Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
The ABA and IIB Hold Their Big Annual Conferences, The Bipartisan Housing Bill Faces New Skepticism, And Fintech Firms Now Race To Become Banks
March 9 - 13, 2026
Washington will be awash with bankers this week as the American Bankers Association (ABA) and the Institute for International Bankers (IIB) both hold their annual Washington conferences simultaneously. The ABA will have a powerhouse lineup on Wednesday with Federal Reserve Vice Chair for Supervision Michelle Bowman, Comptroller of the Currency Jonathan Gould, and FDIC Chair Travis Hill speaking.
Meanwhile, on Capitol Hill, the Senate is in session, but there is nothing significant to the financial world happening this week. We would note that the White House formally submitted the nomination papers to the Senate Banking Committee for Kevin Warsh’s nomination to be the next Federal Reserve Board Chair. But with the Justice Department’s investigation into Fed Chair Kevin Warsh apparently still ongoing, the Warsh nomination is going to sit and wait, as Senator Tom Tillis (R-NC) and a number of other senators have said they will block the nomination until the investigation is stopped.
The House is out of session this week, so they can go to the Doral Resort in Florida for their Legislative Retreat, where President Trump will be speaking to them on Monday.
Also, last week, the bipartisan housing bill hit turbulence when Senator Tillis said he was withdrawing his support due to a provision that blocks private equity firms from buying single-family homes – something President Trump has championed as part of his affordability policy drive.
Tillis was joined in his opposition to the provision by the National Association of Home Builders and a number of House Republicans who had been supporting the bill, including House Financial Services Committee Vice Chair Bill Huizenga (R-MI). President Trump is adamant that the provision remain in the bill, leaving the much-wanted package in limbo about when it could get a final vote.
Finally, we would note an interesting trend in the bank regulatory world: FinTechs and crypto firms seeking banking licenses. On Wednesday, crypto firm Kraken was granted a Federal Reserve master account. And on Thursday, payment company Revolut applied for a US bank license. This follows PayPal's December application for a state banking license. We expect to see a number of other FinTechs and crypto firms doing the same in the coming year.
Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, March 11, 3:00 p.m. – The Senate Finance Fiscal Responsibility and Economic Growth Subcommittee holds a hearing on "The Fiscal Outlook: 2027-2036."
House of Representatives
· Friday, March 13, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight and Investigations holds a hearing entitled “Broken Promises: Failures of the Little Rock Housing Authority and the Impact on Residents.”
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Wednesday, March 11, 8:30 a.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman
gives a speech on supervision and regulation at the American Bankers Association Washington Summit, Washington, D.C.
· Thursday, March 12, 11:00 a.m. – Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute in Washington, D.C.
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
· Monday, March 9, 1:00 p.m. – The SEC hosts the 45th Annual Small Business Forum at SEC Headquarters in Washington, D.C.
· Thursday, March 12, 10:00 a.m. – The SEC’s Investor Advisory Committee meets. Among the agenda items includes discussing public company disclosure reform, fund proxy voting, and a potential recommendation regarding the tokenization of equity securities.
· Thursday, March 12, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Nothing significant to report.
Federal Deposit Insurance Corporation
Wednesday, March 11, 9:30 a.m. – FDIC Chair Travis Hill will participate in a fireside chat at the American Bankers Association Washington Summit, Washington, D.C.
Office of the Comptroller of the Currency
· Wednesday, March 11, 10:00 a.m. –Comptroller of the Currency Jonathan Gould will participate in a fireside chat at t the American Bankers Association Washington Summit, 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
· Thursday, March 12, 10:00 a.m. – The Farm Credit Administration Board meets.
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
· Monday – Wednesday, March 9 – 11 – The American Bankers Association holds its Washington Summit in Washington, D.C.
· Monday – Wednesday, March 8 – 10 – The Institute of International Bankers holds its 2026 Annual Washington Conference in Washington, D.C.
· Tuesday, March 10, 7:00 a.m. – The Institute for International Finance holds a virtual 2026 Global AI Update.
Think Tanks and Other Events
· Tuesday, March 10, 8:30 a.m. – 3:00 p.m. – The US Chamber of Commerce holds its 2026 Tax Summit.
· Tuesday, March 10, 3:00 p.m. – The Urban Institute holds a discussion on "The Future of FinTech: How Emerging Financial Technologies Are Shaping Our Financial Lives."
· Thursday, March 12, 11:00 a.m. – The Cato Institute hosts an event where Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute 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
The Senate Moves Closer to Passing Landmark Housing Legislation, and the Federal Reserve Continues to Battle the Justice Department Over the Powell Investigation
March 2 - 6, 2026
Washington is enjoying another snowy day (ok – not really, we are sick of it). But Congress is busy this week as the Senate Banking Committee votes this evening on historical bipartisan housing legislation.
The bill aims to increase affordable housing by reforming zoning, streamlining federal permitting, expanding the HOME Investment Partnerships program, and strengthening rural housing programs.
The legislation was passed by the House of Representatives in December. President Trump is expected to sign the legislation once it is passed by the Senate.
Also this week, SEC Chair Paul Atkins will be joining with CFTC Chair Michael Selig on Tuesday at the Milken Institute’s Future of Finance 2026 Conference in Washington, D.C. The conference features a powerhouse lineup of speakers, including White House Economic Advisor Kevin Hassett, House Financial Services Committee Chair Representative French Hill, and Housing and Urban Development Secretary Scott Turner.
Meanwhile, new reports suggest the ongoing criminal investigation by the Justice Department into Federal Reserve Board Chair Jay Powell for allegedly lying in testimony before the Senate Banking Committee is not going away. Politico and the Wall Street Journal reported late last week that the Federal Reserve is battling the Justice Department in federal court over a grand jury subpoena. The matter is now before a federal judge, and it is unclear when a ruling will be issued.
The entire situation has angered members of the Banking Committee – especially Republican members, including Committee Chair, Senator Tim Scott (R-SC) – who strongly dispute that Powell lied to the committee and are bewildered as to why the investigation is even taking place. Moreover, committee member Senator Tom Tillis (R-NC) has said he will block the confirmation of Federal Reserve Board Chair-nominee Kevin Warsh until the case is dismissed.
Next week, we note that both the American Bankers Association (March 9 -11) and the Institute for International Bankers(March 8 – 10) are holding their annual conferences. Washington will be awash in bankers! More in next week’s edition.
Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Wednesday, March 4, 10:30 a.m. – The Joint Economic Committee holds a hearing on "Evaluating the U.S. Competitiveness and Investment Advantages of a Destination-Based Cash Flow Tax."
House of Representatives
· Wednesday, March 4, 10:00 a.m. – The House Financial Services Committee holds a mark-up hearing on five pieces of legislation. You can see which bills and which amendments are under consideration HERE.
· Thursday, March 5, 10:00 a.m. – The House Financial Services Committee’s Subcommittee will hold a hearing entitled “Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions.”
· Thursday, March 5, 2:00 p.m. – The House Financial Services Committee’s Capital Markets Subcommittee will hold a meeting entitled “The Role of Self-Regulatory Organizations in U.S. Markets: Examining FINRA (Financial Industry Regulatory Authority) and the MSRB (Municipal Securities Rulemaking Board)."
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Tuesday, March 3, 9:55 a.m. –New York Federal Reserve Bank President John Williams speaks before the ACU Governmental Affairs Conference 2026 organized by America's Credit Unions.
· Tuesday, March 3, 11:55 a.m. – Minneapolis Federal Reserve Bank President Neel Kashkari participates in a conversation before the 2026 Bloomberg Invest Conference.
· Thursday, March 5, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman speaks virtually at the “Navigating What’s Next: Perspective on the Economy & Innovation.”
· Friday, March 6, 1:30 p.m. – Cleveland Federal Reserve Bank President Beth Hammack participates in “On the Safe-haven Status of the Dollar" panel before the 2026 U.S. Monetary Policy Forum sponsored by the University of Chicago Booth School of Business.
U.S. Treasury Department
· Friday, March 6, Noon – US Treasury Secretary Scott Bessent delivers a keynote address at the SIEPR Economic Summit at Stanford University, Stanford, California.
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, March 3, 9:00 a.m. – SEC Chair Paul Atkins will participate in the opening plenary of the Milken Institute's Future of Finance 2026 event in Washington D.C. He will be joined by CFTC Chairman Michael Selig, and the conversation will focus on modernizing market regulation.
· Wednesday, March 4, 1:00 p.m. – The SEC will hold a Private Market Roundtable to discuss “governance, valuation, and other considerations with the aim of promoting responsible retailization.”
· Thursday, March 5, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, March 3, 9:00 a.m. – CFTC Chair Michael Selig will participate in the opening plenary of the Milken Institute's Future of Finance 2026 event in Washington D.C. He will be joined by SEC Chair Paul Atkins, and the conversation will focus on modernizing market regulation.
Federal Deposit Insurance Corporation
· Nothing significant to report.
Office of the Comptroller of the Currency
· Nothing significant to report.
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
· Sunday – Thursday, March 1 – 5 – The Government Affairs Conference 2026, the largest and most influential government relations conference for the credit union industry, runs through March 5th in Washington, D.C. New York Federal Reserve Bank President & CEO John Williams will speak.
Think Tanks and Other Events
· Monday, March 2, 1:00 p.m. – The New America holds a virtual discussion entitled "A Quarter of U.S. Homes Cost Under $200,000. Why Can't Families Buy Them?
· Wednesday, March 4, 11:00 a.m. – The Bipartisan Policy Center holds a discussion on "Is Homeownership Still Part of the American Dream?"
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
Washington Shuffles Back to Work, the Trump Administration’s Deregulatory Agenda Revs Up, and Who Will Be the Next Fed Chair?
January 5 – 9, 2026
Happy New Year! We hope you had a great holiday. We did, but let’s all admit the truth: The Monday after New Year’s is always a tough one.
It is going to be a quiet week in Washington from the financial regulatory perspective. Congress gets back to work – the Senate on Monday and the House on Tuesday. But both chambers are taking it slow this week, and there are no relevant hearings or events in the financial services, agriculture, or tax space.
The only regulators with meetings scheduled this week are the SEC (a Closed Meeting) and the Farm Credit Administration (a board meeting), both on Thursday.
And there are no major speeches by any regulators this week – except for Fed Vice Chair Michelle Bowman, who will speak virtually to the California Bankers Association’s 2026 Bank Presidents’ Seminar on banking regulation. Which brings up the question of the Trump Administration’s overall financial deregulatory agenda – when does it kick into high gear and what will it entail?
In many ways, looking back at 2025, we would argue it already is in high gear. A couple of quick examples: On the securities side of the ledger, we saw President Trump in September call for the end of quarterly reporting – something SEC Chair Paul Atkins made clear he intends to pursue. Then, in December, President Trump signed an executive order aimed at curbing proxy advisors' power, another major policy goal the SEC is going to quickly undertake.
On the banking side of the ledger, the Fed led an effort to cut capital requirements for large banks (which, according to S&P Global, led America’s six largest banks to add more than $600 billion in market value in 2025). Then the OCC announced its intent to raise the threshold for “heightened expectations” of supervision.
And now that the US Senate confirmed just before Christmas the two of the three final outstanding regulatory chairs – Michael Selig to be chair of the CFTC and Travis Hill to be chair of the FDIC – we suspect the deregulatory agenda might go into turbo-drive in 2026. But what exactly comes next seems to be a multibillion-dollar question.
All of which brings us to our final point of this week’s report: There is still one regulator who needs to be named by President Trump – the next Federal Reserve Board Chair.
From what the President has been saying, we should expect that announcement in the next two weeks. Betting markets are split between National Economic Director Kevin Hassett and former Fed Governor Kevin Warsh (Kalshi has them at 43% and 38% odds, respectively, while PredictIt has it at 41¢ to 38¢, respectively). We still think Treasury Secretary Scott Bessent is in the mix (which would make him the Donerail of the Fed Chair Horse Race – Kalshi and PredictIt have Bessent at only 2%/2¢ odds of getting it). And if you don’t know who Donerail was, he was a horse who won the Kentucky Derby in 1913 at 91 – 1 odds.
Below is the full report on (very few) financial regulatory-related events we found this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· Monday, January 5 – The Senate returns from holiday recess. But there are no relevant hearings scheduled for the coming week.
House of Representatives
· Tuesday, January 6 – The House returns from holiday recess. But there are no relevant hearings scheduled for the coming week.
Federal Department & Regulatory Agency Meetings & Events
The White House
· Nothing significant to report.
Federal Reserve Board and Federal Reserve Banks
· Wednesday, January 7, 4:10 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle Bowman gives a speech at the California Bankers Association Bank President’s 2026 Seminar (virtual).
· Friday, January 9, 9:00 a.m. – Minneapolis Federal Reserve Bank President Neel Kashkari gives welcome remarks and participates in a fireside chat before the virtual 2026 Regional Economic Conditions Conference hosted by the Federal Reserve Bank of Minneapolis.
· Friday, January 9, 9:00 a.m. – Richmond Federal Reserve Bank President Tom Barkin gives an economic outlook speech to the Maryland Bankers Association First Friday Economic Outlook Forum in Baltimore, Maryland.
U.S. Treasury Department
· Nothing significant to report.
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, January 8, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Nothing significant to report.
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
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, January 8, 10:00 a.m. – the FCA Board holds its first meeting of 2026. The Agenda has yet to be released.
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, January 7, 9:00 a.m. (virtual) – SIFMA holds its Private Markets Roundtable on Liquidity and Transparency.
Think Tanks and Other Events
· Wednesday, January 7, 12:00 p.m. – The Federalist Society holds a webinar entitled “Regulation and Fair Access to Banking.”
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
Is a Deal to Reopen the Federal Government At Hand? The New York and Philadelphia Fed Hold Conferences, the Fed Board Finalizes Bank Supervisory Rules, and It is Veterans’ Day on Tuesday
November 10 - 14, 2025
At the time of this writing (Sunday evening), it appears there is a chance the impasse in the Senate may be broken and the federal government could be back to work on Monday. But Tuesday is Veterans’ Day – a federal holiday – so, even if the government gets back to work, not much will be happening in Washington’s regulatory world.
We would note on Wednesday and Thursday, the Philadelphia Federal Reserve Bank holds a conference on Fintech. SEC Chair Paul Atkins, Acting CFTC Chair Caroline Pham, and Acting FDIC Chair Travis Hill are scheduled to speak.
Also, the New York Federal Reserve Bank holds its Treasury Market Conference, where Treasury Secretary Scott Bessent is scheduled to speak.
And finally, the Federal Trade Commission is holding its 18th Annual FTC Microeconomics Conference. The conference, held in conjunction with the Tobin Center for Economic Policy at Yale, brings together scholars working in areas related to the FTC’s antitrust, consumer protection, and public policy missions.
Looking at the major events of last week, the Federal Reserve released its annual Financial Stability Report. Reading through it, the major themes and concerns are policy uncertainty around global trade, geopolitical risk, and the risk of central bank independence.
Also, last week, the Fed finalized plans to rewrite how it evaluates the nation’s largest financial institutions. The new ratings system will make it easier for them to achieve a “well-managed” rating, which will likely enable them to expand their product and service offerings.
The Fed also received a letter this past week from twelve members of the Senate Banking Committee, authored by Chair Tim Scott (R-SC) and Senator Mike Rounds (R-SD), supporting the Board’s work to finalize a Basel III rulemaking. You can access the letter HERE.
We will update you if a deal to reopen the federal government is struck later this evening or early tomorrow morning. In the meantime, below is the full report of the (few) financial regulatory-related events we could find happening this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· The U.S. Senate is scheduled to be out of session this week for the Veterans’ Day holiday.
House of Representatives
· The House of Representatives continues to be out of session as long as the Senate fails to pass a resolution to reopen the federal government. Should the Senate pass a resolution this weekend, the House is scheduled to be out of session for the Veterans’ Day holiday.
Federal Department & Regulatory Agency Meetings & Events
The White House
· Wednesday, November 12, 12:00 p.m. – National Economic Council Director Kevin Hassett speaks at the Economic Club of Washington, D.C.
Federal Reserve Board and Federal Reserve Banks
· Tuesday, November 11, 10:25 a.m. – Federal Reserve Board Governor Michael S. Barr speaks on artificial intelligence and innovation at the Singapore FinTech Festival, Singapore.
· Wednesday, November 12, 10:20 a.m. – Federal Reserve Board Governor Christopher Waller speaks on payments at the 9th Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia in Philadelphia, Pennsylvania.
· Wednesday & Thursday, November 12 – 13 – The Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference. SEC Chair Paul Atkins, Acting CFTC Chair Caroline Pham, and Acting FDIC Chair Travis Hill are scheduled to speak.
· Wednesday & Thursday, November 12 & 13 – The Federal Reserve Bank of New York holds the 2025 U.S. Treasury Market Conference. Treasury Secretary Scott Bessent and SEC Commissioner Mark Uyeda are scheduled to speak.
· Wednesday, November 12, 12:30 p.m. – Federal Reserve Board Governor Stephen I. Miran participates in a conversation at the University of Cambridge Judge Business School, Cambridge, United Kingdom.
U.S. Treasury Department
· Wednesday, November 12, 10:45 a.m. – Treasury Secretary Scott Bessent is scheduled to speak at the New York Federal Bank’s 2025 U.S. Treasury Market Conference.
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
· Wednesday, November 12, 10:45 a.m. – SEC Chair Paul Atkins speaks at the Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference.
Commodities Futures Trading Commission
· Wednesday, November 12, 4:20 p.m. – Acting CFTC Chair Caroline Pham speaks at The Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference.
Federal Deposit Insurance Corporation
· Thursday, November 13, 9:00 a.m. – Acting FDIC Chair Travis Hill speaks at The Federal Reserve Bank of Philadelphia holds its Ninth Annual Fintech Conference.
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
· Thursday & Friday, November 13 & 14 – The Federal Trade Commission's Bureau of Economics and the Tobin Center for Economic Policy at Yale University will host the 18th Annual FTC Microeconomics Conference in Washington, D.C. This event will bring together scholars working in areas related to the FTC’s antitrust, consumer protection, and public policy missions.
Farm Credit Administration
· Thursday, November 13, 10:00 a.m. – The FCA Board meets. The agenda is forthcoming.
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 – Friday, November 12/13/14 – The American Agricultural Bankers Conference takes place in St. Louise, Missouri.
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 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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