U.S. Financial Regulatory Week Ahead
November 20 - 24, 2023
Washington has gone quiet this week in advance of the Thanksgiving holiday. There are no major regulatory speeches, meetings, or other events of note this week.
But enjoy the calm and peace this week because when greater Washington comes back to work next week, expect a growing bipartisan chorus of members of Congress calling for FDIC Chair Marty Gruenberg to step down following revelations by the Wall Street Journal he may have tolerated long-term toxic work conditions at the agency. We expect Gruenberg to fight back hard against the allegations.
Gruenberg was first nominated to serve on the FDIC Board in 2005. He then was nominated to become chair in 2011 by President Obama and then, in an unusual move, stayed on the Board after Obama’s term in office ended. Gruenberg then helped spearhead an ugly and partisan effort to push out his successor so he could again regain the chair – an event which soured many members of Congress on him. Coupled with this is lingering criticism of the FDIC’s role in the oversight of Silicon Valley Bank (SVB) and other banks that collapsed earlier this year. In short, Washington has a long memory, and the political knives are now back out, and they are coming for Gruenberg.
The implications of Gruenberg stepping down would be significant: A Republican (Travis Hill) serves as Vice Chair of the FDIC and would step in as Acting Chair until a new Chair is nominated and confirmed – something that probably would not happen in 2024 in advance of the elections. Gruenberg’s departure would also leave the FDIC Board politically split between two Republicans and two Democrats, likely freezing multiple regulatory efforts Gruenberg, the Biden Administration, and leading Congressional Democrats like Senator Elizabeth Warren (D-MA) have been pushing on capital requirements, raising the deposit insurance fees, CRA, and other contentious issues.
Below is the (very sparse) regulatory calendar for the coming week. Please let us know if you have any questions. And we hope you have a wonderful and restful Thanksgiving!
U.S. Congressional Hearings
House of Representatives
Congress is out of session this week for the Thanksgiving holiday.
U.S. Senate
Congress is out of session this week for the Thanksgiving holiday.
US Regulatory Meetings & Events
Federal Reserve Board
The Federal Open Market Committee minutes are released on Tuesday. But beyond this, no significant speeches, policy events, or meetings are scheduled.
U.S. Treasury Department
No significant events are scheduled.
Securities and Exchange Commission
No significant events are scheduled.
Commodities Futures Trading Commission
No significant events are scheduled.
Federal Deposit Insurance Corporation
No significant events are scheduled.
Office of the Comptroller of the Currency
No significant events are scheduled.
The Consumer Financial Protection Bureau
No significant events are scheduled.
National Credit Union Administration
No significant events are scheduled.
Federal Trade Commission & Department of Justice Antitrust Division
No significant events are scheduled.
Farm Credit Administration
·The FCA announced last week that the deadline for submitting input on the Farm Credit System Insurance Corporation's draft strategic plan has been extended from November 21 to November 28.
Trade Associations & Think Tank Events
Trade Associations
Think Tanks
Monday, November 20, 10:00 a.m.: Federal Housing Finance Agency (FHFA) Director Sandra Thompson will participate in a fireside talk at the Bipartisan Policy Center in Washington, D.C. discussing the state of the housing market. The event will be both in person and broadcast virtually.
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