U.S. Financial Regulatory Week Ahead

Washington’s Financial Regulators Go Quiet A Month Before the Elections; Face-Off Between the Fed and the FDIC on Basel III, and Regulated Election Betting Starts Up

October 7 - 11, 2024

Congress is out campaigning in their home states and districts (although they may briefly come back in next week for an emergency vote on disaster aid for those areas recently slammed by Hurricane Helene).  All the regulators are here in town but carrying very light schedules.  The most significant events we could out there are the monthly board meeting of the Farm Credit Bureau and an SEC event being cohosted with the Federal Thrift Retirement Investment Board entitled Your TSP Account – What to Think About When Nearing Retirement or Considering Leaving the Government.”

Also this week, there are a number of speeches by Federal Reserve Board Governors this week (there are always a lot of Fed Governor speeches every week other than the black-out weeks in advance of the Fed Open Market Committee meetings, aren’t there?).

While Congress is out, that does not mean they are quietly working away at various legislative initiatives.  Word came down several days ago that Senator Bill Hagerty (R-TN) is working on a new crypto regulatory bill.  Hagerty is regularly mentioned as a possible Trump Cabinet member – perhaps Treasury Secretary – so whatever he proposes should be paid attention to – although, considering the extremely short post-election Congressional calendar, his bill has virtually zero chance of being passed this year and would have to be considered in the new Congress in 2025.

Also, this past week, there were reports that the Federal Reserve’s revised Basel III regulations are caught up in a quiet fight with the FDIC Board—specifically, Consumer Financial Protection Bureau Director (and FDIC Board member) Rohit Chopra. Chopra is holding out for a much more stringent version of the regulation—more akin to the first draft.

And bringing this note back to the elections: A federal appeals court this past Wednesday cleared the way for the financial exchange Kalshi to move forward with the first fully regulated election-betting markets in the U.S.  Place your bets, everyone!

Below is a listing of all the other significant regulatory-related events this coming week:

U.S. Congressional Hearings 

U.S. Senate

·       The Senate is in a Pro Forma session and not returning to work until after the election. No work and no hearings are scheduled.  They will return to work on November 12.

 

House of Representatives

·       The House is out of session until after the November elections.  No business or hearings are scheduled.  They will return to work on November 12.

 

US Regulatory Meetings & Events 

Federal Reserve Board and Federal Reserve Banks

·       Monday, October 7, 1:00 p.m. – Federal Reserve Board Governor Michelle W. Bowman will speak at the Independent Bankers Association of Texas (IBAT) Annual Convention, San Antonio, Texas.

·       Tuesday, October 8, 3:00 a.m. (Frankfurt, Germany time) – Federal Reserve Board Governor Adriana D. Kugler will give a speech on Global Inflation at the European Central Bank Conference on Monetary Policy 2024, Frankfurt am Main, Germany.

·       Tuesday, October 8, 7:30 p.m. – Federal Reserve Board Vice Chair Vice Chair Philip N. Jefferson will give a speech on “The Discount Window: 1913-2000” at Davidson College, Davidson, North Carolina.

·       Wednesday, October 10, 9:15 a.m. – Federal Reserve Board Governor Lisa D. Cook will give remarks on “Entrepreneurship and Innovation” at the Women for Women Summit presented by the College of Charleston School of Business, Charleston, South Carolina.

·       Wednesday, October 10 – The Chicago Federal Reserve Bank’s Payments Symposium will be held Chicago. Chicago Fed President Austan Goolsbee, Richmond Fed President, and Cleveland Fed President Loretta Meister are scheduled to speak.

·       Friday, October 11 – The Chicago Federal Reserve Bank’s Community Bankers Symposium will be held in Chicago.  Chicago Fed President Austan Goolsbee will speak along with Federal Reserve Board Governor Michelle W. Bowman will give remarks on community banking at the Federal Reserve Bank of Chicago Community Bankers Symposium (Virtual).

 

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.

 

Securities and Exchange Commission

·       Tuesday, October 8, 10:00 a.m. – The SEC and the Federal Retirement Thrift Investment Board will host “Your TSP Account – What to Think About When Nearing Retirement or Considering Leaving the Government” (a virtual event)

·       Wednesday, October 9, 4:30 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the NYU Law Institute for Corporate Governance & Finance in New York.

·       Thursday, October 10, 2:00 p.m. – The SEC will hold a Closed Meeting.

 

Commodities Futures Trading Commission

·       Tuesday, October 8 & 9 – The CFTC hosts a hybrid event as part of World Investor Week entitled Explore Relationship Confidence Scams and Anti-Fraud Resources in Washington, D.C. and Austin, Texas.

·       Wednesday, October 9, 7:00 p.m. – CFTC Commissioner Caroline D. Pham will speak on a keynote fireside chat at the Northwind Professional Institute’s 2024 Disruptive Technologies Invitational Forum in Cambridge, Canada.

·       Friday, October 11, 11:50 a.m. (MT) – CFTC Commissioner Caroline D. Pham will speak virtually on a fireside chat titled “Pushing Crypto Forward in the US” at Permissionless III, presented by Blockworks and BANKLESS in Salt Lake City, Utah.

 

FINRA

·       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

·       Friday, October 11, 9:00 a.m. – Acting Comptroller of the Currency Michael Hsu will speak about the OCC Initiatives in Support of Minority Depository Institutions at the National Bankers Association2024 Annual Conference in Washington, D.C.

 

The Consumer Financial Protection Bureau

·       There are no significant events scheduled at this time.

 

National Credit Union Administration

·       There are no significant events scheduled at this time.

 

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

 

Farm Credit Administration

·       Thursday, October 10, 10:00 a.m. – The Farm Credit Administration holds a board meeting.  They are scheduled to vote on a proposed rule dealing with  Annual Independent Audits and Internal Controls over Financial Reporting Requirements

 

Farm Credit Insurance Corporation

·       Wednesday, October 9, 10:00 a.m. – The Farm Credit Insurance Corporation holds a board meeting.  The agenda includes Quarterly FCSIC financial reports, Quarterly report on insured obligations, Quarterly report on annual performance Plan, Annual performance plan and Annual budget (Open), and Quarterly report on insurance risk (Closed)

 

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

·       Sunday – Tuesday, October 6-8 – the American Bankers Association holds its Bank Marketing Conference in Chicago, Illinois.

·       Tuesday – Thursday, October 8 -10 – The American Bankers Association holds its annual Financial Crimes Enforcement Conference in Arlington, Virginia.

 

Think Tanks and Other Events

·       Wednesday, October 9, 9:00 a.m. – The Peterson Institute for International Finance will hold an event entitled “A holistic perspective on climate and financial policies”

 

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