U.S. Regulatory Week Ahead
October 16 - 20, 2023
A relatively busy regulatory week ahead as two Federal Reserve Board Governors give speeches on financial regulatory issues and the SEC holds two open meetings to consider major regulatory proposals. Fed Vice Chair for Supervision Michael Barr will speak on stress testing at the Federal Reserve Stress Test Research Conference. And Fed Governor Michelle Bowman speaks on innovation in money and payments at a Harvard Law School Conference.
The SEC’s two open meetings will tackle new restrictions on short-selling and new reporting requirements on securities loans. The Federal Credit Union Administration is considering new regulations on fair banking hiring and simplifying insurance requirements.
On Friday, the Senate Banking Committee will consider the nominations of a number of regulators and senior regulatory staff. All this takes place while the House of Representatives continues to struggle to find a new Speaker of the House. House Republicans are, at this writing, still firmly split on who they want to put forward as Speaker. We think finding consensus will continue to elude the Republican Caucus, and the House could effectively remain shut down this coming week.
Below is the full regulatory calendar as we see it for the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
House of Representatives
The House of Representatives is in session, but no hearings are scheduled as the chamber wrestles with who will be the next Speaker of the House.
U.S. Senate
October 17, 2:30 p.m.: The Banking Committee’s Subcommittee on Housing, Transportation, and Community Development holds a hearing on “How Community Development Financial Institutions Promote Housing and Economic Opportunity”
October 19, 10:00 a.m.: The Senate Banking Committee considers the nominations of Ms. Tanya Otsuka, of Virginia, to be a Member of the National Credit Union Administration; The Honorable Mark Uyeda, of California, to be a Member of the Securities and Exchange Commission; The Honorable Spencer Bachus III, of Alabama, to be a Member of the Board of Directors of the Export-Import Bank; The Honorable Jennifer Fain, of Virginia, to be Inspector General, Federal Deposit Insurance Corporation; The Honorable Claudia Slacik, of New York, to be a Director of the Securities Investor Protection Corporation; and The Honorable William Brodsky, of Illinois, to be a Director of the Securities Investor Protection Corporation.
October 20, 3:00 p.m.: The Banking Committee’s Subcommittee on Economic Policy holds a field hearing in Lowell, Massachusetts, on “The Economic Impact of Federal Investments in Massachusetts.”
US Regulatory Meetings & Events
Federal Reserve Board
October 17, 9:20 p.m.: Federal Reserve Board Governor Michelle W. Bowman gives a speech entitled ”Responsible Innovation in Money and Payments” at the Harvard Law School Program on International Financial Systems Roundtable on Central Bank Digital Currency, Washington, D.C.
October 17, 9:20 a.m. EST: Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Distinguished Speaker Seminar (European Economic and Financial Centre), London, England.
October 18, 1:00 p.m. Federal Reserve Board Governor Michelle W. Bowman gives opening remarks at the Fed Listens event hosted by the Federal Reserve Bank of Richmond, Richmond, Virginia.
October 18, 6;55 p.m.: Federal Reserve Governor Lisa D. Cook gives opening remarks at The Evolution of the Federal Reserve's Employment Mandate at the Louis E. Martin Awards Ceremony at the 2023 Future of Black Communities Summit, Washington, D.C.
October 19, 12:00 p.m.; Federal Reserve Board Chair Jerome H. Powell gives an economic outlook at the Economic Club of New York (ECNY) Luncheon, New York, New York.
October 19, 1:30 p.m.: Federal Reserve Board Vice Chair Philip N. Jefferson gives opening remarks at the 18th Central Bank Conference on the Microstructure of Financial Markets, Washington, D.C.
October 19, 1:30 p.m.: Federal Reserve Board Vice Chair for Supervision Michael S. Barr gives a speech on Stress Testing at the 2023 Federal Reserve Stress Testing Research Conference, Boston, Massachusetts.
Securities and Exchange Commission
October 13 – 9:30 a.m.: The SEC will hold an open meeting to vote on two items: 1) new requirements on securities loans and 2) new restrictions on short positions and activity reporting.
October 18, 10:00 a.m.: The SEC will hold an open meeting to vote on new regulations on volume-based exchange transaction pricing for NMS stocks.
October 19, 2:25 p.m.: The SEC holds a closed meeting.
Federal Deposit Insurance Corporation
October 18, 1:00 p.m.: The FDIC holds a meeting of the FDIC Advisory Committee of State Regulators for a discussion of issues that have potential implications regarding the regulation and supervision of state-chartered financial institutions.
Office of the Comptroller of the Currency
Nothing of significance scheduled.
Commodities Futures Trading Commission
October 16, 10:15 a.m.: Commissioner Kristin N. Johnson will give a keynote and participate in a fireside chat at the Symposium on Derivatives and Financial Regulation in Montreal, Canada, hosted by the CDPQ in Montreal, Canada.
October 17, 6:00 p.m.: CFTC Director of Enforcement Ian McGinley Announces Updates to the CFTC’s Corporate and Individual Enforcement Policies in New York.
October 18, 3:35 p.m.: CFTC Commissioner Caroline Pham participates in a fireside chat at the Wharton Future of Finance Forum. The talk is entitled “Paradigm Shift: Powering with Innovation Financial Technology.” The Wharton School, Philadelphia, Pennsylvania.
October 18, 8:45 a.m.: CFTC Commissioner Christy Goldsmith Romero gives the opening keynote remarks at the Association of Asian American Investment Managers’ Annual Conference. New York.
Consumer Financial Protection Bureau
Nothing of significance scheduled.
National Credit Union Administration
October 19, 10:00 a.m.: The NCUA Board meetings to get an update on Cybersecurity and consider two proposed rulemakings (Simplification of Insurance Rules and Fair Hiring in Banking.)
Federal Trade Commission & Department of Justice Antitrust Division
Nothing of significance is scheduled.
Farm Credit Administration
Nothing of significance is scheduled.
Trade Associations & Think Tank Events
Think Tanks
October 17, 2:00 p.m.: The Bipartisan Policy Institute holds an online event entitled “Lifetime Income: Improved Strategies for Retirement.”
October 19, 12:00 p.m.: The National Economics Club hosts a speech by former Federal Reserve Board Vice Chair Richard Clarida on “Post-Pandemic Global Inflation: Causes and Consequences” in Washington, D.C.
Trade Associations
October 16: The American Bar Association holds their 2023 Antitrust and Sustainability: Friends or Foes? Conference” at Howard University in Washington, D.C.
October 17: SIFMA holds its Global Tax Reporting Symposium at the New York Law School, New York.
October 19: SIFMA and ISDA co-host their Annual Collateral Management Evolution Conference at the ISDA Conference Center in New York.
October 19: The American Bankers Association hosts the MDI Partnership in Washington, D.C.
October 19: The Institute of International Finance hosts a Roundtable on Payments and Technology in Frankfurt, Germany.
October 19: The Institute of International Finance hosts AI in Finance Day in Frankfurt, Germany.
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