the complete textual content of the Paycheck Safety Program Improve Act of 2020, Enacted April 24, 2020.

Click on right here to view the complete textual content of the Paycheck Safety Program Flexibility Act of 2020, Enacted June 5, 2020.

Click on right here to view the complete textual content of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.

Click on right here to view the complete textual content of the American Rescue Plan of 2021, Enacted March 11, 2021.

Click on right here to view the complete textual content of the PPP Extension Act of 2021, Enacted March 30, 2021.

Click on right here to view a operating listing of proposed laws from the Senate Committee on Banking, Housing, and City Affairs, Senate Committee on Small Enterprise and Entrepreneurship, Home Committee on Monetary Companies, and Home Committee on Small Enterprise.