Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
The Start of Week 5 of the Government Shutdown, President Trump has a New CFTC Chair Nominee, and, Aside From That, It’s Going to Be a Pretty Quiet Week
October 27 - 31, 2025
The Federal Government is entering its 5th week of being shut down. There is little movement in Congress that we can discern to figure out how to get a Continuing Resolution (CR) to fund the government and get the governmental engine running again.
At this point, we see only three key dates that could serve as a trigger for Congress to begin moving toward a deal. They are:
October 24 – This past Friday marked the first full paycheck date that federal employees (except military) will miss. This includes TSA Agents at airports and air traffic controllers (NOTE: We have been traveling in the last week and asking TSA Agents their thoughts, and it is clear we will soon start seeing them leaving their jobs for anything that gives them a paycheck – meaning, we will see significant slowdowns at airports).
November 1 – Likely early/mid next week, Open Enrollment for the Affordable Care Act (ACA) will begin, and it will show increasing annual insurance costs. Meaning, voters may become more focused and vocal on the issue Congressional Democrats are trying to force into the CR.
Late November – The House-passed Continuing Resolution expires on Nov. 21 (the Friday before Thanksgiving), and the fact that TSA workers will have missed more than a month of pay will likely result in departures of staff, causing significant delays at airports just before the Thanksgiving holiday.
Until then, there is not much going on with U.S. financial regulators. We would note that Travis Hill, the Acting Chair of the FDIC, will get his confirmation hearing this coming Friday. But only if the Senate Banking Committee holds the hearing. Last week, the Banking Committee was scheduled to hold an important hearing bringing together all the prudential regulators to talk about potential regulatory reform, but because of the shutdown, the hearing was cancelled.
Also, we would note that President Trump has nominated Mike Selig to the next Chair of the CFTC. Selig is currently the chief counsel for the Securities and Exchange Commission’s crypto task force in addition to advising SEC Chair Paul Atkins. He would replace Brian Quintenz as the nominee (as Quintenz’s nomination was somewhat mysteriously pulled by the White House just as he was about to get his confirmation hearing in the Senate Agriculture Committee).
Below are the few events we could find scheduled for the week ahead. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Thursday, October 30, 10:00 a.m. – The Senate Banking Committee holds a confirmation hearing to consider the nominations of the following individuals: Joseph Gormley to be President, Government National Mortgage Association, Department of Housing and Urban Development; Francis Cassidy to be Assistant Secretary, Department of Housing and Urban Development; Paul Hollis, to be Director of the Mint, Department of Treasury; Bryce McFerran, to be First Vice President, Export-Import Bank of the United States; and Travis Hill, to be Chairperson of the Board of Directors, Federal Deposit Insurance Corporation.
House of Representatives
· The House remains out of session until the Senate reaches a compromise on the federal budget continuing resolution.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday & Wednesday, October 28 – 29 – The Federal Reserve Board’s Federal Open Market Committee meets on the economy and interest rates. Fed Chair Jay Powell will hold a press conference at 2:00 p.m. on Wednesday.
· Thursday, October 30, 9:55 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a pre-recorded speech at the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· Tuesday, October 28, 3:20 p.m. – Comptroller of the Currency Jonathan Gould will discuss agency priorities and its influence on the future of banking and financial innovation at the Money 20/20 USA Conference in Las Vegas, Nevada.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Tuesday & Wednesday, October 28 & 29 – SIFMA holds its National Conference on the Securities Industry at New York Law School.
Think Tanks and Other Events
· Monday, October 27, 10:00 a.m. – The Brookings Institution holds an event entitled “What’s up with stablecoins after the GENIUS Act?”
· Wednesday & Thursday, October 29 - 30 – The American Enterprise Institute for Public Policy Research holds its 14th annual Housing Center Conference in Washington, D.C.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
A Government Shutdown Looms – And A Large Number of Federal Workers May be Fired, the SEC and CFTC Hold a Cooperation Roundtable, and the White House Seems To Be Looking for a New CFTC Chair
September 29 - October 3, 2025
Congress was out of session last week doing “home business” – meaning, back in their home states, talking to constituents and trying to let cooler heads prevail in hammering out a possible short-term funding deal to keep the federal government open.
The deadline is midnight Tuesday, and as of this writing, we would suggest there is an 80 percent chance a shutdown will happen. But what comes next appears unprecedented: The White House’s Office of Management and Budget has sent federal departments and agencies a memo outlining how they intend to fire large numbers of federal workers instead of furloughing them. Congressional Democrats absolutely do not want to see that happen and are now feeling pressure to cut a deal. But we do not see a deal coming together that quickly – so, this could be quite a big week for Washington.
While all this is going on, the Securities and Exchange Commission and Commodities Futures Trading Commission are holding a “Joint Roundtable on Regulatory Harmonization Efforts.” For those old, grizzled former SEC and CFTC officials (like me), this is a bit of a shock as the two agencies have held each other at arm’s length for, well, decades. The two regulators have resisted doing anything that could suggest “harmonization” between them because that could suggest a merger (there have been many battles have been fought over this idea over the last 40 years).
Looking at what we learned in the past week, there were numerous reports that the White House is now vetting Milbank, Tweed partner Josh Sterling to be the new CFTC Chair. It remains quite a mystery as to why the White House is backing away from Brian Quintenz as the nominee. Quintenz has already had his confirmation hearing before the Senate Agriculture Committee, and beyond the Winklevoss Twins apparently complaining about him to President Trump, there have been no real complaints or problems with his nomination.
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, September 30, 10:30 a.m. – The Senate Banking Committee will consider the nominations of Benjamin Hobbs and Ronald Kurtz to both be Assistant Secretaries of Housing and Urban Development, Chris Pilkerton to be Assistant Secretary for Investment Security, and Jonathan Burke to be Assistant Secretary for Terrorist Financing, both of the Department of the Treasury.
Wednesday, October 1, 10:00 a.m. – The Senate Finance Committee will hold a hearing to examine how to tax digital assets.
House of Representatives
The House of Representatives may or may not be out of session this week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Monday, September 29, 7:30 a.m. EST – Federal Reserve Board Member Christopher Waller will give a speech on payments at the Sibos 2025 Conference in Frankfurt, Germany.
Monday, September 29, 8:00 a.m. – Cleveland Federal Reserve Bank President Beth Hammack participates in a policy panel before the hybrid "Inflation: Drivers and Dynamics Conference 2025" hosted by the European Central Bank (ECB), the Center for Inflation Research, and the Federal Reserve Bank of Cleveland.
Monday, September 29, 1:30 p.m. – St. Louis Federal Reserve Bank President Alberto Musalem speaks before the event, "The Past, Present and Future of the Federal Reserve".
Monday, September 29, 1:30 p.m. – New York Federal Reserve Bank President John Williams participates in a conversation organized by the Rochester Institute of Technology.
Monday, September 29, 6:00 p.m. – Atlanta Federal Reserve Bank President Raphael Bostic moderates a conversation on Atlanta's economy, air travel, and leadership as part of the Atlanta Fed Leading Voices Series.
Tuesday, September 30, 6:00 a.m. EST – Federal Reserve Board Vice Chair Philip Jefferson will give a speech on Monetary Policy Frameworks and the US Economic Outlook at the Bank of Finland International Monetary Policy Conference in Helsinki, Finland.
Tuesday, September 30, 12:30 p.m. -- Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Federal Reserve Bank of Chicago Midwest Agriculture Conference: Midwest Agriculture and Trade Uncertainty.
Tuesday, September 30, Noon – Boston Federal Reserve Bank President Susan Collins makes remarks at the Council on Foreign Relations’ C. Peter McColough Series on International Economics in New York.
Thursday, October 2, 6:10 p.m. – Dallas Federal Reserve Bank President Lorie Logan participates in a moderated conversation before the UT Evolving Energy and Policy Landscape Conference.
Friday, October 3, 6:05 a.m. EST -- New York Federal Reserve Bank President John Williams gives a keynote before the Klaas Knot Farewell Symposium organized by De Nederlandsche Bank (DNB)
Friday, October 3, 1:40 p.m. – Federal Reserve Vice Chair Philip Jefferson will give a speech on the US Economic Outlook and the Fed’s Monetary Policy Framework at the Drexel Economic Forum in Philadelphia, Pennsylvania.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Tuesday, September 29, 1:00 p.m. – 5:30 pm. – The SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts takes place at SEC Headquarters in Washington, D.C.
Commodities Futures Trading Commission
Tuesday, September 29, 1:00 p.m. – 5:30 pm. – The SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts takes place at SEC Headquarters in Washington, D.C.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Small Business Administration
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
There are no significant events scheduled at this time.
Think Tanks and Other Events
There are no significant events scheduled at this time.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The White House Releases Digital Financial Technology Report, Fed Governor Kugler Steps Down, the SEC Takes a Road Trip While the Rest of Washington Goes on Vacation
August 4 - 8, 2025
Congress is gone until early September, and lawyers, lobbyists, and public affairs experts are streaming out of the Capital for vacation. There is not a lot going on this week in the financial regulatory space other than Federal Reserve Vice Chair for Supervision Michelle Bowman speaking at the Kansas Bankers Association.
But last week ended up being a blockbuster of regulatory activity before vacations started. First, the White House released its long-awaited report “Strengthening American Leadership in Digital Financial Technology.” The report is chock-full of orders for the SEC and CFTC to begin the process of further refining the crypto regulatory world and recommendations for Congress to move on legislation.
The report came on the heels of a major speech by SEC Chair Paul Akins launching a new initiative at the SEC seeking to update the financial markets and its structure. Dubbed “Project Crypto” the overall will touch all aspects of the financial markets the SEC regulates.
But we also saw at the CFTC another setback for Chair-nominee Brian Quintenz’s confirmation – this time being the White House asking the Senate Agriculture Committee to hold up on a committee confirmation vote for unexplained reasons. A variety of wild reasons are being pointed to being the cause ranging from the Winklevoss twins complaining about Quintenz to President Trump to forces inside leading emails putting Quintenz in a bad light (the best read-out of the situation can be found in July 31 edition of Capitol Account – still by the far the best in-depth regulatory source you can find out there.). Whatever the reason, Quintenz is not likely going to get confirmed until late September or sometime in October at the earliest.
Also last week, Federal Reserve Board Governor Adriana Kugler announced her intention to step down from the Fed five months early. This gives President Trump the opportunity to put one more friendly vote on the Fed. What we are waiting for is to see if another Fed Governor steps down soon, too. We have reason to believe another has raised his hand inside the Fed to Chair Jay Powell. When that resignation comes, we do not know. But it is coming.
As we said above, there really is not much going on this week in Washington, as you can see below. We hope you have a great week.
U.S. Congressional Hearings
U.S. Senate
· The Senate is out of session for the August recess and will return on September 1.
House of Representatives
· The House is out of session for the August recess and will return on September 2.
Federal Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Wednesday, August 6, 2:00 p.m. – Federal Reserve Board Governor Lisa D. Cook gives a speech on the U.S and Global Economy at A Central Bank Perspective on the Evolving Global Landscape Conference (virtual). Boston Federal Reserve President Susan Collins will also speak.
· Thursday, August 7, 10:00 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic's takes part in a virtual fireside chat during a session with the Florida Institute of CFOs.
· Saturday, August 9, 12:15 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will speak at the Kansas Bankers Association (KBA) CEO and Senior Management Summit and Annual Meeting, Colorado Springs, Colorado.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· August 4 – December 5 – The SEC’s Crypto Task Force begins holding regional roundtables around the country to hear from representatives of crypto-related projects that have 10 or fewer employees and are less than two years old.
· Thursday, August 7, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The White House Puts a Hold on Quintenz Confirmation Vote, NCUA Democrat Board Members Back On… and Then Back Off, and Housing Policy Moves into Focus
July 28 - August 1, 2025
It’s going to be a quiet week in Washington. The House of Representatives began its traditional August recess last week, and the Senate is expected to leave at the end of this week—though they may stick around longer at President Trump’s request to address the confirmation backlog. As you can see from the calendar below, things are winding down in D.C. as everyone heads off for much-needed summer vacations.
But as the Senate works to clear that nominee backlog, one name has been held back yet again: the Senate Agriculture Committee once more decided at the last minute not to bring up Commodity Futures Trading Commission Chair nominee Brian Quintenz for a confirmation vote. Interestingly—and concerning for the future of Quintenz’s nomination—it was the White House that weighed in this morning, with no explanation, and asked Agriculture Committee Chair John Boozman (R-AR) to delay the vote. That means Quintenz won’t get a committee vote until at least September.
Meanwhile, a federal appeals court reinstated two Democratic members of the Federal Credit Union Administration who had been fired by President Trump. However, any hope of their return was short-lived: the D.C. Circuit Court of Appeals issued an emergency order overruling the decision and blocking their reinstatement. This case is clearly headed to the Supreme Court, though it’s unclear when that will happen.
In another development, a federal appellate court on Friday struck down a Securities and Exchange Commission (SEC) order that would have required brokers to help fund the massive Consolidated Audit Trail (CAT) database used by regulators. Championed by then-SEC Chair Gary Gensler, the plan was rejected by the court, which said the SEC had not “adequately justified its choices” or conducted a sufficient economic analysis.
In the Senate, a bipartisan group of lawmakers introduced legislation aimed at increasing private investment in affordable housing and other community development projects. Led by Senate Banking Committee Chair Tim Scott (R-SC), the Community Investment and Prosperity Act will receive close scrutiny this fall.
Congress also received a notable report last Thursday from the Congressional Budget Office (CBO) on the potential impact of releasing mortgage giants Freddie Mac and Fannie Mae from government control. The report indicates that while returning the companies to public ownership would generate some budgetary savings, it would also result in costs—mainly because the federal government would no longer receive income from their earnings. You can read the report HERE. Re-floating the two GSEs is a priority for President Trump and has gained traction on Capitol Hill in recent months, along with many supporters on Wall Street.
Below are the meetings and events of note happening in Washington this week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, July 29, 10:00 a.m. – The Senate Banking Committee will go into Executive Session to consider the ROAD to Housing Act 2025. You can read about the legislation HERE.
Wednesday, July 30, 10:00 a.m. – The Senate Banking Committee’s Securities, Insurance, and Investment Subcommittee holds a hearing entitled “Guardrails and Growth: AI’s Role in Capital and Insurance Markets.”
House of Representatives
The House is out of session for the August recess and will return on September 2.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
The Federal Open Market Committee will meet on Tuesday and Wednesday to consider interest rates. Federal Reserve Board Chair Jay Powell will hold a press conference at 2:30 p.m. on Wednesday.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Thursday, July 31, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
National Credit Union Administration
Thursday, July 31, 12:00 p.m. – National Credit Union Administration Chair Kyle Hauptman speaks at the Women in Housing and Finance.
Federal Trade Commission & Department of Justice Antitrust Division
Thursday, July 31, 1:00 p.m. – The FTC will hold a Consumer Protection and Older Adult Roundtable.
Farm Credit Administration
There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Small Business Administration
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
Wednesday, July 30 – The Institute for International Finance holds its 2025 Tax Conference in New York.
Thursday, July 31, 12:00 p.m. – National Credit Union Administration Chair Kyle Hauptman speaks at the Women in Housing and Finance.
Think Tanks and Other Events
Tuesday, July 29, 7:30 a.m. – Axios holds a discussion on "Opening Doors: Expanding Pathways to Homeownership."
Tuesday, July 29, 11:00 a.m. – The Brookings Institution will hold a virtual event entitled “Unpacking the consequences of the new US tax and budget legislation.”
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
The Fed Votes to Move Ease Rating Requirements for “Well Managed” Banks, Just as the Renovation and Bee Controversy Heats Up, Gould Gets Confirmed as Comptroller, and Two Major Crypto Bills Make Major Strides
July 14 - 18, 2025
It may be the middle of summer in Washington, but it remains a busy time here in the nation’s capital for Congress and regulators.
On Tuesday, the House of Representatives is poised to pass two major pieces of legislation and send one of them to President Trump’s desk to be signed into law. The first bill will regulate so-called Stable Coins. President Trump has indicated he will sign the legislation. The second bill would create a crypto market structure bill and will be sent to the Senate.
The House Financial Services Committee is holding more hearings this coming week, looking at the impact of Dodd-Frank, which was passed into law 15 years ago. Talking to Congressional staff, it is all part of a prelude to likely new deregulatory legislation in the coming months. It also provides some cover to the SEC and CFTC to look at deregulatory moves, as well.
Meanwhile, the Senate confirmed Jonathan Gould as Comptroller of the Currency last week and is getting ready for a confirmation hearing for Travis Hill as the next Chair of the Federal Deposit Insurance Corporation (FDIC).
As all this was happening, the Federal Reserve voted last week to move forward with a proposed regulation adjusting the supervisory rating framework, something that is likely to make it easier for banks to merge. Currently, any bank that loses its “well-managed” status can be limited in its ability to undertake certain activities, such as mergers and acquisitions, as well as in investing in other companies involved in certain financial activities.
But that was the good news out of the Fed for the week. Fed Chair Jay Powell continues to be under growing fire for an ongoing renovation of the Federal Reserve headquarters. More Republican members of Congress and supporters of President Trump are beginning to argue the supposed mismanagement of the project, which reportedly includes lavish remodeling of the headquarters and the building of beehives on the Fed grounds, as a “cause” for which President Trump can fire Powell. We are dubious it will get to that point and believe it is all part of a larger effort to pressure Powell to move on lowering interest rates at the next Federal Open Market Committee meeting.
Below are the meetings and events happening this week in Washington of note:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, July 15, 3:00 p.m. – The Senate Agriculture Committee holds a hearing entitled “Stakeholder Perspectives on Federal Oversight of Digital Commodities.’
House of Representatives
· Tuesday, July 15, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead” You can read the Committee Staff Background Memo HERE.
· Wednesday, July 16, 9:00 a.m. – The House Ways and Means Oversight Subcommittee holds a hearing on "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century."
· Wednesday, July 16, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions holds a hearing entitled “U.S. Policy on Investment Security.”
· Wednesday, July 16, 2:00 p.m. – The House Agriculture General Farm Commodities. Risk Management, and Credit Subcommittee holds a hearing on "Financing Farm Operations: The Importance of Credit and Risk Management.
· Wednesday, July 16, 2:00 p.m. – The House Financial Services Committee’s Housing and Insurance Subcommittee holds a hearing on "HOME 2.: Modern Solutions to the Housing Shortage."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday, July 15 - The Federal Reserve holds its Unleashing a Financially Inclusive Future Conference in Washington, D.C.
· Tuesday, July 15, 9:15 a.m. – Federal Reserve Vice Chair for Supervision Michelle Bowman will give remarks at the Federal Reserve Board's Second Annual Financial Inclusion Conference (via pre-recorded video).
· Tuesday, July 15, 12:45 p.m. – Federal Reserve Board Governor Michael Barr will give a speech entitled “expanding financial inclusion” at the Federal Reserve Board's Second Annual Financial Inclusion Conference, Washington, D.C.
· Wednesday, July 16, 9:15 a.m. – Cleveland Federal Reserve Bank President Beth Hammack speaks on "Community Development" before the Cuyahoga County Community College Corporate College 20th Anniversary Celebration Business Breakfast.
· Wednesday, July 16, 10:00 a.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial regulation at the Brookings Institution in Washington, D.C.
· Wednesday, July 16, 6:30 p.m. – New York Federal Reserve Bank President John Williams gives keynote before the New York Association for Business Economics (NYABE) Distinguished Speaker Series.
· Thursday, July 17, 10:00 a.m. – Federal Reserve Board Governor Adriana Kugler will give a speech entitled “A view of the Housing Market and U.S. Economic Outlook” at the Housing Partnership Network Symposium in Washington, D.C.
· Thursday, July 17, 1:30 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech at the National Bureau of Economic Research Summer Institute (virtually).
· Thursday, July 17, 6;30 p.m. – Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the Money Marketeers Event in New York.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Thursday, July 17, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· Tuesday, July 15, 10:00 a.m. – The FDIC Board will meet in open session. The agenda includes a proposed amendment to FDIC Guidelines for Appeals of Material Supervisory Determinations; Notice of Proposed Rulemaking regarding Adjusting and Indexing Part 363 and Certain Other FDIC Regulatory Thresholds; Request for Information regarding Industrial Banks and Industrial Loan Companies and Their Parent Companies. Additionally, the Board will vote on a Notice of Proposed Rulemaking regarding Community Reinvestment Act Regulations, a Notice of Proposed Rulemaking regarding Establishment and Relocation of Branches and Offices, a Notice regarding Parent Companies of Industrial Banks and Industrial Loan Companies; Withdrawal of Proposed Rule, and a Notice regarding Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Thursday, July 17 – The American Bankers Association holds its Women Lead Symposium (virtual).
Think Tanks and Other Events
· Wednesday, July 16, Noon – The Exchequer Club of Washington, D.C. will host Senator Elizabeth Warren (D-MA) as their luncheon speaker.
· Thursday, July 17, 11:30 a.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda” with House Financial Services Committee’s Ranking Democrat, Representative Maxine Waters (D-CA).
Recommended Reading
AI’s role in credit is growing, are things moving too fast? Federal Reserve Bank of Boston The Future of Finance Podcast
People in the credit business are starting to see just how much AI can do for them. It can improve profits and lower defaults. It can predict demand for new services. It can see past credit scores and comprehensively assess lending risks. That’s why AI’s role in credit is only going to get bigger going forward. Some people are very excited about that. And some are very worried. AI will lie unless you tell it not to. It will collude on pricing with other AI. Experts say those are a couple reasons why we need to proceed with caution and better understand potential hazards. For additional background on this subject, read an outline of the keynote speech at the 68th Economic Conference by UC-Berkeley professor Adair Morse, “AI Innovation for Credit: Frontiers of Benefits & Red Flags.” Watch a recording of the speech.
Reporting FinCEN’s Suspicious Activity, Again Cato Institute
The Financial Crimes Enforcement Network (FinCEN) has released its 2024 “Year in Review” report, and things are not looking good. Once again, the agency has highlighted lackluster statistics in an attempt to justify financial surveillance in the United States. Let’s start at the top and work our way down. Under the Bank Secrecy Act, banks and other financial institutions are required by law to report customers under certain circumstances. According to FinCEN, more than 27.5 million reports were filed in 2024 (Table 1). That’s roughly 75 thousand reports a day.
Banking Analytics: The Growing Connection between Bank and Nonbank Sectors Federal Reserve Bank of St. Louis
In the first quarter of 2025, U.S. banks held $1.14 trillion in loans outstanding to the nonbank financial sector. This sector consists of nondepository financial institutions (NDFIs), which engage in credit intermediation, asset management, market-making and other financial services in the economy. This interconnectedness between banks and nonbanks adds an extra layer of intermediation, as banks lend to mortgage companies, insurance companies, investment funds (such as mutual funds, money market funds, hedge funds and private capital funds), pension funds, broker-dealers, securitization vehicles and other financial entities, which then lend directly to end users in the economy.
Please let us know if you have any questions or would like to be added to our email distribution list.
The U.S. Financial Regulatory Week Ahead
June 23 - 27, 2025
Fed Chair Powell Testifies Before Congress, The Fed and FDIC Vote ON a Revised Leverage Ratio Proposal, and the SEC Holds A Roundtable on Executive Compensation
The Federal Reserve is going to be a beehive of activity next week. Fed Chair Jay Powell testifies before the House Financial Services Committee and then the Senate Banking Committee on monetary policy. Powell is likely to get a good share of questions about the future of bank regulation in those hearings, particularly about the Fed’s (and the FDIC’s) upcoming review and vote on Wednesday on the leverage ratio for banks. The proposal will reduce the capital buffer by up to 1.5 percent for the biggest banks.
Additionally, Fed Governors Michael Barr and Adriana Kugler will be appearing at the Kansas City Fed and then the Cleveland Fed for their annual “Fed Listens” events. Again, bank regulation is likely to be a major topic.
All this Fed action will be capped on Friday at 4:30 p.m. when the results of bank stress tests are released.
The overall future of financial regulation will also be the topic of a Brookings Institution event his week where House Financial Services Committee Chair French Hill (R-Ark) will discuss his plans for the committee policy-wise.
All this comes after a number of major legislative and regulatory moves this past week. As expected, the Senate passed the GENIUS Act, the first crypto regulatory framework bill to pass the Senate. We expect the House to pass it sometime later this summer. President Trump praised the legislation and urged the House to move quickly to hold a vote.
SEC Chair Paul Atkins, as expected, announced he was withdrawing 14 proposed rules that had been proposed by then-SEC Chair Gary Gensler. The proposed rules ranged from crypto regulation to climate disclosure to regulation and disclosure around the use of artificial intelligence.
The SEC will keep up the busy pace this week when it hosts a Roundtable on Executive Compensation – a prelude to likely new proposals scaling back executive compensation disclosure.
Finally, we would note that Elon Musk is not totally finished with Washington. The Financial Times reported this past week that users of X (Twitter) will “soon” be able to make investments or trades using the social media platform. Additionally, the company is exploring creating “X credit and X debit cards.” The FT says this is all part of Musk’s efforts to build an “everything app.” Welcome to the world of Washington financial regulation, Mr. Musk!
Below is everything we could find happening this week in Washington among the regulators:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, June 24, 3:00 p.m. – The Senate Banking Committee’s Subcommittee on Digital Assets holds a hearing entitled Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.
· Wednesday, June 25, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled The Semiannual Monetary Policy Report to Congress. Federal Reserve Board Chair Jay Powell will testify.
House of Representatives
· Tuesday, June 24, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled The Federal Reserve’s Semi-Annual Monetary Policy Report. Federal Reserve Board Chair Jay Powell will testify.
· Wednesday, June 25, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Reassessing Sarbanes-Oxley: The Cost of Compliance in Today’s Capital Markets.
· Thursday, June 26, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight & Investigations holds a hearing entitled From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Sunday, June 22, 11:15 a.m. PST – San Francisco Federal Reserve Bank President Mary Daly participates in a monetary policy insights panel before the Western Economic Association International 100th Annual Conference.
· Monday, June 23, 3:00 a.m. EST/3:00 p.m. Prague Time – Federal Reserve Board Governor Christopher J. Waller gives opening remarks at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.
· Monday, June 23, 10:00 a.m. Prague Time – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on monetary policy and banking at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.
· Monday, June 23, 2:30 p.m. – The Federal Reserve Bank of New York holds a virtual discussion with business and community leaders on "the effects that labor market conditions, inflation, and interest rates have on them.” The event is being hosted by SUNY Schenectady Community College. New York Fed President John Williams will speak along with Federal Reserve Board Governor Adriana Kugler.
· Monday, June 24, 12:10 p.m. Central Time – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Milwaukee Business Journal Mid-Year Outlook 2025.
· Tuesday, June 24, 8:15 a.m. Central Time – Cleveland Federal Reserve Bank President Beth Hammack speaks on monetary policy before the Barclays-CEPR Monetary Policy Forum 2025.
· Tuesday, June 24, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the House Financial Services Committee.
· Tuesday, June 24, 2:00 p.m. – Boston Federal Reserve Bank President Susan Collins speaks before the “State of the Nation's Housing 2025" event hosted by the Federal Reserve Bank of Boston.
· Tuesday, June 24, 4:00 p.m. – The Federal Reserve Bank of Kansas City holds a virtual discussion on "the current state of the agricultural economy and future prospects, part of its "Fed Listens" series. Speakers will include Federal Reserve Board Governor Michael Barr and Jeff Schmid, President and CEO of the Federal Reserve Bank of Kansas City.
· Wednesday, June 25, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the Senate Banking Committee.
· Wednesday, June 25, 2:00 p.m. – The Federal Reserve holds a meeting "to discuss proposed revisions to the Board's supplementary leverage ratio standards."
· Thursday, June 26 & 27 – The Federal Reserve Bank of Cleveland holds its 2025 Policy Summit, beginning at 9 a.m., with the theme "Building Strong and Sustainable Communities.” Cleveland Fed President Beth Hammack will give opening remarks. Federal Reserve Board Governor Michael Barr will speak on June 26th. Governor Lisa Cook will speak on June 27 at 9:15 a.m.
· Thursday, June 26, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on the economy before the New York Association for Business Economics.
· Friday, June 27, 10:00 a.m. Basel Time – New York Federal Reserve Bank President John Williams moderates a session featuring keynote remarks from Professor Carmen Reinhart at the 24th Bank of International Settlements Annual Conference.
· Friday, June 27, 4:30 p.m. – The Federal Reserve releases the results of bank stress tests.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
Securities and Exchange Commission
· Thursday, June 26, 10:00 a.m. – The SEC will hold a Closed Meeting.
· Thursday, June 26, 1:00 p.m. – The SEC hosts a Roundtable on Executive Compensation Disclosure Requirements.
Commodities Futures Trading Commission
· Monday, June 23, 7:30 p.m. UK Time – Acting Chairman Caroline D. Pham will receive an award and deliver remarks at the UK House of Lords “100 Impact Leaders” Dinner and Award.
· Thursday, June 26, 1:10 p.m. UK Time – Acting Chairman Caroline D. Pham to participate in a fireside chat at the Citi Institute Future of Finance Forum in London.
Federal Deposit Insurance Corporation
· Thursday, June 27, 10:00 a.m. – The FDIC board will meet. They are scheduled to vote on the leverage ratio proposal.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· Monday, June 23, 1:30 p.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda." House Financial Services Committee Chair French Hill (R-Ark) will speak.
· Tuesday, June 24, 2:00 p.m. – The Cato Institute holds a policy forum entitled “Removing Barriers to Capital Formation.”
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The U.S. Financial Regulatory Week Ahead
A Quiet Week in Washington, The Senate Gets Set to Pass the GENIUS Act but Also Blocks An Effort to Bar Fed Paying Interest Rates on Bank Reserves, and SEC Chair Atkins Staffs Up
June 16 - 20, 2025
The Juneteenth holiday on Thursday, the Federal Reserve’s Open Market Committee meetings on Tuesday and Wednesday, and the House of Representatives being out of session this week have ensured it will be a very quiet week in Washington.
But the Senate is in session, and they are feverishly working away at trying to hammer out their version of the One Big Beautiful Bill Act (OBBA). The Senate Finance Committee is expected to release the tax portion it has drafted, and we will all be watching for any changes that impact investment vehicles, such as pass-throughs and investment savings accounts.
Also this week, the Senate is likely to pass the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) on Tuesday, aimed at giving the crypto industry legal and regulatory clarity. Passage in the House is likely in the coming months.
Looking at what happened last week and staying with the US Senate, it was interesting to see Senate Republicans block an effort by Senator Ted Cruz (R-TX) to move legislation that would bar the Federal Reserve from paying interest on reserves to banks as a way to help pay for OBBA. Cruz argued that doing so would cut $1.1 trillion from the federal budget over ten years. The proposal sent minor waves of panic through the banking community but was quickly snuffed out by Senate Banking Committee Chair Tim Scott (R-SC).
Also this past week, SEC Chair Paul Atkins announced a number of senior appointments. Among those named are Akin Gump partner Brian Daly to serve as the new Director of the Investment Management, Jamie Selway, a partner at Sophron Advisors, to serve as Directo of Trading and Markets, Kurt Hohl as the Chief Accountant, and Erik Hotmire as Chief External Affairs Officer and Director of the Office of Public Affairs.
Other than two speeches by Housing and Urban Development Secretary Scott Turner (who may speak about the future of Freddie Mac and Fannie Mae), there really is not much going on this week. Below is everything we could find happening:
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· The House of Representatives is out of session this coming week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday & Wednesday, June 17 & 18 -- The Fed’s Open Market Committee meets on interest rates.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· Thursday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.
Securities and Exchange Commission
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· Tuesday, June 17 , 2:00 p.m. – The Brookings Institution will hold an event entitled “Beyond profit: How blockchain technology can be used for the public good.”
· Wednesday, June 18, 9:00 a.m. – 5:00 p.m. – the Bipartisan Policy Center’s 2025 Terwilliger Center Summit on Housing Supply Solutions takes place in Washington, D.C. U.S. Housing and Urban Development Secretary Scott Turner will speak, as will a number of US senators, mayors, and CEOs.
· Wednesday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.
Recommended Reading
· Bloomberg: Banks Want Staff Back at the Office. There Aren’t Enough Desks — HSBC and JPMorgan are among lenders taking extra space to deal with shortages.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
Bowman Sworn in as Fed Vice Chair, House Financial Services Committee Readies Package of Banking Bills, and the Senate Banking Committee’s Controversial Reconciliation Provisions
June 9 - 13, 2025
The big news of the week is Michelle Bowman was confirmed Wednesday by the U.S. Senate as the new Federal Reserve Vice Chair for Supervision. Bowman, a former community banker, wasted no time, giving her first speech Friday outlining her priorities in a speech entitled “Taking a Fresh Look at Supervision and Regulation.” Bowman made clear in the speech that she is deeply focused on encouraging regulatory tailoring, undertaking a strategic reevaluation of bank capital requirements, reviewing a host of regulations and rules passed in the last administration by her predecessor, and streamlining the review process for bank mergers and de novo applications.
Meanwhile, there has been and will be this coming week a lot of action in Congress. This past Wednesday, the Senate Banking Committee offered up a number of provisions in a bid to help pay for H.R. 1, the One Big Beautiful Bill Act (OBBBA) – otherwise known as the Reconciliation bill. But what the committee provided – totally a little over $1 billion in possible budget savings – may not pass muster with the Senate Parliamentarian as it appears a number of the provisions do not meet the strict rules for what can be included in a Reconciliation bill.
What Senate Banking offer includes changing the Federal Reserve employees’ pay scale, zeroing out the entire budget of the Consumer Financial Protection Bureau (CFPB), dissolving the Public Company Accounting Oversight Board (PCAOB) and folding its functions into the SEC, and getting rid of the Treasury Department’s Office of Financial Research. We will likely know in the coming week what the Parliamentarian decides.
This coming week in the Senate, the Senate Agriculture Committee will finally hold a confirmation hearing for Brian Quintenz to serve as Chair of the Commodities Futures Trading Commission (CFTC). Quintenz was nominated months ago, but for a variety of reasons, his confirmation hearing was held up.
And Treasury Secretary Scott Bessent and Housing and Urban Development Secretary Scott Turner will testify before the Senate Appropriations Committee on Thursday on their respective departments’ 2026 budget requests.
Also this week, the House Financial Services Committee will hold a markup hearing for eight pieces of legislation, mainly focused on securities regulation. Committee Chair Representative French Hill (R–AR) has been wanting to move on his recently introduced crypto market structure bill, and we believe he will likely seek a mark-up on that bill the week after next.
Finally, we would note that this past Wednesday, Treasury Secretary Scott Bessent held a Financial Stability Oversight Council (FSOC) meeting (we cannot find any notice of the meeting being sent around beforehand). According to the read-out of the meeting,
“Council members heard updates from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) on their efforts to enhance their supervisory and regulatory frameworks and to focus bank supervision on material financial risks. Members also discussed their continued collaboration to facilitate support for economic growth by banks and other financial institutions.
Additionally, the Council received a briefing by Treasury staff on the work of the President’s Working Group on Digital Asset Markets. The Chairman of the Securities and Exchange Commission (SEC) and the Acting Chairman of the Commodity Futures Trading Commission also provided updates on their agencies’ recent actions. The speakers discussed ongoing efforts to promote U.S. leadership in digital assets and financial technology and to provide greater regulatory clarity and certainty to digital asset markets.
The Council also received a presentation from FDIC, OCC, and Federal Housing Finance Agency staff on commercial real estate (CRE). The presentation noted stabilization across CRE sectors despite some continued headwinds in the office and multifamily segments. It also described actions taken by supervisors to mitigate CRE risks at their regulated institutions in recent years.
In addition, the Council heard an update by Treasury, SEC, and Office of Financial Research staff on market developments related to corporate credit, including the continued growth of private credit. The presentation noted that corporate fundamentals remain solid, although firms with lower credit ratings, higher leverage, and a greater share of floating-rate liabilities are more exposed to potential challenges. Council members discussed ways in which private credit can promote investment and access to capital, as well as potential vulnerabilities that warrant continued monitoring.”
Finally, we note that the Brookings Institution is holding a day-long conference on the history of bank supervision in the United States - “The History of Bank Supervision in America and the Road Ahead.” There are a number of excellent scholars and former regulators speaking and it should be quite interesting.
Below are the other regulatory events we are watching in the coming week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, June 10, 3:00 p.m. – The Senate Agriculture Committee will hold a confirmation hearing for Brian Quintenz to be the next Chair of the Commodities Futures Trading Commission.
Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Financial Services and General Government will hold a hearing on the Fiscal Year 2026 U.S. Treasury Department Budget Request. Treasury Secretary Scott Bessent will testify.
Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development will hold a hearing on the Fiscal Year 2026 U.S. Department of Housing and Urban Development Budget Request. HUD Secretary Scott Turner will testify.
Thursday, June 12, 10:00 a.m. – The Senate Banking Committee will hold a nomination hearing for Ben DeMarzo to be Assistant Secretary for the Department of Housing and Urban Development, Craig Trainor to be Assistant Secretary for the Department of Housing and Urban Development, Jovan Jovanovic to be Chairman of the Export-Import Bank, Francis Brooke to be the Assistant Secretary at the Department of the Treasury; and David Peters to be Assistant Secretary, at the Department of Commerce.
House of Representatives
Tuesday, June 10, 10:00 a.m. – The House Financial Services Committee will mark-up eight separate pieces of legislation. These include:
H.R. 225, the HUD Transparency Act of 2025
H.R. 2808, the Homebuyers Privacy Protection Act
H.R. 2835, the Small Bank Holding Company Relief Act
H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act of 2025
H.R. 3645, the Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act
H.R. 3672, the Securities Research Modification Act
H.R. 3709, the Advancing the Mentor-Protégé Program for Small Financial Institutions Act
H.R. 3716, the Systemic Risk Authority Transparency Act
Thursday, June 12, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, & International Financial Institutions will hold a hearing entitled “Evaluating the Defense Production Act.”
Thursday, June 12, 2:00 p.m. – The House Financial Services Committee’s Housing and Insurance Subcommittee holds a hearing on "Housing in the Heartland: Addressing Our Rural Housing Needs."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no speeches or events scheduled at this time as it is within the two-week “Blackout Period” in advance of the Fed’s Open Market Committee meetings on June 17-18.
U.S. Treasury Department
· Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Financial Services and General Government will hold a hearing on the Fiscal Year 2026 U.S. Treasury Department Budget Request. Treasury Secretary Scott Bessent will testify.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development will hold a hearing on the Fiscal Year 2026 U.S. Department of Housing and Urban Development Budget Request. HUD Secretary Scott Turner will testify.
Small Business Administration
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, June 9, 1:00 p.m.—The SEC holds its Crypto Task Force Roundtable entitled “Spring Sprint Toward Crypto Clarity” at the SEC Headquarters. SEC Chair Paul Atkins and the other four SEC Commissioners will attend and speak.
· Wednesday, June 11, 11:00 a.m. – The SEC, in conjunction with the CFTC, the US Secret Service, and the FBI, will hold an event to highlight World Elder Abuse Awareness Day.
· Wednesday, June 11, 1:00 p.m. – The SEC will hold an Open Meeting to consider action relating to the compliance date for the amendments to Form PF that were adopted on February 8, 2024.
Commodities Futures Trading Commission
· Thursday, June 12, 11:20 a.m. – CFTC Acting Chair Caroline Pham will speak on a panel entitled “The Next Frontier: Crypto Derivatives and Onchain Trading” at the State of the Crypto Summit 2025 Conference in New York.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· Thursday, June 12, 10:00 a.m. – the Farm Credit Administration Board meets to receive the Quarterly Report on Economic Conditions and Farm Credit System Condition and Performance and the Semiannual Report on Office of Examination Operations.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· Thursday, June 12, 6:00 p.m. – World Bank President Ajay Banga will speak at the Council on Foreign Relations in New York.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Wednesday – Friday, June 10 -13 – The American Bankers Association holds its Risk and Compliance Conference in Indianapolis, Indiana.
· Thursday, June 12, 9:00 a.m. – SIFMA hosts the C&L Society Forum in New York.
Think Tanks and Other Events
· Tuesday, June 10, 9:00 a.m. – 3:00 p.m. – The Brookings Institution will hold a conference entitled “The History of Bank Supervision in America and the Road Ahead.” Former OCC Acting Comptroller Michael Hsu and former Treasury Deputy Secretary Sarah Bloom Raskin will be among the many speakers.
Recommended Reading
The Bonfire of the Banking Regulators? Willem Buiter/Project Syndicate
Buiter, the former chief economist at Citibank and a former member of the Monetary Policy Committee of the Bank of England, argues Despite numerous reforms, the US financial regulation system remains a patchwork of federal and state agencies with overlapping mandates and conflicting objectives. Two new books underscore the need to streamline bureaucracy, simplify regulations, and separate money creation from financial intermediation.
New Report Highlights Growing Burden of U.S. GSIB Surcharge on American Economy Financial Services Forum The Financial Services Forum today released a research paper analyzing the growing capital surcharges imposed on U.S. global systemically important banks (GSIBs) and the broader implications for the financial system and economy. The key findings of the report include:
Rising GSIB Surcharges: The analysis shows that capital surcharges for U.S. GSIBs have continued to increase, largely driven by growth in safe assets such as bank reserves and U.S. Treasuries.
Uneven Global Standards: Unlike their international counterparts, U.S. GSIB scores are not adjusted for overall financial system growth, resulting in disproportionately higher scores and surcharges for U.S. banks.
Economic Implications: Without reform, GSIB scores and surcharges are expected to continue rising, potentially constraining bank lending and posing broader economic challenges
Overcoming constraints: How banks helped US firms reroute their supply chains VoxEU/Centre for Economic Policy Research
Rising trade tensions and the pandemic have forced importers to reconfigure their supply chains – a complex and costly process. This column highlights the underappreciated role of financial intermediaries in supporting supply chain resilience during global disruptions. Commercial banks – especially those specializing in Asian trade finance – played a crucial role in helping firms manage this transition after the 2018–2019 tariffs. By meeting importers’ increased demand for credit and offering valuable information about potential suppliers, specialized banks helped tariff-hit firms diversify away from China faster and more successfully.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
Bank Regulators Ready Major Deregulatory Package, The HFSC Unveils A Crypto Market Structure Bill, and The US Chamber’s Capital Market Summit Brings out the Big Guns
June 2 - 6, 2025
We took last week off for a bit of vacation, but are back this week and looking at a busy regulatory week in Washington.
Late Friday, Politico reported that bank regulators, under the guidance of Treasury Secretary Scott Bessent, are close to finalizing a major bank deregulation package. The plan, worked out between the Federal Reserve, the OCC, and the FDIC, is likely to be released in the coming month and include a new supplementary leverage ratio and reductions on capital requirements. Few details were revealed, but we expect more information to start leaking in the coming weeks.
The other major event this week and next is House Financial Services Committee Chair French Hill’s (R-AR) crypto market structure bill. Hill unveiled the bill, named the CLARITY Act, on Thursday (You can read the section-by-section breakdown HERE), which seeks to overhaul how digital assets are regulated.
Hill also got three House Democrats to cosponsor the legislation, and he intends to hold a full committee hearing this coming Tuesday. Later in the day, Hill will speak about the bill and the crypto market at the US Chamber of Commerce’s Capital Markets Summit, being held at the Chamber’s Washington headquarters.
Speaking of the Capital Markets Summit, all the big names are lined up to speak: Hill, Acting Comptroller of the Currency Rodney Hood, Acting FDIC Chair Travis Hill, Treasury Deputy Secretary Michael Faulkender, and a number of key senators and other members of the House Financial Services Committee.
Looking at what happened this past week, the other big news was that President Trump announced he is intent on spinning off mortgage giants Freddie Mac and Fannie Mae via a public offering. But he also explicitly said the US government would retain guarantees and oversight of the entities. All this comes as growing speculation as to whether and when Trump will formally launch a sovereign wealth fund (SWF), which could conceivably hold a sizeable stake in Freddie and Fannie.
Tied to this in some way, which is far from clear for markets, is President Trump’s announcement that he had helped structure a deal between Nippon Steel and US Steel that would include the US government holding “Golden Shares” in the merged entity. Which government agency would hold those Golden Shares remains a mystery, but again, speculation has begun to swirl that the SWF would serve that function.
Finally, we note that the House version of the Reconciliation that was recently passed has a provision taxing foreign remittances at a new 3.5 percent rate. Banks are lobbying against the measure, arguing it is going to hurt their businesses and encourage alternative, less transparent ways to move money overseas. Let’s see what the Senate does in the coming weeks as they take up the Reconciliation bill.
Below are the other regulatory events we are watching in the coming week:
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Tuesday, June 3, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.
· Tuesday, June 3, 2:15 p.m. – House Financial Services Committee Chair French Hill (R-AK) will speak at the US Chamber of Commerce’s Capital Market Summit on the Future of Financial Services in Washington, D.C.
· Thursday, June 5, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Financial Institutions will hold a hearing entitled Framework for the Future: Reviewing Data Privacy in Today’s Financial System.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Sunday, June 1, 8:00 p.m. – Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the 2025 Bank of Korea International Conference: Structural Shifts and Monetary Policy, Seoul, Republic of Korea.
· Monday – Tuesday, June 2-4 – The Federal Reserve’s 75th Anniversary International Finance Conference will be held at the Federal Reserve in Washington, D.C. Fed Chair Jay Powell will give opening remarks at 1:00 p.m.
· Tuesday, June 3, 1:00 p.m. – Federal Reserve Board Governor Lisa Cook will give a speech on the economic outlook at the Peter McColough Series on International Economics: A Conversation With Lisa D. Cook in New York.
· Thursday, June 5, 12:00 p.m. – Federal Reserve Board Governor Adriana Kugler will give a speech on the economic outlook and monetary policy at the Economic Club of New York Luncheon in New York.
U.S. Treasury Department
· Tuesday, June 3, 3:15 p.m. – Deputy Secretary of the Treasury Michael Faulkender will speak at the US Chamber of Commerce’s Capital Markets Summit on Driving US Competitiveness in Financial Markets.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Tuesday, June 3, 10:30 a.m. – SEC Commissioner Mark Uyeda will speak at the US Chamber of Commerce Capital Market Summit in Washington, D.C.
· Tuesday, June 3, 2:30 p.m. – SEC Chair Paul Atkins will testify before the U.S. Senate Appropriations Committee regarding the SEC’s 2026 Budget Request.
· Wednesday, June 4, 1:00 p.m. – The SEC will hold an open meeting to consider whether to issue a concept release on the definition of a foreign private issuer.
· Thursday, June 5, 9:00 a.m. – The SEC’s Division of Investment Management is hosting its Conference on Emerging Trends in Asset Management at the SEC’s headquarters in Washington, D.C.
· Thursday, June 5, 10:00 a.m. – The SEC’s Investor Advisory Committee will meet at the SEC Headquarters in Washington, D.C. Among the issues they will discuss is a draft recommendation regarding the use of mandatory arbitration clauses by registered investment advisors.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· Tuesday, June 3, 11:00 a.m. – FDIC Chair Travis Hill will speak at the US Chamber of Commerce’s Capital Market Summit in Washington, D.C.
Office of the Comptroller of the Currency
· Tuesday, June 3, 9:35 a.m. – Acting Comptroller Rodney Hood will speak at the US Chamber of Commerce’s Capital Markets Summit in Washington, D.C.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Tuesday, June 3, 9:00 a.m. – SIFM and E&Y will hold a Forum entitled AI in Capital Markets and Wealth and Asset Management in New York.
· Tuesday, June 3, 9:00 a.m. – The US Chamber of Commerce holds its annual Capital Markets Summit in Washington, D.C. SEC Commissioner Mark Uyeda will speak as will FDIC Chair Travis Hill. Later in the day, House Financial Services Committee Chair French Hill (R-AK) will speak as will Deputy Treasury Secretary Michael Faulkender.
· Tuesday, June 3, 1:00 p.m. – The Institute for International Bankers will hold its 2025 Foreign Bank Governance Seminar in New York.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
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U.S. Financial Regulatory Week Ahead
Tax and Crypto Bills Moving Again, SEC Speaks 2025 Set to Showcase Atkins Agenda, and the CFTC Empties Out
May 19 - 23, 2025
We thought it would be a quiet(ish) week last week, so we took off for a little R&R. Boy, were we wrong. It was a jam-packed week in the Washington regulatory world and this coming week looks to be just as busy in advance of Memorial Day.
Looking at the major events this coming week, we are watching both the start-and-stop-and-start again motion of both the Reconciliation bill in the House of Representatives and the Crypto legislation in the Senate. Both are – for now – moving forward again. The Reconciliation bill, which has a number of important tax provisions for the financial sector (including a provision maintaining the tax-exempt status of credit unions as well as the preservation of carried interest and the creation of something called “MAGA Accounts” which allow opening $1,000 tax-advantaged investment accounts for every newborn baby with a Social Security number). House Speaker Michael Johnson (R-LA) is hoping for a vote by the end of the week before Congress goes out for the Memorial Day recess next week, but it is going to be a very close vote. And even if it passes, the Senate is likely to make a lot of changes to the bill.
The Senate is set to consider landmark cryptocurrency legislation this week. A procedural vote is expected by Wednesday, with a likely final vote later in the week. Senate Democrats, who blocked an earlier version of the bill, seem to be coming around to a new draft that was circulated last week.
Also on the Hill this week, the House Financial Services Committee is holding a two-day legislative markup extravaganza. By our count, more than 25 stand-alone pieces of legislation will be marked up and more than 25 amendments will also be debated and voted on. See below for details of what Chair French Hill (R-AK) has teed up for the committee to consider.
Turning to the regulators, it seems as if the Commodities Futures Trading Commission (CFTC) is, well, emptying out. Rapidly. Acting CFTC Chair Caroline Pham said last week she is planning on stepping down once Brian Quintenz is confirmed as the new chair (there is no timeframe on when that will happen). Commissioner Christy Goldsmith Romero also announced she is leaving on May 31, as is Commissioner Summer Mersinger, who is set to become the new CEO of the Blockchain Association. Her last day at the CFTIC is also May 31. That means Acting Chair Phan will be the sole member of the Commission until Quintenz is confirmed. And President Trump has not nominated anyone else to fill the other commission vacancies.
Over the Federal Reserve, Chair Jay Powell announced he is planning on a 10 percent cut to Fed staff, including through voluntary resignations, over the next several years.
There are a lot of Fed speeches this coming week, many taking place at the Atlanta Federal Reserve Bank’s Annual Financial Markets Conference. For more details on the conference and everything else we are tracking this coming week, here is the full list of what is happening:
U.S. Congressional Hearings
U.S. Senate
· Thursday, May 22, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled Securing America: Key Authorities Under the Defense Production Act.
House of Representatives
· Tuesday, May 20, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled Day One: Markup of Various Measures - more than 25 pieces of legislation and more than 25 amendments to other pieces of legislation.
· Tuesday, May 20, 10:00 a.m. – SEC Chair Paul Atkins will testify before the House Appropriations Committee. The topic of the hearing is “Oversight Hearing of the U.S. Securities and Exchange Commission.”
· Wednesday, May 21, 10:00 a.m. – the House Financial Services Committee will hold a hearing entitled Day Two: Markup of Various Measures – seeking to wrap up anything they did not finish yesterday.
Federal Department & Regulatory Agency Meetings &Events
Federal Reserve Board and Federal Reserve Banks
· Sunday – Wednesday, May 18 – 21 – The Atlanta Federal Reserve Bank holds its annual Financial Markets Conference. This year’s theme is “Financial Intermediation in Transition: How Will Policy Adopt?” A number of Federal Reserve senior staff and industry leaders will be speaking at the conference.
· Monday, May 19, 7:45 a.m. – New York Federal Reserve Bank President John Williams speaks on the US economic outlook at the Mortgage Bankers Association Secondary and Capital Markets Conference in New York.
· Monday, May 19, 7:30 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic gives welcome remarks before the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.
· Monday, May 19, 8:45 a.m. – Federal Reserve Board Vice Chair Phillip Jefferson speaks at the Federal Reserve Bank of Atlanta Financial Markets Conference in Fernandina Beach, Florida.
· Monday, May 19, 12:30 p.m. Central Time – Dallas Federal Reserve Bank President Lorie Logan gives prepared remarks during “Policy Session 2: The Increasing Role of Nonbank Institutions in the Treasury and Money Markets" at the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.
· Monday, May 19, 12:30 p.m. Central Time – Minneapolis Federal Reserve Bank President Neel Kashkari participates in a conversation before the Minnesota Young American Leaders Program (MYALP) at the University of Minnesota.
· Tuesday, May 20, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on growth in rural communities before the "Elevating What Works" 2025 Investing in Rural America Conference hosted by the Federal Reserve Bank of Richmond.
· Tuesday, May 20, 8:00 a.m. Central Time – Atlanta Federal Reserve Bank President Raphael Bostic gives welcome back remarks before the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.
· Tuesday, May 20, 12:00 p.m. Central Time – St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy in a moderated conversation before the Economic Club of Minnesota.
· Tuesday, May 20, 5:00 p.m. – Federal Reserve Board Governor Adriana Kugler gives the commencement address at the Spring 2025 Berkeley Economics Commencement Ceremony (virtually).
· Wednesday, May 22, 11:00 a.m. Central Time – Richmond Federal Reserve Bank President Thomas Barkin participates in a “Fed Listens" event as part of the “Elevating What Works" 2025 Investing in Rural America Conference hosted by the Federal Reserve Bank of Richmond.
· Wednesday, May 22, 1:00 p.m. Central Time – New York Federal Reserve Bank President John Williams gives keynote before Monetary Policy Implementation Workshop: “Unwinding Large Central Bank Balance Sheets" hosted by the Federal Reserve Bank of New York.
· Friday, May 23, 12:00 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech on financial stability at the 7th Annual Women in Macro Conference, cosponsored by New York University's Graduate School of Arts and Science, New York University's Stern School of Business, and the University of Chicago's Becker Friedman Institute (Virtual).
· Sunday, May 25, 2:40 p.m. – Federal Reserve Board Chair Jay Powell gives the commencement address at Princeton University.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, May 19, 8:30 a.m. - The SEC Speaks in 2025 Conference is being held in Washington, D.C. SEC Chair Paul Atkins will be speaking, as will SEC Commissioners Mark Uyeda, Hester Pierce, and Caroline Crenshaw.
· Tuesday, May 20, 10:00 a.m. – SEC Chair Paul Atkins will testify before the House Appropriations Committee. The topic of the hearing is “Oversight Hearing of the U.S. Securities and Exchange Commission.”
· Wednesday, May 22, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· Tuesday, May 20, 2:30 p.m. – The FDIC Board will hold an Open Session to discuss the Deposit Insurance Fund Restoration Plan Semiannual Update and vote on Rescission of the 2024 FDIC Statement of Policy on Bank Merger Transactions and Reinstatement of Prior FDIC Statement of Policy.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
National Credit Union Administration
· Thursday, May 22, 10:00 a.m. – The NCUA’s Board will meet. The agenda includes a briefing of the Board on the Share Insurance Fund Quarterly Report and a board briefing on the NCUA’s Voluntary Separation Programs (Note: This was on the agenda for the since-canceled April Board meeting; an updated version of the VSP briefing will now occur. Also note: Currently, the NCUA board consists solely of Chairman Kyle Hauptman. There are no other board members.)
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Monday – Tuesday, May 19 – 20 – The National Association of Insurance and Financial Advisors (NAIFA) holds its Congressional Conference in Washington, D.C.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
Recommended Reading
Banking Analytics: Understanding the Composition of Bank Loan Portfolios Federal Reserve Bank of St. Louis
In the fourth quarter of 2024, commercial real estate loans represented a quarter of U.S. banks’ loan portfolios. What other types of loans did these institutions hold?
Banks Thrill to Potential Softening of Post-Crisis Capital Requirements The Daily Upside*
The Financial Times, citing multiple sources, reported last week that the US is poised to slash capital requirements imposed on banks in the wake of the 2008 crash. The banking industry, unsurprisingly, was already quite optimistic about a potential change.
Household Debt and Credit Report ()Q1 2025) Federal Reserve Bank of New York Center for Microeconomic Data
Total household debt increased by $167 billion to reach $18.20 trillion in the first quarter, according to the latest Quarterly Report on Household Debt and Credit. Credit card balances fell by $29 billion from the previous quarter to stand at $1.18 trillion; auto loan balances declined by $13 billion to $1.64 trillion, marking only the second time balances have fallen from a prior quarter since 2011. Student loan balances grew by $16 billion to reach $1.63 trillion, and the data show a large uptick in the rate at which balances went from current to delinquent, due to the resumption of reporting student loans on credit reports after a nearly five-year pause. Mortgage balances increased by $199 billion to reach $12.80 trillion and HELOC balances rose by $6 billion to $402 billion. Aggregate delinquency rates rose from the previous quarter, with 4.3 percent of outstanding debt in some stage of delinquency. Transition into serious delinquency remained stable for auto loans, credit cards, and other debt.
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