U.S. Financial Regulatory Week Ahead

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

October 20 - 24, 2025

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

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

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

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

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

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

U.S. Congressional Hearings

U.S. Senate

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

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

House of Representatives

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

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

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

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

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

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

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

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

U.S. Treasury Department

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

Department of Commerce

·       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, October 21, 8:50 a.m. – SEC Chair Paul Atkins will participate in a fireside talk with SIFMA President and CEO Ken Benstsen at the SIFMA Annual Meeting in Washington, D.C..

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

·       Tuesday, October 20, 8:30 a.m. – Comptroller of the Currency Jonathan Gould will discuss priorities and agency initiatives at the American Bankers Association’s Annual Convention in Charlotte, North Carolina.

The Consumer Financial Protection Bureau

·       There are no significant events scheduled at this time.

Federal Housing Finance Agency

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

National Credit Union Administration

·       There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

Farm Credit Administration 

·       There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       There are no significant events scheduled at this time.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Monday – Tuesday, October 20 – 21 – SIFMA holds its Annual Meeting in Washington, D.C.

Think Tanks and Other Events

·       Tuesday, October 20, 10:00 a.m. – The Brookings Institution will hold a hybrid event entitled “Are Geopolitics Leading to Fragmentation of the International Financial System?”

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 Government Lurches Toward a Shutdown as Congress Takes the Week Off, SEC Chair Atkins Begins to Outline Big Regulatory Overhaul,  and Fed Vice Chair Bowman to Speak on Regulatory Agenda

September 22 - 26, 2025

Congress is out of session this week for Rosh Hashanah and to conduct work from their home offices. Unfortunately, being out this week has substantially increased the likelihood of a government shutdown as of September 30th (we currently estimate the odds of a shutdown at 75 percent as of today).   

House and Senate Republicans and Democrat leaders really are not talking much about how to cobble together a Continuing Resolution (CR) to keep the government running and, in talking to several Democratic staffers, it is clear Democratic leaders are almost at the point of welcoming a shutdown to make clear their opposition to the politically unpopular Medicaid cuts in the One Big Beautiful Bill as well as the upcoming cancellation of Obamacare tax credits. 

How long a shutdown could last is anyone's guess. The longest shutdown began on December 22nd, 2018, and lasted 35 days, concluding on January 25th, 2019. We will be updating clients on what we hear as we get close to the shutdown deadline.

Looking at last week, the big news was SEC Chair Paul Atkins' interview with Politico, where he made clear he was laying out the groundwork for a major regulatory rewrite.  It appears that it will include changes to quarterly reporting, something President Trump encouraged last week.  Atkins also championed moves to encourage more arbitration between investors and corporations and to move away from expensive and oftentimes frivolous class-action lawsuits.

Meanwhile, Comptroller of the Currency Jonathan Gould announced a second reorganization of the agency, reversing a reorganization led by then-acting Comptroller Rodney Hood.  Industry groups cheered the move.

Also, last week, up on Capitol Hill, the House Financial Services Committee began outlining how it intends to reauthorize the Terrorism Risk Insurance Program as well as general flood insurance. The Senate Banking Committee is also expected to take on flood insurance this fall and is likely to make several changes to it. Interestingly, the National Flood Insurance Program has gone through 33 short-term reauthorizations and has not seen any changes over the past eight years.  There will likely be at least another short-term extension, as the program is set to expire on September 30th.

Looking at the week ahead, a large number of Federal Reserve Board governors and many of the regional Federal Reserve Bank presidents will be out giving speeches.  By our count, there are 14 speeches in total being given this week. But of particular note, Fed Chair Jay Powell is speaking on Tuesday about the economic outlook, while Fed Vice Chair for Supervision Michelle Bowman is speaking at the Kentucky Bankers Association. Bowman will also be giving another speech on Thursday in Washington on bank regulation, while her predecessor, Fed Governor Michael Barr, will be speaking on stress testing the same day, too.

And we would close out by noting the SEC has another very busy Thursday, almost as busy as last Thursday. SEC Chair Atkins will also be giving a speech on regulation.  And there is going to be a big SEC webinar on large bank compliance, then a Closed Meeting, all while a number of senior SEC enforcement officials will be speaking at the Securities Enforcement Forum Central 2025 conference in Chicago.

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

U.S. Congressional Hearings 

U.S. Senate

·       The US Senate is out of session this week for home state work.

House of Representatives

The House of Representatives is out of session this week for home district work.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Monday, September 22, 10:00 a.m. – St. Louise Federal Reserve Bank President Alberto Musalem gives a speech on the outlook for the US economy and monetary policy at the Brookings Institution in Washington, D.C.

·       Monday, September 22, 12:00 p.m. – Federal Reserve Board Governor Stephen I. Miran Non-Monetary Forces and Appropriate Monetary Policy at the Economic Club of New York Luncheon, New York, New York.

·       Tuesday, September 23, 9:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will give a speech on the Economic Outlook at the 134th Annual Kentucky Bankers Association Convention (virtual).

·       Tuesday, September 23, 9:00 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook before a Macro Musings podcast live recording.

·       Tuesday, September 23, 12:35 p.m. – Federal Reserve Board Chair Jerome H. Powell will give a speech on the economic outlook at the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon, Warwick, Rhode Island.

·       Wednesday, September 24, 3:10 p.m. CT – San Francisco Federal Reserve Bank President Mary Daly speaks on the economic outlook before the annual Spencer Fox Eccles Convocation presented by the National Association of Corporate Directors, Utah Chapter.

·       Thursday, September 25, 7:20 a.m. – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before Crain's Power Lunch, "The Fed and the Economy: Trends for West Michigan"

·       Thursday, September 25, 9:00 a.m. – New York Federal Reserve Bank President John Williams gives welcome remarks before the Fourth Annual International Roles of the U.S. Dollar Conference hosted by the Federal Reserve Bank of New York and the Federal Reserve Board.

·       Thursday, September 25, 9:00 a.m. – Federal Reserve Bank of Kansas City President Jeff Schmid speaks about monetary policy and the economic and banking outlook at the Mid-Sized Bank Coalition of America in Dallas.

·       Thursday, September 25, 10:00 a.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on supervision and regulation at the at the Financial Markets Quality Conference 2025, Washington, D.C.

·       Thursday, September 25, 1:00 p.m. – Federal Reserve Governor Michael S. Barr participates in a conversation on bank stress testing at the Peterson Institute for International Economics, Washington, D.C.

·       Thursday, September 25, 2:30 p.m. – San Francisco Federal Reserve Bank President Mary Daly participates in a conversation before the Federal Reserve Bank of San Francisco 2025 Western Bankers Forum.

·       Friday, September 26, 9:00 a.m. – Richmond Federal Reserve Bank President Tom Barkin participates in a conversation with Roger Ferguson at the Peterson Institute for International Economics.

·       Friday, September 26, 1:00 p.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a speech entitled “Approach to Monetary Policy Decision-Making” at the Cornell Club of New York, New York City, New York.

U.S. Treasury Department

·       There are no significant events scheduled at this time.

Department of Commerce

·       There are no significant events scheduled at this time.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Thursday, September 25, 8:30 a.m. – Several senior SEC enforcement officials will be speaking at the Securities Enforcement Forum Central 2025 conference in Chicago.

·       Thursday, September 25, 1:00 p.m. – The SEC will host a compliance outreach webinar for large firms regarding the 2024 adoption of amendments to Regulation S-P.

·       Thursday, September 25, 2:00 p.m. – The SEC will hold a Closed Meeting.

·       Thursday, September 25, 4:30 p.m. – SEC Chairman Paul Atkins will speak at the Georgetown University McDonough School of Business’ Psaros Center for Financial Markets and Policy holds its Financial Markets Quality Conference 2025 in Washington, D.C.

Commodities Futures Trading Commission

·       Wednesday, September 24, 6:00 p.m. Seoul – Acting Chairman Caroline D. Pham will provide keynote remarks at a Global Crypto Policy Symposium: Navigating Stablecoin Regulation for the Institutional Era.

Federal Deposit Insurance Corporation

·       There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

·       There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

·       There are no significant events scheduled at this time.

Federal Housing Finance Agency

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

National Credit Union Administration

·       There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

Farm Credit Administration

·       There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       There are no significant events scheduled at this time.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

 Trade Associations

·       Thursday, September 25, 12:00 p.m. – The American Enterprise Institute for Public Policy Research holds a virtual discussion on "Fiscal Guardrails: Global Debt Levels and Looming Government Spending Pressures."

·       Thursday,  September 25, 5:30 p.m. – The Urban Institute holds a discussion on "Untangling a Complex Problem: Preserving Housing Wealth for Vulnerable Owners through Technology and Estate Planning."

Think Tanks and Other Events

·       Wednesday, September 24, 2:00 p.m. – The Bipartisan Policy Center holds a hybrid event entitled “Gaming Out the GSEs’ Exit from Conservatorship: Process, Policy, and Potential Pitfalls.”

·       Thursday, September 25 – The Georgetown University McDonough School of Business’ Psaros Center for Financial Markets and Policy holds its Financial Markets Quality Conference 2025 in Washington, D.C.

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Regulatory Week Ahead

The Senate Finalizes Its Crypto Market Structure Bill, The SEC and CFTC Announce A Roundtable on “Regulatory Harmonization,” and Fed Governor-Nominee Miran's Surprise Announcement

September 8 - 12, 2025

Washington got back to work last week, and from what we are seeing and hearing, it is going to be a very busy fall in the Nation’s Capital.  

The move toward formalizing market structure legislation for crypto took another big step this past week.  Senate Republicans finalized their draft crypto market structure bill, which appears to have a number of differences from the House version passed with a substantial bipartisan vote in July.   While the Senate version explicitly divides duties between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC), the Senate draft gives new authorities to the CFTC.   

Senate Banking Committee Chair Tim Scott (R-SC) is hoping to get the bill passed through committee this fall and, hopefully, reconciled with the House version by Christmas.

Also, this past week, the SEC and CFTC announced they are going to hold a roundtable on “regulatory harmonization.”   Seeing the two regulators playing well together is always a good thing but the announcement also set off a new buzz of speculation in Washington that perhaps this is a prelude to a possible merger between the two agencies, all part of a larger regulatory revamp expected by the Trump Administration in the coming months.

We may get some hints on that regulatory revamp on Wednesday when Treasury Secretary Scott Bessent convenes a Financial Stability Oversight Council (FSOC) meeting.  The announced agenda is pretty long, but regulatory reform is a key theme throughout it.

Finally, we would note that while the ongoing battle between President Trump and Federal Reserve Board Governor Lisa Cook over whether he can fire her or not is now firmly bogged down in federal court, Council of Economic Advisors Chair Stephen Miran had is confirmation hearing to serve out the term of Federal Reserve Board Governor Adriana Kugler (which ends in January).  But Miran surprised senators and just about everyone else by announcing he intends to hold onto his job as CEA Chair while serving at the Federal Reserve – a move which has further stirred up the battle over the independence of the Federal Reserve. 

We expect the Senate Banking Committee will likely vote out Miran’s nomination this coming week or the following week (at the latest), and he will get a full Senate confirmation vote by the end of September, which means he will be serving as Fed Governor for four months before the term expires.

This coming week, the Senate Banking Committee will hold a hearing on the state of deposit insurance and what needs to be reformed, while the House Financial Services Committee holds three hearings, the most noteworthy being an oversight hearing of FinCEN, and where efforts to curtail money laundering are going.

  Below are all the major events we are watching this coming week.  Please let us know if you have any questions.

U.S. Congressional Hearings 

U.S. Senate

·       Wednesday, September 10, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Evaluating Perspectives on Deposit Insurance Reform.”

·       Wednesday, September 10, 10:00 a.m. – The Senate Finance Committee holds a hearing on the nominations of Jonathan Greenstein to be a deputy Treasury undersecretary; and Donald Korb to be chief counsel for the Internal Revenue Service and an assistant general counsel in the Treasury Department.

House of Representatives

·       Tuesday, September 9, 10:00 a.m. the House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions will hold a hearing entitled “Evaluating the Financial Crimes Enforcement Network” with FinCEN Director Andrea Gacki testifying.

·       Tuesday, September 9, 2:00 p.m. – The House Financial Services Committee will hold a hearing entitled “Promoting the Health of the Banking Sector: Reforming Resolution and Broadening Funding Access for Long-Term Resilience”. They will also consider eight pieces of legislation for mark-up.

·       Wednesday, September 10, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Proxy Power and Proposal Abuse: Reforming Rule 14a-8 to Protect Shareholder Value.”   They will also consider a number of bills associated with this topic.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       There are no significant events scheduled at this time.

U.S. Treasury Department

·       Wednesday, September 10, 4:15 p.m. – Treasury Secretary Scott Bessent will convene a meeting of the Financial Stability Oversight Council at the Treasury Department.  According to a Treasury press release, the preliminary agenda will include “The preliminary agenda for the executive session includes an update on the Council’s focus and priorities; a briefing on a recent interagency financial market infrastructure cybersecurity tabletop exercise; the Council’s 2025 annual report; and the Council’s fiscal year 2026 budget.*  The preliminary agenda for the open session includes an update on banking supervision and regulatory reforms; votes to rescind the charters of two Council committees focused on climate-related financial risk; and a vote on the Council’s fiscal year 2026 budget.”  You can watch the meeting via this link (HERE).

Department of Commerce

·       There are no significant events scheduled at this time.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Wednesday, September 10, 8:50 a.m. –SEC Commissioner Hester Pierce will discuss digital assets at the CoinDesk Policy and Regulation Conference hosted by Morgan Lewis in Washington, D.C.

·       Thursday, September 11, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       Monday, September 8, 1:40 p.m. UK time – Acting Chairman Caroline D. Pham will speak at the All-Party Parliamentary Group on Blockchain Technologies International Roundtable on “Best Practices in Digital Assets Policy & Regulation.”

Federal Deposit Insurance Corporation

·       There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

·       Wednesday, September 10, 9:15 a.m. – Comptroller of the Currency Jonathan Gould will discuss digital assets at the CoinDesk Policy and Regulation Conference hosted by Morgan Lewis 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

·       Thursday, September 11, 10:00 a.m. – The FCA Board will meet to receive a report on Quarterly Economic Conditions and Farm Credit System Conditions and Performance.

Farm Credit System Insurance Corporation

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       There are no significant events scheduled at this time.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Monday – Wednesday, September 8 – 10 – The Investment Company Institute holds its ETF Conference in Nashville, Tennessee.

·       Tuesday, September 9, 9:00 a.m. – The Institute for International Finance holds an online event entitled Improving Supervisory Effectiveness - Assessing Concerning Trends in Bank Supervision.

·       Tuesday, September 9 – The Institute for International Bankers holds its 2025 Financial Crimes Conference in New York.

Think Tanks and Other Events

·       Tuesday, September 9, 1:30 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 1:30 p.m., on "State-Level Remedies for the Housing Crisis."

·       Thursday, September 11, 9:30 a.m. – The Cato Institute holds an online event entitled “Right-Sizing Financial Regulation.”  House Financial Services Committee Chair, Representative French Hill (R-Ark), is scheduled to speak at 1:45 p.m. 

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

President Trump’s Big Week in Financial Services:  Opens Up 401(k)’s Investments, Signs an Executive Order on Debanking, Names a New Fed Governor, and Meets Wall Street CEOs to Get Advice on Privatizing the GSEs

August 11 - 15, 2025

We warned you it would not be a quiet August in Washington.  Despite Congress and most Washington movers and shakers being on vacation, President Trump was very busy on a number of financial fronts.  On Thursday, he signed an Executive Order (EO) to allow 401(k)s to invest in private equity, cryptocurrency, and real estate.  That EO instructs the Department of Labor and the Securities and Exchange Commission to provide guidance to employers and plan administrators on such investments. 

The President quickly followed that up with another EO directing bank regulators to look into whether banks discriminate on political and religious grounds that lead to them “debanking” clients – something that happened to Trump after the January 6th riot on Capitol Hill. 

We also learned this week that the President met with Bank of America CEO Brian Moynihan and Citi CEO Jane Fraser to get their ideas on how to privatize the two giant government-sponsored enterprises (GSEs), Freddie Mac and Fannie Mae.  The House Financial Services Committee let it be known this past week that they intend to take up legislation in early 2026 to refloat both entities, which were taken over by the US government after the 2008 financial crisis.

And to top it all off, the President was able to name a new Federal Reserve Board Governor following the resignation of Governor Andriana Kugler. Trump named the current Chair of the Council of Economic Advisors, Stephen Miran, to fill her seat (which is set to expire in January).  While the addition of Miran to the Federal Reserve Board will not necessarily tip the balance of governors voting for a rate cut - Miran won’t be confirmed by the Senate in time for the September Federal Open Markets Committee (FMOC) meeting – it will tip the balance on any votes the Fed Board makes on regulatory issues.  The FMOC is composed of all seven members of the Board of Governors and the President of the New York Fed, plus four rotating regional Fed governors.  But when the Fed votes on any regulatory issues – like the recent large bank capital rule – it is only the seven-member board of governors casting votes.  Long story short: Miran’s joining the board is a big win for Vice Chair Michelle Bowman as she will have a majority of support as she moves to reshape and reform the larger financial regulatory architecture.

The only other big news of the week was that a federal judge ruled the Federal Reserve exceeded its authority on setting limits on debt card interchange fees – a victory for merchants that had opposed the banks and the Fed on the rule. Undoubtedly, this is headed to the appellate court and then probably the Supreme Court.

So what is going to happen this coming week?  Right now, there is really not much on the calendar among the regulators other than the Farm Credit System Insurance Corporation holding a board meeting.  And the House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institution Subcommittee is holding a field hearing in Riverside, Ohio, on “Securing the Supply Chain.”

And that is about it.  We hope you have a great week.

U.S. Congressional Hearings 

U.S. Senate

·       The Senate is out of session for the August recess and will return on September 1.

House of Representatives

·       The House is out of session for the August recess and will return on September 2.  However, the House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institutions Subcommittee field hearing on "Securing the Supply Chain: The Defense Production Act in Focus."  The hearing is being held at the National Museum of the United States Air Force in Riverside, Ohio.

Federal Department & Regulatory Agency Meetings & Events

 Federal Reserve Board and Federal Reserve Banks

·       There are no significant events scheduled at this time.

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

·       There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

·       There are no significant events scheduled at this time.

FINRA

·       There are no significant events scheduled at this time.

National Credit Union Administration

·       There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

Farm Credit Administration

·       There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

·       Thursday, August 14, 10:00 a.m. – The FCA Board will hold a meeting to review the Annual Report on the Farm Credit System’s Young, Beginning, and Small Farmers and Ranchers Mission Performance.  They will also get a brief on the Report on Startup Costs for New Farmers and Ranchers.

International Monetary Fund & World Bank

·       There are no significant events scheduled at this time.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       There are no significant events scheduled at this time.

Think Tanks and Other Events

·       Wednesday, August 12, 10:00 a.m. – The Heritage Foundation is holding a panel discussion entitled “The Future of Farming: Exploring a Pro-Health, Pro-Farmer Agenda.”

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

The White House Puts a Hold on Quintenz Confirmation Vote, NCUA Democrat Board Members Back On… and Then Back Off, and Housing Policy Moves into Focus

July 28 - August 1, 2025

It’s going to be a quiet week in Washington. The House of Representatives began its traditional August recess last week, and the Senate is expected to leave at the end of this week—though they may stick around longer at President Trump’s request to address the confirmation backlog. As you can see from the calendar below, things are winding down in D.C. as everyone heads off for much-needed summer vacations.

But as the Senate works to clear that nominee backlog, one name has been held back yet again: the Senate Agriculture Committee once more decided at the last minute not to bring up Commodity Futures Trading Commission Chair nominee Brian Quintenz for a confirmation vote. Interestingly—and concerning for the future of Quintenz’s nomination—it was the White House that weighed in this morning, with no explanation, and asked Agriculture Committee Chair John Boozman (R-AR) to delay the vote. That means Quintenz won’t get a committee vote until at least September.

Meanwhile, a federal appeals court reinstated two Democratic members of the Federal Credit Union Administration who had been fired by President Trump. However, any hope of their return was short-lived: the D.C. Circuit Court of Appeals issued an emergency order overruling the decision and blocking their reinstatement. This case is clearly headed to the Supreme Court, though it’s unclear when that will happen.

In another development, a federal appellate court on Friday struck down a Securities and Exchange Commission (SEC) order that would have required brokers to help fund the massive Consolidated Audit Trail (CAT) database used by regulators. Championed by then-SEC Chair Gary Gensler, the plan was rejected by the court, which said the SEC had not “adequately justified its choices” or conducted a sufficient economic analysis.

In the Senate, a bipartisan group of lawmakers introduced legislation aimed at increasing private investment in affordable housing and other community development projects. Led by Senate Banking Committee Chair Tim Scott (R-SC), the Community Investment and Prosperity Act will receive close scrutiny this fall.

Congress also received a notable report last Thursday from the Congressional Budget Office (CBO) on the potential impact of releasing mortgage giants Freddie Mac and Fannie Mae from government control. The report indicates that while returning the companies to public ownership would generate some budgetary savings, it would also result in costs—mainly because the federal government would no longer receive income from their earnings. You can read the report HERE.   Re-floating the two GSEs is a priority for President Trump and has gained traction on Capitol Hill in recent months, along with many supporters on Wall Street.

Below are the meetings and events of note happening in Washington this week:

U.S. Congressional Hearings 

U.S. Senate

• Tuesday, July 29, 10:00 a.m. – The Senate Banking Committee will go into Executive Session to consider the ROAD to Housing Act 2025.  You can read about the legislation HERE.

• Wednesday, July 30, 10:00 a.m. – The Senate Banking Committee’s Securities, Insurance, and Investment Subcommittee holds a hearing entitled “Guardrails and Growth: AI’s Role in Capital and Insurance Markets.”

House of Representatives

• The House is out of session for the August recess and will return on September 2.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• The Federal Open Market Committee will meet on Tuesday and Wednesday to consider interest rates. Federal Reserve Board Chair Jay Powell will hold a press conference at 2:30 p.m. on Wednesday.

U.S. Treasury Department

• There are no significant events scheduled at this time.

 Department of Commerce

• There are no significant events scheduled at this time.

Department of Housing and Urban Development

• There are no significant events scheduled at this time.

Securities and Exchange Commission

• Thursday, July 31, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

• There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

• There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

• There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

• There are no significant events scheduled at this time.

FINRA

• There are no significant events scheduled at this time.

National Credit Union Administration

• Thursday, July 31, 12:00 p.m. – National Credit Union Administration Chair Kyle Hauptman speaks at the Women in Housing and Finance.

Federal Trade Commission & Department of Justice Antitrust Division

• Thursday, July 31, 1:00 p.m. – The FTC will hold a Consumer Protection and Older Adult Roundtable.

Farm Credit Administration

• There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

• There are no significant events scheduled at this time.

International Monetary Fund & World Bank

• There are no significant events scheduled at this time.

North American Securities Administrators Association

• There are no significant events scheduled at this time.

Small Business Administration

• There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

• Wednesday, July 30 – The Institute for International Finance holds its 2025 Tax Conference in New York.

• Thursday, July 31, 12:00 p.m. – National Credit Union Administration Chair Kyle Hauptman speaks at the Women in Housing and Finance.

Think Tanks and Other Events

• Tuesday, July 29, 7:30 a.m. – Axios holds a discussion on "Opening Doors: Expanding Pathways to Homeownership."

• Tuesday, July 29, 11:00 a.m. – The Brookings Institution will hold a virtual event entitled “Unpacking the consequences of the new US tax and budget legislation.”

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

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.