U.S. Financial Regulatory Week Ahead

Oct 18

There is No End to the Government Shutdown In Sight, the Senate Banking Committee holds a Prudential Regulator Hearing, the Fed Holds Its Payments Conference, and SIFMA and ABA hold their Annual Meetings

October 20 - 24, 2025

The federal government shutdown continues into its fourth week. Our assessment is that the shutdown will go on for another two to three weeks – perhaps longer – as there seems to be little incentive or energy in Congress to settle the funding dispute. And the House of Representatives remains out of session and will remain out until a deal is cut between Republicans and Democrats in the Senate.

But there are still several important events this coming week of importance to the markets. The most important being a hearing entitled “Rightsizing Regulation” in the Senate Banking Committee, where all the major prudential regulators will testify. The hearing seems to be a prelude to the much-discussed bank regulatory reform effort the Treasury Department has been discussing over the last few months. So, this hearing may be quite worthwhile to watch.

Also this week, SIFMA and the American Bankers Association are holding their annual meetings – SIFMA’s in Washington, D.C., and the ABA’s in Charlotte, North Carolina. SEC Chair Paul Atkins will headline the SIFMA event while Comptroller of the Currency Jonathan Gould will keynote the ABA meeting.

Looking back at last week, we note a speech Atkins gave at the University of Delaware’s John Weinberg Center for Corporate Governance’s 25th Anniversary Gala. Atkins revealed he has directed the SEC staff to review Rule 14a-8, the regulation that allows a company’s shareholders to request that a proposal be included in the company’s official proxy statement for shareholders to vote on.

Also, last week, as part of the 2026 SEC budget proposal, the Public Company Accounting Oversight Board (PCAOB) proposed a 20% cut to the salaries of its board members. Currently, the PBAOB Chair makes $637,000 a year (meanwhile, the President of the United States makes $200,000 a year).

Below is a listing of all the rest of the major regulatory events in the coming week. Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· Tuesday, October 21, 10:00 a.m. – The Senate Banking Committee’s Subcommittee on Housing, Transportation, and Community Development will hold a hearing entitled “Innovation in US Housing: Solutions and Policies for America’s Future.”

· Thursday, October 23, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Update from the Prudential Regulators: Rightsizing Regulation to Promote American Opportunity.” Testifying will be Michelle Bowman, Vice Chair for Supervision, Board of Governors of the Federal Reserve System; Travis Hill, Acting Chairman, Federal Deposit Insurance Corporation; Jonathan Gould, Comptroller, Office of the Comptroller of the Currency; and Kyle Hauptman, Chairman, National Credit Union Administration.

House of Representatives

· The House of Representatives is out of session. Speaker of the House Michael Johnson (R-LA) has stated the House will remain out until the government shutdown ends.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Tuesday, October 21, 8:00 a.m. – 3:45 p.m. – The Federal Reserve holds its Payments Innovation Conference in Washington, D.C.

· Tuesday, October 21, 9:00 a.m. – Federal Governor Christopher J. Waller will give opening remarks at the Federal Reserve Board’s Payments Innovation Conference, Washington, D.C

· Wednesday, October 22, 4:00 p.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial inclusion at the Crossing the Credit Barrier Conference hosted by the Federal Reserve Bank of St. Louis, St. Louis, Mo. (via pre-recorded video)

· Thursday, October 23, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

· Thursday, October 23, 10:25 a.m. – Federal Reserve Governor Michael Barr will give a speech on community investment at the Novogradac 2025 Fall New Markets Tax Credit Conference, New Orleans, Louisiana.

· Friday, October 24, 2:00 p.m. – The Federal Reserve Board of Governors will hold an Open Board Meeting. The Board will consider proposals to enhance the transparency and public accountability of the Board’s stress testing framework and request comments on the scenarios for the Board’s 2026 supervisory stress test.

U.S. Treasury Department

· Monday, October 20, 10:30 a.m. – Ken Kies, Assistant Treasury Secretary for Tax Policy and Acting IRS Chief Counsel, delivers remarks on "his career path, his experience with other major tax legislation, and the challenges of juggling the Assistant Secretary and Chief Counsel positions” at the American Bar Association’s 2025 Fall Tax Meeting in Washington, D.C.

Department of Commerce