U.S. Financial Regulatory Week Ahead
November 27 - December 1, 2023
Washington returns to work this week after a long (and hopefully relaxing) Thanksgiving holiday. We are watching three major events – two of which come in sets – this week.
The first is in Frankfurt, Germany, at the Fifth ECB Forum on Banking Supervision 2023, a virtual “who’s who” of global financial regulators, bank CEOs, and leading financial member of the media. Fed Vice Chair Michael Barr will be among several major regulators speaking on various regulatory issues. Expect a spirited defense of new bank capital rules and the need for tighter global coordination on bank regulation.
The second significant event of the week we are watching is two speeches by Vice Chair Barr is giving in the US addressing the Fed’s recently proposed changes to the Community Reinvestment Act. As we see it, these speeches are a continuation of a virtual barn-storming tour Barr is taking to defend the new measures as banks consider taking legal action to push back on the proposal.
The third set of events we are watching this week is the testimony of Consumer Financial Protection Bureau Director Rohit Chopra before the House Financial Services Committee on Tuesday and then the Senate Banking Committee on Wednesday. We expect fireworks at both of these hearings.
Chopra has been pushing several regulatory agenda items that are, quite frankly, anathema to the financial services sector, which has, in turn, mounted a growing lobbying effort in Congress to step in and block the CFPB’s actions. Chopra has a somewhat cantankerous relationship with House and Senate Republicans. We can expect him to get a lot of questions about his effort and what knowledge – if any – of the unfolding sexual misconduct scandal at the FDIC, where Chopra sits on the board. Recall that Chopra was instrumental in helping FDIC Chair Marty Gruenberg regain the chair and has been a solid ally to Gruenberg.
Below is the full regulatory calendar for the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
House of Representatives
November 29, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Semi-Annual Report of the Bureau of Consumer Financial Protection.” CFPB Director Rohit Chopra will testify.
U.S. Senate
The Senate Banking Committee will hold a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” CFPB Director Rohit Chopra will testify.
US Regulatory Meetings & Events
Global Events
November 29 – The Global Financial Regulators Summit begins in Abu Dhabi. A large number of financial regulators – including a number of U.S. regulators – will gather at the invite-only event.
November 30 — December 1 — The ECB Forum on Banking Supervision 2023 is being held in Frankfurt, Germany.
Federal Reserve Board and Federal Reserve Banks
November 28, 10:05 a.m. – Federal Reserve Board Governor Christopher Waller will give an Economic Outlook at the American Enterprise Institute in Washington, D.C.
November 28, 1:05 p.m. – Federal Reserve Board Vice Chair for Supervision Michael Barr will speak on the Community Reinvestment Act at the Minneapolis Federal Reserve Bank’s Modernized Community Reinvestment Act and Indian Country (virtual)
November 28, 3:30 p.m. – The Federal Reserve Vice Chair for Supervision will participate in a Fireside Chat on the Community Reinvestment Act at the Opportunity Finance Network (virtual).
November 30 – December 1 – The Federal Reserve Bank of Dallas holds the 2nd CEMLA/Dallas Fed Financial Stability Workshop. A number of international regulators and US regulators will participate.
December 1, 3:00 a.m. (Frankfurt time) – Federal Reserve Vice Chair for Supervision Michael Barr will give a keynote speech on supervision and regulation at the Fifth ECB Forum on Banking Supervision 2023 in Frankfurt, Germany.
December 1, 11:00 a.m. – Federal Reserve Board Chair Jay Powell will participate in a Fireside Chat with Spelman College President Helene Gayle at Spelman College, Atlanta, Georgia.
U.S. Treasury Department
November 28, 9:00 a.m. – U.S. Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson will give a keynote address at the American Bankers Association Financial Crimes Enforcement Conference in Washington, D.C.
Securities and Exchange Commission
November 29, 10:00 a.m. – The SEC will hold a meeting of the Small Business Capital Formation Advisory Committee.
November 30, 2:15 p.m. – The SEC will hold a closed meeting.
Commodities Futures Trading Commission
November 29, 10:30 a.m. Abu Dhabi time – CFTC Commissioner Caroline Pham will participate in the Global Financial Regulators Summit and speak on a panel entitled “How The Transition Era Will Affect the Global Banking System” at the Abu Dhabi Finance Week.
November 29, 6:00 p.m. Dallas time – CFTC Commissioner Kristin Johnson will deliver a keynote address at the Federal Reserve Bank of Dallas.
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
November 29 (no times listed for security reasons) – FTC Chair Lina Kahn will participate in a moderated conversation with Andrew Ross Sorkin at the 2023 New York Times DealBook Summit at Lincoln Center in New York.
Farm Credit Administration
No significant policy events are scheduled.
Trade Associations & Think Tank Events
Trade Associations
November 30 – ISDA holds a conference entitled “Trading Book Capital: Basel 3 Implementation, Climate Risk in the Trading Book” in London.
November 28 – 30 – The American Bankers Association holds its Financial Crimes Enforcement Conference in Washington, D.C. Senior U.S. regulators and U.S. Justice Department officials will speak.
Think Tanks
Nothing significant to report.
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