Daily Financial Regulation Update — Saturday, September 3, 2022 | Paul Hastings LLP


Federal agencies

US Department of Treasury

OFAC issues updates on Russian oil price cap

September 2, 2022

The U.S. Department of Treasury’s Office of Foreign Assets Control has released updates regarding the G7 Finance Ministers’ statement confirming their joint intention to implement price caps on crude oil and petroleum products. Russian origin.

OFAC Amends Cybersecurity Sanctions Regulations and Associated Administrative List Updates

September 2, 2022

The U.S. Department of the Treasury Office of Foreign Assets Control amends and reissues the Cyber-Related Sanctions Regulations, 31 CFR part 578 in its entirety. This administrative action replaces the abbreviated regulations issued on December 31, 2015 with more comprehensive regulations. set of regulations that includes additional guidance on interpretation and definition, general licensing and other regulatory provisions that will provide additional guidance to the public.

Federal Reserve Board

Paper: Flows of bank deposits to money market funds and the use of overnight repos during monetary policy tightening

September 2, 2022

The Federal Reserve Board published an article entitled “Bank Deposit Flows to Money Market Funds and ON RRP Usage during Monetary Policy Tightening”.


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 the regulation on export controls.

bank of england

Statistics: External activities of monetary financial institutions operating in the United Kingdom – Q2 2022

September 2, 2022

The Bank of England has released statistics on the external activities of monetary financial institutions operating in the UK for the second quarter of 2022.

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)

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 Administration – Isabella Casillas Guzman (effective March 16, 2021)

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

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.


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