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.

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

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.

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 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.

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 World Bank/International Monetary Fund Meets This Week, Watching for the Global Financial Stability Report, the OCC Reorganizes as the CFPB Slashes Remaining Staff, and the FCUA Board Goes to One Member

April 21 - 25, 2025

Although the US Congress remains out of session this week, plenty of regulatory action is happening.  The World Bank/International Monetary Fund (WB/IMF) spring meetings are this week.  With the meetings comes the publication (Tuesday) of the semi-annual Global Financial Stability Report (GFSR), an assessment of the global financial markets that also identifies potential risks to financial stability.  We will be watching to see which market segments are seen as rising risk and how US regulators respond to the report.

Also as part of the WB/IMF week, the G10 and G20, respectively, will be meeting on the sidelines.  We will be interested to see what comes out of those meetings in the wake of recent market disruptions caused by the Trump tariff announcements.

Not to be missed amidst all the WB/IMF action this week is acting CFTC Chair Caroline Pham's sit-down with Bloomberg on Thursday, during which she will outline the agency's agenda and policy priorities going forward. 

Looking at major events last week, bank regulators approved the Capital One acquisition of Discover.  That $35 billion deal was announced in February 2024 and has been slowly—very slowly—winding its way through the regulatory review process, all the while facing resistance from some quarters (mostly from Senator Elizabeth Warren (D-MA) and other consumer advocates who generally oppose large bank consolidation of any sort). 

However, what we found particularly interesting about the approval announcement was a separate announcement by the FDIC and Federal Reserve that they fined Discover $150 million and ordered the company to pay $1.225 billion in restitution for misclassifying consumer credit cards as commercial.  We have gotten questions about this from clients, mostly asking if this was a case of the "White Knight" – Capital One – being allowed to buy Discover to help clean up the regulatory mess.  Yes, we see it that way, but we also see it as a break from previous regulatory merger deals where regulators did not want a White Knight situation because regulators have seen such efforts actually fail.  Meaning that the acquiring company, in the massive project to merge operational and risk systems, actually ends up papering over the problem and not really getting to the root of the problem.  All of which means, in our view,  we are seeing something of a new approach to financial mergers and acquisition policy by the Trump team – and a likely throwing open of the doors to more financial institution mergers going forward.

Also, this past week, the OCC announced a major reorganization around bank supervision, merging its Midsize and Community Bank Supervision Office with its Large Bank Supervision functions and creating a new Bank Supervision and Examination office.  All this even before Comptroller of the Currency nominee Jonathan Gould gets his final Senate confirmation vote, which will likely happen in the coming three weeks.  Once Gould is in place, we will watch for a potential OCC merger with the FDIC under the guidance of Treasury Secretary Scott Bessent.  Bessent has been holding meetings with Acting Comptroller Rodney Hood and FDIC Acting Chair Jonathan McKernan on how to streamline regulation and possibly merge.

The other big news last week was that Acting Consumer Financial Protection Bureau (CFPB) Russ Vought (who is also the Director of the Office of Management and Budget) was laying off more than 1,400 staffers (out of a total of 1,700 staff).  That effort was temporarily blocked by a federal judge who wants to review whether the layoffs would violate a preliminary injunction blocking the agency from shutting down.

Finally, last week saw the National Credit Union Administration (NCUA) slimmed down to one sitting board member – Chair Kyle Hauptman – after President Trump fired two Democrat board members, Todd Harper (who was chair during the Biden Administration) and Tanya Otsuka.  Both Harper and Otsuka intend to challenge the firings in court, but for now, they are out of the building and will not be voting members.

Clients have asked how the NCUA board functions with only one board member.  Interestingly, as Chair Hauptman pointed out in a memo to staff last week, there is precedent for this.  During the George W. Bush Administration, then-Chair Dennis Dollar acted as the sole board member, voting on policy issues and administrative actions all by himself. 

Below  is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings 

U.S. Senate

The Senate is in recess until April 28.

House of Representatives

·       The House of Representatives is in recess until April 28.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, April 22, 9:00 a.m. – the G-20 Finance Ministers and Central Bank Governors’ Meeting takes place at the IMF in Washington, D.C.  Treasury Secretary Scott Bessent and Federal Reserve Board Governor Jay Powell will be attending.

·        

·       Tuesday, April 22, 9:00 a.m. – Federal Reserve Board Vice Chair Philip N. Jefferson will give a speech entitled “Economic Mobility and the Dual Mandate” at the Federal Reserve Bank of Philadelphia Economic Mobility Summit, Philadelphia, Pennsylvania.

·       Tuesday, April 22, 6:00 p.m. – Federal Reserve Board Governor Adriana D. Kugler will give a speech entitled “Transmission of Monetary Policy” at the Heller-Hurwicz Economics Institute 2025 Roundtable with Dr. Adriana Kugler, Minneapolis, Minnesota.

·       Wednesday, April 23, 9:35 a.m. – Federal Reserve Board Governor Christopher J. Waller will give opening remarks at the Fed Listens event hosted by the Federal Reserve Bank of St. Louis (Virtual).

U.S. Treasury Department

·       Tuesday, April 22, 9:00 a.m. – The G-20 Finance Ministers and Central Bank Governors’ Meeting takes place at the IMF in Washington, D.C.  Treasury Secretary Scott Bessent and Federal Reserve Board Governor Jay Powell will be attending.

·       Wednesday, April 23, 10:00 a.m. – US Treasury Secretary Scott Bessent will give remarks and participate in a conversation at the Institute for International Finance conference (virtual).

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, April 22, 12:35 p.m. – The SEC will host its Incident Response Forum Masterclass 2025.

·       Thursday, April 24, 2:00 p.m. – The SEC will host a Closed Meeting.

·       Friday, April 25, 1:00 p.m. – The SEC will host its Crypto Task Force Roundtable - Know Your Custodian: Key Considerations for Crypto Custody.

Commodities Futures Trading Commission

· Thursday, April 24, 9:45 a.m. – CFTC Commissioner Kristin N. Johnson will deliver keynote remarks at the Africa Fintech Summit, Washington, D.C., 2025.

·       Thursday, April 24, 10:20 a.m. – Acting CFTC Chair Caroline D. Pham will participate on a panel, Balancing Local and Global Priorities in Policymaking (II), at the IIF Future of Global Financial Policymaking Roundtable in Washington, D.C.

·       Thursday, April 24, 1:00 p.m. – Acting Chairman Caroline D. Pham will discuss new policies and priorities at a Bloomberg roundtable in Washington, D.C.

·       Thursday, April 24, 2:00 p.m. – CFTC Commissioner Kristin N. Johnson to participate in AI Evolution and the Future of Governance Roundtable at the Institute for International Finance (IIF) in Washington, D.C.

·       Friday, April 25, 12:00 p.m. – CFTC Commissioner Summer K. Mersinger will participate on a panel, Clearing the Way to the Future: How Is Technology Changing Market Paradigms? at the FIA Law & Compliance Division Conference in Oxen Hill, Maryland.

·       Friday, April 25, 12:00 p.m. – CFTC Commissioner Kristin N. Johnson to address “Clearing the Way to the Future: How Is Technology Changing Market Paradigms?” at the FIA L&C 2025 in Oxen Hill, Maryland.

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.

National Credit Union Administration

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

Federal Housing Finance Agency

·       There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·       Tuesday, April 22, 6:00 p.m. – FTC Chair Andrew Ferguson will be the keynote speaker at the IAPP Global Privacy Summit 2025 in Washington, D.C.

·       Wednesday, April 23 – FTC Chair Andrew Ferguson will speak at the Semafor World Economy Summit 2025 in Washington, D.C.

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.

Small Business Administration

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       Monday – Saturday, April 21 – 25 – The Spring Meetings of the World Bank and International Monetary Fund will be held in Washington, D.C.  The full agenda can be seen HERE.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Monday, April 21, 3:00 p.m. – The Institute for International Finance co-hosts with the World Bank a Digital Trust & Quantum Readiness Roundtable in Washington, D.C.

·       Tuesday, April 22, 2:00 p.m. – the Institute for International Finance hosts a Cyber Security Roundtable in Washington, D.C.

·       Wednesday, April 23, 10:00 a.m. – US Treasury Secretary Scott Bessent will give remarks and participate in a conversation at the Institute for International Finance conference (virtual).

·       Thursday, April 24, 9:00 a.m. – The Institute for International Finance will host its 2025 IIF Sustainable Finance Roundtable in Washington, D.C.

Think Tanks and Other Events

·       Friday, April 25, 10:00 a.m. – European Central Bank Supervisory Board Chair Claudia Buch will speak at the Brookings Institution on “Safeguarding the Stability of the Global Banking System.”

U.S. Financial Regulatory Week Ahead

The Senate Confirms Atkins as SEC Chair, Fed Governor Bowman Breezes Through Her Supervisory Confirmation Hearing, and Washington Goes Quiet in Advance of Easter

April 14 - 18, 2025

The Masters golf tournament was this weekend (what a thrilling ending!), and Congress has fled Washington for a two-week recess — all the signs that Easter is almost here and spring has truly arrived.

After an action-packed 100 days in session, Congress left town Friday for a two-week Easter recess. They will be back the week of April 28th.   Looking at the regulatory agenda and events for the coming week, there is not much happening.  Acting Comptroller of the Currency Rodney Hood will be speaking at the Exchequer Club this week and there are several Federal Reserve Governors speaking this week, most notably Fed Chair Jay Powell speaking at the Economic Club of Chicago on Wednesday.

Looking at what happened last week, the Senate confirmed Paul Atkins to be Chairman of the Securities and Exchange Commission.  Jonathan Gould, the Comptroller of the Currency nominee, almost got his Senate vote but an elongated vote on the new Chairman of the Joint Chiefs of Staff, Dan “Razin” Caine, bumped Gould’s nomination until the last week of April.

Also last week, Federal Reserve Board Governor Michelle Bowman had her confirmation hearing before the Senate Banking Committee.  Despite tough questions from Democrats on her views of regulation overall, Bowman breezed through her hearing, impressing members with her knowledge and confidence.  Of note, Bowman told the committee she intends to bring a cost-benefit analysis to new banking rules and that regulators should be aligned in their goals for regulating the financial system.

Meanwhile, DOGE arrived at the Federal Deposit Insurance Corporation to review the agency's budget and efficiency. Reports suggest the FDIC is considering reducing staff by as much as 20%.

Finally, we note that Treasury Secretary Scott Bessent spoke of his intention to bring sweeping changes to bank oversight. He made clear he supports smaller capital requirements and a lighter-touch regulatory approach.

Below  is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings

U.S. Senate

• The Senate is in recess until April 28.

House of Representatives

• The House of Representatives is in recess until April 28.

Federal Department/Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Monday, April 14, 1:00 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Economic Outlook with Chris Waller Event, hosted by the Chartered Financial Analyst (CFA) Society of St. Louis, St. Louis, Missouri.

• Tuesday, April 15, 7:10 p.m. – Federal Reserve Board Governor Lisa D. Cook gives remarks at the acceptance of the 2025 Distinguished Alumna Award at the Cal Alumni Club of Washington, D.C. Annual Reception, Washington, D.C.

• Wednesday, April 16, 1:30 p.m. (Chicago) – Federal Reserve Board Chair Jerome H. Powell gives a speech on the economic outlook at the Economic Club of Chicago, Chicago, Illinois.

• Thursday, April 17, 11:45 a.m.—Federal Reserve Board Michael S. Barr will give a speech on Cybersecurity in the Banking System at the Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs 2025 State-of-the-Field Conference on Cyber Risk to Financial Stability, New York, New York.

• Friday, April 18, 8:00 a.m. – Federal Reserve Bank of San Francisco President Mary C. Daly will participate in a conversation at the University of California Berkeley Fisher Center for Real Estate & Urban Economics.

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

• Wednesday, April 16, 12:00 p.m. – Acting Comptroller of the Currency Rodney Hood will speak at the Exchequer Club in Washington, D.C.

The Consumer Financial Protection Bureau

• There are no significant events scheduled at this time.

National Credit Union Administration

• Thursday, April 17, 10:00 a.m. – The NCUA Board will meet.  The agenda of issues being considered includes a board briefing on the Interagency Rule, Temporary Exceptions to Financial Institution Reform, Recovery, and Enforcement Act Appraisal Requirements in Areas Affected by California Wildfires and Straight-Line Winds.  They will also be briefed on the NCUA’s Voluntary Separation Programs.

FINRA

• There are no significant events scheduled at this time.

Federal Housing Finance Agency

• 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.

Small Business Administration

• 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 April 14 – 15 – The American Bankers Association and the National Bankers Association hold the MDI Partnership Summit in Washington, D.C.

• Tuesday, April 15, 1:00 p.m. – SIFMA will offer a member briefing updating them on policy issues of interest and concern in Washington.

Think Tanks and Other Events

• There are no significant events scheduled at this time.

U.S. Financial Regulatory Week Ahead

Bessent Moves to Take Control of Banking Regulation, SEC Chair-Nominee Atkins and Comptroller-Nominee Gould Get Their Confirmation Hearing, and Fed Governor Barr Talks Bank Regulation

As my kids used to say when they were little, “Spring has spronged.”  Daffodils are popping up all over Washington, and spring energy is showing up on the Trump regulatory agenda.  Numerous reports have leaked out that Treasury Secretary Scott Bessent is drafting recommendations for ways to streamline the Comptroller of the Currency and the Federal Deposit Insurance Corporation – likely pushing to merge the two agencies.  There is no word on how the Federal Reserve would factor into these plans, but it sets up a possible fight with Congress on the structure of bank regulation overall..

We would note that Semafor reported on all this last week (and, strangely, there was not much of a reaction to the in-depth report).  According to the report, Bessent is going to make the recommendations following the Senate confirmation of Luke Pettit as the Treasury Assistant Secretary for Financial Institutions.  Pettit would likely run point on the effort.

Pettit’s Senate Banking Committee confirmation hearing is this Thursday, where he, along with SEC Chair-nominee Paul Atkins and Comptroller of the Currency-nominee Jonathan Gould, will face tough questions from Democrats on the committee. Ranking Committee Democrat Senator Elizabeth Warren (D-MA) is primed to go after Atkins in particular, sending a long letter to him this past week asking numerous questions about his business and his policy views.  It should be quite an interesting hearing.

Finally, we were interested to see former Federal Reserve Vice Chair for Supervision Michael Barr – who stepped down from the role two weeks ago and is now “just” a Fed Governor – speaking g on bank regulation policy this coming week at the Banking Institute.  Barr clearly is going to keep a strong focus on the issue, and it will be interesting to watch his role evolve as fellow Fed Governor Michelle Bowman gets ready for confirmation hearings to replace him as Vice Chair for Supervision.  In some ways, this is just a reversal of roles, as Bowman was a frequent speaker and commentator (and critic) of bank regulatory policy under Barr.

There are several interesting think tank and trade association events this week, along with five separate hearings in the House of Representatives looking at a variety of regulatory issues.  Below  is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, March 25, 10:00 a.m. – The Senate Finance Committee holds a hearing on the nomination of Frank Bisignano as commissioner of the Social Security Administration.

·       Thursday, March 27, 10:00 a.m. – The Senate Banking Committee will hold the confirmation hearing for Paul Atkins for Chair of the Securities and Exchange Commission, Jonathan Gould to be Comptroller of the Currency, and Luke Pettit to the Assistant Secretary of the Treasury for Financial Institutions.

House of Representatives

·       Tuesday, March 25, 10:00 a.m. – The House Financial Services Committee holds a hearing on "Beyond Silicon Valley: Expanding Access to Capital Across America."

·       Tuesday, March 25, 10:00 a.m. – The House Agriculture Committee holds a hearing on "The CFTC (Commodity Futures Trading Commission) at 50: Examining the Past and Future of Commodity Markets."

·       Wednesday, March 26, 10:00 a.m. – The House Financial Services Committee’s Financial Institutions Subcommittee holds a hearing on "A New Era for the CFPB (Consumer Financial Protection Bureau): Balancing Power and Reprioritizing Consumer Protections."

·       Wednesday, March 26, 10:00 a.m. – The House Small Business Committee holds a hearing on "The Golden Age: Unleashing Main Street Through Deregulation."

·       Wednesday, March 26, 2:00 p.m. – The House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing on "Following the Money: Tools and Techniques to Combat Fraud

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Monday, March 24, 3:10 p.m. – Federal Reserve Board Governor Michael S. Barr gives a speech on Small Business Lending at the Advancing Innovation and Fairness in Small Business Finance, Washington, D.C.

·       Tuesday, March 25, 8:40 a.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the Economic Landscape and Entrepreneurship at the U.S. Hispanic Chamber of Commerce 2025 Legislative Summit, Washington D.C.

·       Friday, March 28, 12:15 p.m. – Federal Reserve Board Governor Michael S. Barr participates in a discussion on banking policy at the 2025 Banking Institute, Charlotte, North Carolina.

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 24, 9:10 a.m. – Acting SEC Chair Mark Uyeda speaks at the SIFMA C&L 2025 Annual Seminar in Austin, Texas.

·       Thursday, March 27, 9:00 a.m. – The Securities and Exchange Commission holds a discussion on "Artificial Intelligence in the Financial Industry."  Acting SEC Chairman Mark Uyeda, SEC Commissioner Hester Peirce, and SEC Commissioner Caroline Crenshaw will participate.

·       Thursday, March 27, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

·       Monday, March 24, 1:40 p.m. – CFTC Commissioner Kristin N. Johnson will deliver a keynote address at the SIFMA C&L 2025 Annual Seminar Women’s Luncheon in Austin, Texas.

·       Wednesday, March 26, 12:00 p.m. (GMT) – CFTC Commissioner Christy Goldsmith Romero will participate in a policy roundtable convened by the International Swaps and Derivatives Association in London.

·       Wednesday, March 26, 9:50 a.m. – CFTC Commissioner Summer K. Mersinger will participate in the Crypto, Derivatives, and the Road Ahead: A Conversation with the CFTC and NFA panel at the Digital Chamber’s DC Blockchain Summit in Washington, D.C.

Federal Deposit Insurance Corporation

·       There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

·       Monday, March 24, 3:40 p.m. – Acting Comptroller of the Currency Rodney E. Hood will discuss financial inclusion at the Homeownership and Housing Policy Conference hosted by the National Association of Hispanic Real Estate Professionals in Washington, D.C.

The Consumer Financial Protection Bureau

·       There are no significant events scheduled at this time.

National Credit Union Administration

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

Federal Housing Finance Agency

·       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.

Small Business Administration

·       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

·       March 23 -26 – SIFMA holds its C&L 2025 Annual Seminar is being held in Austin, Texas.

·       The Digital Chamber’s Blockchain Summit will be held in Washington, D.C.  Senate Banking Committee Chair Tim Scott (R-SC) and House Financial Services Committee Chair French Hill (R-AK) will speak.

Think Tanks and Other Events

·       Tuesday, March 25, 1:00 p.m. – The Urban Institute holds a discussion on "Improving Household Financial Security and Upward Mobility: Insights for Effective Policy and Practice."

Recommended Reads

• Trump’s ‘Strategic Bitcoin Reserve’ Makes No Sense   The CATO Institute

  Bitcoin, the pioneer free-market digital asset, which was originally supposed to function beyond governments’ reach, is now being boosted by at least one of the governments it was supposed to defy: ours.  When bitcoin was invented in 2008, its anonymous (but certainly libertarian) inventors hoped it would rival official currencies, especially the US dollar. Instead of being regulated by governments, the quantity of bitcoin would be controlled by a decentralized and tamper-proof computer program, or “protocol,” set to have it gradually approach a limit of 21 million coins. By guaranteeing bitcoins’ scarcity, the protocol would make them an attractive alternative to monies that governments can print to their hearts’ content, which tend to depreciate for that reason.

U.S. Financial Regulatory Week Ahead

Bessent’s Regulatory Pillar, Senate Banking Wants to Re-Write Bank Reputational Risk Guidance, the FDIC Revamps Merger Guidelines, and Trump Says He Will Name a New Fed Vice Chair for Supervision

Major changes to the financial regulatory world continue apace in Washington, and two events this past week stood out.  First, Treasury Secretary Scott Bessent gave his first major speech laying out his “Three Pillars of the American First Economic Agenda.” Speaking at the New York Economic Club, Bessent said the first pillar would be overhauling financial oversight, making the case that “regulatory overreach of the past few years in pursuit of political agendas has missed material risk, stymied growth, and squashed innovation.

The Federal Deposit Insurance Corporation (FDIC) was the second significant change as the FDIC’s board of directors voted to roll back the Biden Administration’s proposed bank merger guidelines.  It was the first major financial deregulatory move of the Trump Administration.  The FDIC also withdrew from pending regulations on brokered deposits, corporate governance, and asset manager’s ownership stakes in banks.

In Congress, Republicans on the Senate Banking Committee (all 13 of them) signed on to legislation offered by Banking Committee Chair Tim Scott (R-SC) aimed at forcing federal banking regulators from using reputational risk as a component of supervision.  The point of the legislation, called the Financial Integrity and Regulation Management Act (FIRM Act), is to combat debanking.  The legislation was hailed by state bank regulators and the crypto industry, which has accused the FDIC and other bank regulators of discouraging banks from offering crypto services.  You can read a summary of the bill HERE.

Crypto had a big week last week with President Trump signing an Executive Order creating a Strategic Bitcoin Reserve.  The President followed this up with a first-of-its-kind White House Crypto Summit, bringing together crypto industry leaders.   

 This came as the House Financial Services Committee (HFSC) voted to overturn a Consumer Financial Protection Bureau (CFPB) rule subjecting nonbanks with digital payment platforms to greater scrutiny.   

The HFSC also voted to overturn CFPB rules restricting overdraft fees, something banks have strongly lobbied in favor of repealing.  Both overturned CFPB rules are likely to be passed by the full House but passage in the Senate is far from assured.

While all this was going on, Senate Banking Committee Chair Scott and House Financial Services Committee Chair French Hill (R-AK) sent President Trump a letter urging the President to move quickly in naming a new Federal Reserve Vice Chair for Supervision.  Late Sunday, President Trump said he plans to make an announcement naming a new Vice Chair “fairly soon.”

We would also note — as we get many questions from clients — that we still do not know when SEC Chair-nominee Paul Atkins and Comptroller of the Currency-nominee Jonathan Gould will have their Senate confirmation hearings. The answer is we do not know as nothing has yet been scheduled, although we have heard rumors they may happen in the next two weeks.

Looking at the week ahead, the HFSC is holding a hearing on digital payments and the federal framework for payment stablecoins while the Senate Banking Committee is holding a hearing on affordable housing.  There will also be a raft of SEC and CFTC speeches this week as the futures industry holds its big annual conference in Boca Raton, Florida.  

And the Brookings Institution is holding an interesting event looking at how the State of New York regulates the financial sector.  Below is the full list of major events we are keeping our eyes on this week:

U.S. Congressional Hearings 

U.S. Senate

• Tuesday, March 11, 2:30 p.m. – The Senate Agriculture Committee holds a hearing entitled “Perspectives from the Field: Risk Management, Credit, and Rural Business Views on the Agricultural Economy Part 3”

• Wednesday, March 12, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Housing Roadblocks: paving a New Way to Address Affordability.”

House of Representatives

• Tuesday, March 11, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled  Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• There are no public events scheduled for Fed Governors this week. They are in their Blackout Period in advance of the March 19th Federal Open Markets Committee 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

• Monday, March 10, 1:30 p.m. – Acting SEC Chair Mark Uyeda will deliver remarks at the Institute of International Bankers 2025 Annual Washington Conference in Washington, DC.

·       Tuesday, March 11, 4:35 p.m. – SEC Commissioner Hester Peirce and CFTC Commissioner Summer K. Mersinger will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York

• Thursday, March 13, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

• Tuesday, March 11, 9:50 a.m. – CFTC Commissioner Kristin N. Johnson will speak on a panel titled “The Changing Face of Clearing” at FIA Boca50 in Boca Raton, Florida.

• Tuesday, March 11, 11:10 a.m. – CFTC Acting Chairman Caroline D. Pham will deliver a keynote address at the International Futures Industry Conference, FIA BOCA50 in Boca Raton, Florida.

• Tuesday, March 11, 11:25 a.m. – CFTC Commissioner Christy Goldsmith Romero will speak on an international regulator panel at the International Futures Industry Conference 2025 in Boca Raton, Florida.

• Tuesday, March 11, 4:35 p.m. – CFTC Commissioner Summer K. Mersinger and SEC Commissioner Hester M. Peirce will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York.

Federal Deposit Insurance Corporation

• Monday, March 10, 10:00 a.m. – Acting FDIC Chair Travis Hill will speak at the Institute for International Bankers 2025 Washington Conference.

Office of the Comptroller of the Currency

• Monday, March 10, 2:00 p.m. – Acting Comptroller of the Currency Rodney Hood speaks on bank supervision at the Institute for International Bankers 2025 Annual Washington Conference.

The Consumer Financial Protection Bureau

• There are no significant events scheduled at this time.

National Credit Union Administration

• There are no significant events scheduled at this time.

FINRA

• There are no significant events scheduled at this time.

Federal Housing Finance Agency

• 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 13, 10:00 a.m. – The FCA Board meets.

Farm Credit Insurance Corporation

• Wednesday, March 12, 10:00 a.m. – The FCIA Board meets.  The agenda includes payment from Allocated Insurance Reserve Accounts, a policy statement concerning contracting, the Report on Biennial Liquidity Assistance Exercise, the Annual Report on Contracts, and the Annual Report on Whistleblower Activity.

Small Business Administration

• 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 Events

Trade Associations

• March 9 – 12 – the Futures Industry Association holds their Boca50 Conference in Boca Raton, Florida.

• March 10 – 11 – The Institute for International Bankers holds its 2025 Annual Washington Conference.

• March 11 – The Alternative Investment Management Association (AIMA) holds its Global & Regulatory Forum 2025 in New York.

Think Tanks and Other Events

• Tuesday, March 11, 11:00 a.m. – The Brookings Institution will hold a hybrid event entitled “How New York is regulating financial services.”  New York Superintendent of Financial Services Adriene Harris will participate in a fireside chat.

• Thursday, March 13, 9:00 a.m. – The Peterson Institute for International Economics holds a webcast entitled “The role of capital markets in emerging-market growth.”

Recommended Reads

• Why Italy is attracting so many bank merger proposals     OMFIF

• Large Bank Capital: There is More to Inflation Than the Price of Goods and Services  Financial Services Forum

• The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market   Federal Reserve Bank of Boston

U.S. Financial Regulatory Week Ahead

The Regulatory Confirmation Process Begins, the End of OCC/FDIC Merger Talk, Barr’s Regulatory Swan Song Speech DOGE Continues Its Review As Federal Workers Have to Respond to Musk Email

February 24 - 28, 2025

The new class of federal regulatory nominees begins the confirmation process this week as Jonathan McKernan, the nominee to run the Consumer Financial Protection Bureau (CFPB), and Bill Pulte, the nominee to run the Federal Housing Finance Agency, stand before the Senate Banking Committee.  It is not clear yet when SEC Chair nominee Paul Atkins, CFTC Chair nominee Brian Quintenz, or Comptroller of the Currency (OCC) nominee Jonathan Gould will get his confirmation hearing, but rumor is that they will take place in the coming three weeks.

Also, on Capitol Hill this week, there are several hearings of note happening.  The House Financial Services Committee will be holding two hearings, one entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.”   The second hearing will take a broad review of finance and China.

Among regulators, Federal Reserve Board Vice Chair for Supervision Michael Barr will be giving his final speech as Vice Chair.  He will be at the Yale School of Management and speaking on financial stability.

Meanwhile, after several months of speculation about a possible effort to merge the OCC and the FDIC was put to rest this past week.  The OCC this past week denied plans to put the two agencies together (something the Heritage Foundation’s Project 2025 had urged).  The response was issued after reports of the OCC planning to receive transferred or fired FDIC workers coming over the agency.

Meanwhile, the Elon Musk DOGE effort continues apace with regulators as well as larger departments (particularly the Department of Defense) coming under intensified scrutiny (there were reports late last week that Defense could see tens of thousands of civilian employees let go).   While all this is going on, an email was sent to all federal employees from DOGE demanding federal workers describe by Monday what they do and justify their work.  A number of federal agencies, in response to the email, told workers to ignore the email, leaving many workers confused as to what would happen if they indeed ignored the email.

Below is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings 

U.S. Senate

·       Wednesday, February 26, 2:30 p.m. – The Senate Banking Committee will hold a hearing entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”

·       Wednesday, February 26, 10:30 a.m. – The Senate Agriculture Committee will hold a hearing entitled “Perspectives from the Field: Farmer and Rancher Views on the Agricultural Economy, Part 2”

·       Thursday, February 27, 10:00 a.m. – The Senate Banking Committee will hold confirmation hearings for Stephen Miran to be Chair of the Council of Economic Advisors, Jeffrey Kessler to be Undersecretary of Commerce for Industry and Security, and Jonathan McKernan to be Director of the Bureau of Consumer and Financial Protection.

House of Representatives

·       Tuesday, February 25, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Examining Policies to Counter China.”  You can read the  background Committee memo to members HERE.  The committee will also consider seventeen separate bills focused on issues ranging from money laundering to SEC regulations for te World Bank to the African Development Fund.

·       Tuesday, February 25, 10:00 a.m. – The Trade Subcommittee of the House Ways & Means Committee will hold a hearing entitled “American Trade Enforcement Priorities”

·       Wednesday, February 26, 10:00 a.m. – The Capital Markets Subcommittee of the House Financial Services Committee will hold a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.”

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, February 25, 11:45 a.m. – Federal Reserve Board Vice Chair for Supervision Michael S. Barr will give a speech on Financial Stability followed by Q&A at the Yale School of Management in New Haven, Connecticut.

·       Thursday, February 27, 11:45 a.m. – Federal Reserve Board Governor Michelle W. Bowman will give a speech on community banking at the Fort Hays State University Robbins Banking Institute Lecture Series, Hays, Kansas.

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, February 24, 8:45 a.m. – The Florida Bar’s Federal Securities Institute and M&A Conference will be held in Tampa, Florida.  Acting SEC Chair Mark Uyeda will speak.

·       Tuesday, February 25, 10:00 a.m. – The SEC’s Small Business and Capital Formation Advisory Committee will meet.  They will hear from two speakers – Ashok Kamal, Executive Director, NuFund Venture Group, and Sara Zulkosky, Co-Founder & Managing Partner, Recast Capital, on “Exploring Ways to Support and Facilitate Capital Formation for Emerging Fund Managers.”  The Committee will hold a second session entitled “Understanding the Challenges Faced by Small Public Companies Not Listed on a National Securities Exchange.”

·       Wednesday, February 26, 10:00 a.m. – The SEC will hold an Open Meeting to consider the “Final Rule Extending Compliance Dates and Order Granting Temporary Exemptive Relief for Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule with Respect to U.S. Treasury Securities.”

·       Thursday, February 27, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       Tuesday, February 25, 11:40 a.m. (Germany) – CFTC Acting Chair Caroline D. Pham will participate in a fireside chat at the Sixth Joint Conference on CCP Risk Management 2025 in Frankfurt, Germany.

·       Wednesday, February 26, 10:20 a.m. (Germany) – Acting Chairman Caroline D. Pham will be featured on a fireside chat titled, “Transatlantic Trends – The U.S. Election and Its Impact on Europe” at the Derivatives Forum Frankfurt 2025.

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.

National Credit Union Administration

·       Thursday, February 27, 10:00 a.m. – The National Credit Union Administration will hold a board meeting.  The agenda includes Board Briefing, Share Insurance Fund Quarterly Report and the NCUA Board Vice Chairman Designation.

FINRA

·       There are no significant events scheduled at this time.

Federal Housing Finance Agency

·       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.

Small Business Administration

·       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 – Wednesday, February 24 -26 --  The American Bankers Association holds its Wealth Management and Trust Conference in San Diego, California.

Think Tanks and Other Events

·       Tuesday, February 25, 7:15 a.m. – The Economic Club of Washington, D.C. holds a discussion with Bank of America CEO Brian Moynihan on "the current state of the economy, markets, the health of the U.S. consumer, and the global economic outlook for 2025."

·       Tuesday & Wednesday, February 25 & 16 – The American Conference Institute, the Canadian Institute, and C5 hold a forum on "Global Export Controls” in Arlington, Virginia.  John Sonderman, director of the Commerce Department Bureau of Industry and Security's Office of Export Enforcement and Paul Ahern, chief counselor for enforcement at the Treasury Department's Office of Terrorism and Financial Intelligence, will be keynote speakers.

·       Wednesday, February 26, 9:00 a.m. – The Peterson Institute for International Economics will hold a virtual event entitled “The Trump Administration’s policies and global financial risk.”

Thursday, February 27, 11:00 a.m. – The Bipartisan Policy Institute is holding a hybrid event entitled “Searching for Solutions: Property Insurance and Housing Affordability.”

U.S. Financial Regulatory Week Ahead

The OCC Gets An Acting Comptroller, The CFPB Is Ordered to Stop Doing Whatever It’s Doing, Congress Starts Moving on Crypto Legislation, And Treasury Gets a New Assistant Secretaries for Financial Markets and Financial Institutions

February 10 - 14, 2025

While President Trump has yet to nominate anyone to any major financial regulatory post other than the Securities and Exchange Commission (SEC) (Paul Atkins as Chair), he has overseen the installation of a number of acting heads.  The latest is Rodney Hood as the Acting Comptroller of the Currency. 

Hood, who served as Chair of the National Credit Union Administration during President Trump's first term and remained as Vice Chair during most of the Biden Administration, has a strong pedigree in banking, having held senior positions at Bank of America, Wells Fargo, and J.P. Morgan Chase. 

What is interesting is that this is only an acting role.  Hood reportedly does not want to be made full-time and will only serve until President Trump selects someone else.  Hood joins the "Acting Club" with Caroline Pham as the Acting Chair of the Commodities Futures Trading Commission, Travis Hill as Acting Chair of the Federal Deposit Insurance Corporation, Mark Uyeda as Acting Chair of the SEC (until Atkins is confirmed), and Russel Voight (the newly confirmed Director of the Office of Management and Budget) as the Acting Director of the Consumer Financial Protection Bureau (CFPB).

The CFPB is the hot topic of the week here in Washington, especially since Voight took over the Acting role from Treasury Secretary Scott Bessent.  Voight has ordered agency employees not to come into work or perform any work tasks – including moving on any ongoing litigation.  Moreover, Voight has instructed the Federal Reserve – which funds the CFPB out of its budget – not to send any more money as it is not "reasonably necessary to carry out its duties." What is clear is the Trump Administration wants to do away with the CFPB – to the loud cheering of virtually every financial institution regulated by the agency – and, if they cannot outright shut it down, then starve it to death financially.

The National Treasury Employees Union, which represents CFPB employees, has sued Voight, asking a judge to halt his orders and block Elon Musk's DOGE staffers from accessing internal CFPB communications systems.  If you go to the CFPB's website, you get the always ominous "404: Page Not Found" message (see screenshot below).

Over at Treasury this past week,  there were two particularly important nominations for the financial services sector.  Jason Trennert, the founder and Chair of Strategas Research Partners, was nominated to the role of Treasury Assistant Secretary for Financial Markets, and Luke Pettit, an aide to Senator Hagerty and previously at Bridgewater Associates and, before that, the Federal Reserve, was nominated to be Treasury Assistant Secretary for Financial Institutions.

Meanwhile, on Capitol Hill, the Senate Banking Committee and House Financial Services Committee continue rapidly accelerating their legislative strategies for the year.  House Financial Services Chair French Hill (R-Ark.) and his top deputy on cryptocurrency policy unveiled a draft bill last week to create a stablecoins regulatory structure.  The legislation closely mirrors legislation offered in the Senate by Senator Bill Hagerty (R-TN) and co-sponsored by Senate Banking Committee Chair Tim Scott (R-SC) and a number of other members.

There is not much happening at the regulatory agencies this coming week.  The big events are Federal Reserve Board Chair Jay Powell's semi-annual testimony before Congress on the State of the Economy and Governor Christopher Waller's interesting and timely speech in San Francisco on Stablecoins.

Below is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings

U.S. Senate

• Tuesday, February 11, 10:00 a.m. – The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "The Semiannual Monetary Policy Report to the Congress."  Federal Reserve Board Chair Jerome Powell will testify.

House of Representatives

• Tuesday, February 11, 10:00 a.m. – The House Agriculture Committee holds a hearing entitled “Examining the Economic Crisis in Farm Country.”

• Tuesday, February 11, 10:00 a.m. – The House Judiciary Administrative State, Regulatory Reform, and Antitrust Subcommittee holds a hearing on "Reining in the Administrative State: Regulatory and Administrative Law Reform."

• Tuesday, February 11, 2:30 p.m. – The House Financial Services Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee holds a hearing on "A Golden Age of Digital Assets: Charting a Path Forward."

• Wednesday, February 12, 10:00 a.m. – The House Financial Services Committee holds a hearing on "The Federal Reserve's Semi-Annual Monetary Policy Report."  Federal Reserve Board Chair Jerome Powell will testify.

• Wednesday, February 12, 10:00 a.m. – The House Small Business Committee holds a hearing on "Driving Economic Growth: SBA Lending Programs and the Vital Role of Community Banks."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Tuesday, February 11, 3:30 p.m. – Federal Reserve Board Governor Michelle W. Bowman gives a speech on Bank Regulation at the 2025 Iowa Bankers Association Bank Management and Policy Conference.

• Wednesday, February 12, 5:05 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on stablecoins at the A Very Stable Conference: Stablecoin Infrastructure for Real World Applications, San Francisco, California.

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, February 13, 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

• 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

• Tuesday, February 11, 1:00 p.m. – Consumer Financial Protection Bureau holds a virtual meeting of the Consumer Advisory Board to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority (NOTE: This meeting is likely to be cancelled).

• Wednesday, February 12, 1:00 p.m. – The Consumer Financial Protection Bureau holds a virtual meeting of the Combined Community Bank Advisory Council and Credit Union Advisory Council to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority (NOTE: This meeting is likely to be canceled).

National Credit Union Administration

• There are no significant events scheduled at this time.

FINRA

• There are no significant events scheduled at this time.

Federal Housing Finance Agency

• 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, February 13, 10:00 a.m. – The FCA Board of Directors holds a meeting to consider a regulatory burden final notice.

Farm Credit Insurance Corporation

• Wednesday, February 12, 10:00 a.m. – the FCSIC Board of Director will hold a meeting.  The agenda includes review and setting of insurance premium accrual rates (Open); Policy statement concerning contracting (Open); Report on biennial liquidity assistance exercise (Closed); Annual report on Contracts (Closed); and Annual report on whistleblower activity (Closed)

Small Business Administration

• 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, February 11, 9:00 a.m. – 5:00 p.m. – The Institute for International Bankers holds its 2025 U.S. Regulatory & Compliance Orientation Conference in New York.

Think Tanks and Other Events

• Monday – Tuesday, February 10 – 11 – Compliance Week holds its “Cyber Risk & Data Privacy Summit” in Washington, D.C.

• Monday – Tuesday, February 10 – 11 – The Washington International Trade Association holds its 2025 Washington International Trade Conference. Senate Banking, Housing, and Urban Affairs Chairman Tim Scott (R-S.C.) delivers a luncheon keynote address on Monday.

• Tuesday,  February 11, 3:00 p.m. – the Federalist Society will hold a virtual discussion entitled Cryptocurrency after the Election.”

• Thursday, February 13, 9:00 a.m. – PunchBowl News hosts "The Summit: Tax Policy," discussing tax policy in the new administration.

• Thursday, February 13, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual event entitled “Is “Twin Peaks’ the Future of Financial Supervision?”  

• Thursday, February 13, 9:45 a.m. – The Brookings Institution holds a conference entitled “The Outlook for Retirement Security in a New Congress.”

• Thursday, February 13, 11:00 a.m. – The Urban Institute holds a virtual discussion, beginning at 11 a.m., on "Recapitalizing the GSEs (government-sponsored enterprises) through Administrative Action: Impact on Mortgage Rates and the MBS (mortgage-backed security) Market."

U.S. Regulatory Week Ahead

The New Trump Presidency Begins, A Week Without (for the most part) Any Regulatory Heads, Senate Banking Committee Agenda Unveiled, and A New Joint Subcommittee on Crypto

It is a historic day today as President Donald Trump is sworn in as the 47th president at Noon.  An extraordinary political comeback will be capped, and with it will come a Republican House and Senate with an aggressive agenda on financial regulatory issues, taxes, and trade.

We would note, as many of you already have figured out, that for the most part, all the major financial regulatory heads have stepped down or are about to step down in advance of President Trump being sworn into office: Federal Reserve Vice Chair for Supervision Michael Barr, SEC Chair Gary Gensler, FDIC Chair Martin Gruenberg, OCC Acting Head Michael Hsu, and CFTC Chair Rostin Benham.  By our count, the only financial regulatory trying to stick around is Consumer Financial Protection Bureau Director Rohit Chopra (and we do not think that will last long once President Trump takes office – we will see).

So, it will be a very quiet week regulatory-wise this coming week.  As a matter of fact, regulatory quiet will last for a number of weeks (even months) ahead as President-elect Trump has yet to nominate any regulators aside from SEC Chair-designate Paul Atkins.  We are surprised as Trump was moving faster than any newly elected president in putting forth nominations for cabinet and subcabinet officials.  For reasons we are not entirely clear on, the nomination machine has slowed considerably in recent weeks – and knowing how slowly the Senate can and likely will move on confirmations of nominations, it could be months before we see new regulatory heads in place. 

Meanwhile, the new Chair of the Senate Banking Committee, Senator Tim Scott (R-SC), released his Priorities for the 119th Congress.  You can read them HERE.  Additionally, Scott is apparently in talks with House Financial Services Committee Chair French Hill (R-AK) about forming some sort of joint working subcommittee on crypto.  We would think that could be an exciting accelerant to setting up at least a basic regulatory framework for crypto, helping boost the sector among investors.

Below is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings 

U.S. Senate

·       There are no significant events scheduled at this time.

House of Representatives

·       Wednesday, January 22, 10:00 a.m. – The House Financial Services Committee holds its 119th congressional organizational meeting.

·       Wednesday, January 22, 10:00 a.m. – The House Ways and Means Committee holds a hearing on "Matters Within the Committee's Tax Jurisdiction."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       There are no significant events scheduled at this time.  And there are no Governor speeches scheduled as the Fed is in its regular “blackout period” in advance of the January 29 Federal Open Market Committee 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

·       Monday, January 20, 6:05 p.m. Switzerland) – CFTC Commissioner Kristin N. Johnson will participate in a fireside chat with the CEO of the Global Blockchain Business Council (GBBC), Sandra Ro, at GBBC Blockchain Central 2025 in Davos, Switzerland on innovation, artificial intelligence, and emerging developments in financial markets.  

·       Tuesday, January 21, 11:35 a.m. Switzerland) – CFTC Commissioner Christy Goldsmith Romero will provide remarks virtually at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos 2025.

·       Friday, January 24, 12:15 p.m. Central Time – CFTC Commissioner Kristin N. Johnson will deliver a keynote address followed by a Q&A moderated by Professor William Birdthistle at the University of Chicago Law School. The conversation will explore the issues confronting federal financial regulators at this moment of transition from one presidential administration to another, including artificial intelligence, advances in technology and other notable developments in financial markets.

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.

National Credit Union Administration

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

Federal Housing Finance Agency

·       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.

Small Business Administration

·       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, January 21, 11:00 a.m. – SIFMA will hold a virtual “State of the Industry” briefing for members.

·       Friday, January 24, 12:30 p.m. – The National Association of Realtors (NAR) will hold a policy forum on Friday, January 24, in Washington, DC, entitled "A Nation of Homeowners: How Tax Reform Can Boost the American Dream" in Washington, D.C.

Think Tanks and Other Events

·       There are no significant events scheduled at this time.