U.S. Financial Regulatory Week Ahead

The Senate Votes to Overturn Biden-Era banker Merger Rules As the OCC Streamlines Merger Review Process, Stable Coin Legislation Fails in the Senate, and Will Bowman Be Confirmed This Week?

May 12 - 16, 2025

When it comes to bank regulation and streamlining of financial regulation in Washington, it seems its “everything, everywhere, all at once.”  This past week saw the Senate approve a Congressional Review Act resolution overturning a strict Biden-era rule on bank mergers.  This came as the Office of the Comptroller of the Currency announced they were streamlining the process for the review of bank mergers.

This came as Treasury Secretary Scott Bessent testified before the House of Representatives this past week, criticizing his predecessors for losing focus on core risks to the industry. 

Back to the Senate for a moment: We note the somewhat chaotic failure of what was considered a likely stablecoin bill as Democrats came out to oppose the legislation over perceived benefits to the Trump family because of their involvement in the crypto industry.  The defeat was a stinging defeat for the crypto industry, but we believe the fight is not over and the Senate is likely going to try again to bring it up for a vote in the near future.

The coming week is going to be just as busy on bank merger policy.  Most notably, we point to a hearing in the House Financial Services Committee on Wednesday entitled “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.”

We are also watching to see if the Senate holds a final confirmation hearing this week (to be scheduled still) for Federal Reserve Governor Michelle Bowman to become the new Vice Chair for Supervision and Jonathan Gould to be the new Comptroller of the Currency (we will keep you updated as soon as we see any definitive scheduling in the Senate).

There are a number of important meetings and speeches to watch at the SEC and from Fed Governors this week, which we detail below.  Here you go!    Please let us know if you have any questions.

U.S. Congressional Hearings 

U.S. Senate

• Thursday, May 14, 10:00 a.m. – The Senate Finance Committee holds a hearing on Trade in Critical Supply Chains.

House of Representatives

• ·Wednesday, May 14, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Housing & Insurance holds a hearing entitled “Expanding Choice and Increasing Supply: Housing Innovation in America.”

• Wednesday, May 14, 10:00 a.m. – The House Small Business Economic Growth, Tax, and Capital Access Subcommittee holds a hearing on "Investing in America: How Private Equity Empowers Main Street."

• Wednesday, May 14, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Financial Institutions holds a hearing entitled “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.”

• Thursday, May 14, 2:30 p.m. – The Senate Small Business and Entrepreneurship Committee holds a hearing on "Financing America's Manufacturing and Industrial Boom."

• Thursday, May 15, 10:00 a.m. – The House Financial Services Committee’s Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity will hold a hearing entitled “Examining Treasury Market Fragilities and Preventative Solutions.”

• Thursday, May 15, 10:00 a.m. – The House Appropriations Financial Services and General Government Subcommittee holds a hearing on "Oversight Hearing - The U.S. Federal Trade Commission."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Monday, May 12, 10:25 a.m. (Dublin, Ireland) – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the economic outlook at the National Association for Business Economics and the Central Bank of Ireland’s International Economic Symposium, Central Bank of Ireland, Dublin, Ireland.

• Wednesday, May 14, 5:15 a.m. EST – Federal Reserve Board Governor Christopher J. Waller will speak that the  Award Ceremony for the Winners of the 2nd Edition of the Bank Al-Maghrib Prize for Economic and Financial Research, Rabat, Morocco.

• Wednesday, May 14, 9:10 a.m. EST – Federal Reserve Board Vice Chair Philip N. Jefferson gives a speech on the economic outlook at the Annual Conference of Second District Directors and Advisors (virtual).

• Thursday, May 15, 8:40 a.m. – Federal Reserve Board Chair Jerome H. Powell will give a speech on “Framework Review” at the Thomas Laubach Research Conference, Washington, D.C.

• Thursday, May 15, 2:05 p.m. – Federal Reserve Board Governor Michael S. Barr will give opening remarks (pre-recorded) at the  2025 Northeast/Mid-Atlantic Small Business Credit Symposium, hosted by the Federal Reserve Banks of New York, Cleveland, Philadelphia, Boston, and Richmond.

  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 12, 1:00 – 5:30 p.m. – The SEC holds a Crypto Task Force Roundtable entitled “Tokenization: Moving Assets Onchain: Where TradFi and DeFi Meet.”

• Thursday, May 15, 11:30 a.m. – SEC Deputy Director of Enforcement Kate Zoladz and several other SEC officials will speak at the Securities Enforcement Forum West 2025 Conference in Los Angeles, California.

• Thursday, May 15, 1:00 p.m. – The 12th Annual Conference eon Financial Market Regulation, co-hosted by the SEC’s Division of Economic and Risk Analysis, Lehigh University’s Center for Financial Services, and the University of Virginia’s Darden School of Business will be held at the SEC Headquarters.

• Thursday, May 15, 2:00 p.m. – The SEC holds a Closed Meeting.

  Commodities Futures Trading Commission

• Wednesday, May 14, 3:30 a.m. EST/9:30 a.m. Amsterdam time – CFTC Commissioner Christy Goldsmith Romero will speak on a panel titled “Economic and Market Outlook” at the International Swaps and Derivatives Association’s Annual General Meeting in Amsterdam, Netherlands.

  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

• May 13 – 15 – FINRA holds its Annual Conference in Washington, D.C.

• 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

• Wednesday, May 8, 10:00 a.m. – The Farm Credit Administration Board of Directors will meet to hear a report on Farm Credit System Funding Conditions.

  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 – Wednesday, May 12 – 14 – SIFMA holds its Anti-Money Laundering & Financial Crimes Conference in Washington, D.C.

• May 13 – 14 – The American Bankers Association holds its American Mortgage Conference in Charleston, South Carolina.

• Wednesday, May 14 – The Institute for International Bankers holds its 2025 Information Security and Operational Reliance Conference in New York.

Think Tanks and Other Events

• ·Monday, May 12, 2:00 p.m. – The Federalist Society holds a virtual fireside chat with Elizabeth Odette, the National Association of Attorney Generals Task Force Chair and Minnesota Assistant Attorney General on the States and Antitrust Policy.

• Tuesday, May 13, 11:30 a.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion on "A Conversation with FTC (Federal Trade Commission) Bureau Directors."

• Wednesday, May 14, Noon – The Exchequer Club hosts SEC Commissioner Mark Uyeda.

Recommended Reading

• Wall Street Journal: Fannie and Freddie May Foment Another Crisis

  Hoover Institution Fellows John Cochrane and Stanford Professor Amit Suru point out in an op-ed in the Wall Street Journal that the two government-sponsored enterprises which failed in the 2008-2009 financial crisis are now bigger and riskier than ever.  Combined Freddie and Fannie back more than 60% of new mortgages, versus roughly 44% before the 2008 meltdown.  They argue there needs to be more market competition and less reliance on government run entities like these two giants.

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