U.S. Financial Regulatory Week Ahead
May 6 - 10, 2024
The coming week in Washington's financial regulatory world will be fairly run-of-the-mill, but we will be watching several events which closely which could shake things up considerably.
First, press leaks suggest a long-awaited investigatory report on accusations of a toxic workplace at the Federal Deposit Insurance Corporation (FDIC) may be publicly released early next week. There have been reports the report, conducted by the law firm Cleary Gottlieb, retained by a special committee of the FDIC board, will be tough on the management of FDIC Chair Marty Gruenberg and other senior managers. Gruenberg has apologized broadly to FDIC staff, but we are curious to see what details the report may reveal.
It will be a busy week at the Securities and Exchange Commission. The SEC convenes its Small Business Capital Formation Advisory Committee early in the week and then hosts the 11th Annual Conference on Financial Market Regulation at the end of the week. The event is being cohosted by Lehigh University's Center for Financial Services and the University of Maryland's Center for Financial Policy.
Also, next week, state securities regulators will converge on Washington as the North American Securities Administrators Administration holds its 2024 NASAA Spring Meeting and Public Policy Symposium in Washington, D.C.
Looking at Capitol Hill, we will be watching the House Financial Services Capital Markets Subcommittee which will be holding a hearing looking at the SEC's Enforcement Division. By the hearing title – "SEC Enforcement: Balancing Deterrence with Due Process" – it seems like it will be a tough review of the Division's enforcement agenda. Over in the Senate Banking Committee, there will be a hearing about financial services fees in the rental housing market and the need for greater consumer protections.
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
Thursday, May 9, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled “Consumer Protection: Examining Fees in Financial Services and Rental Housing.”
House of Representatives
Tuesday, May 7, 10:00 a.m. – The House Financial Services Capital Markets Subcommittee holds a hearing on "SEC Enforcement: Balancing Deterrence with Due Process."
Wednesday, May 8, 2:00 p.m. – The House Financial Services National Security, Illicit Finance, and International Financial Institutions Subcommittee holds a hearing on "Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization, Part II."
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Wednesday, May 8, 11:00 a.m. – Federal Reserve Board Vice Chair Philip N. Jefferson participates in a moderated discussion on Careers in Economics at the Federal Reserve in Washington, D.C.
Wednesday, May 8, 1:30 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech on financial stability at the Brookings Institution in Washington, D.C.
Friday, May 10, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman gives a speech entitled “Financial Stability Risks: Resiliency and the Role of Regulators” at the Texas Bankers Association Annual Convention, Arlington, Texas.
Friday, May 10, 1:30 p.m. – Federal Reserve Vice Chair for Supervision Michael Barr gives the commencement speech at the American University School of Public Affairs Graduation in Washington, D.C.
U.S. Treasury Department
Monday, Thursday, May 6 – 9 – Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson and Treasury General Counsel Neil MacBride will travel to Singapore and Malaysia to advance Treasury’s work countering terrorist financing and revenue generation by Iran and its proxies as well as to discuss the implementation of sanctions and export controls against Russia.
Friday, May 10, 10:00 a.m. – The Financial Stability Oversight Council will meet. You can watch the public portion via this LINK. An agenda has not been released yet.
Securities and Exchange CommissionMonday, May 6, 10:00 a.m. – The US Securities and Exchange Commission holds a meeting of the SEC Small Business Capital Formation Advisory Committee to discuss matters relating to rules and regulations affecting small and emerging businesses and their investors under federal securities laws. You can read the agenda HERE.
Thursday, May 9, 2:00 p.m. EST – The SEC will hold a Closed Meeting.
Thursday & Friday, May 9 & 10 – The SEC hosts the 11th Annual Conference on Financial Market Regulation. The event is being cohosted by Lehigh University’s Center for Financial Services, and the University of Maryland’s Center for Financial Policy and will be held at the SEC.
Commodities Futures Trading Commission
Monday, May 6, 11:30 a.m. PT – CFTC Chairman Rostin Behnam will participate in a Fireside Chat at the 27th Annual Milken Institute Global Conference at the Beverly Wilshire Hotel in Beverly Hills, California.
Tuesday, May 7, 2:00 p.m. EDT – CFTC Commissioner Christy Goldsmith Romero will participate on a Responsible AI panel at the North American Securities Administrators Association’s (NASAA) 2024 Public Policy Symposium that explores the opportunities and challenges faced by policymakers, regulators, regulated financial institutions, investors, and customers. The event will be held at the Intercontinental Hotel in Washington, D.C.
Wednesday, May 8, 8:15 a.m. – CFTC Commissioner Christy Goldsmith Romero will speak at the World Economic Forum’s Industry Strategy Meeting 2024 in New York.
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
Wednesday, May 8, 3:15 p.m. London – Acting Comptroller Michael J. Hsu will participate in a keynote discussion on digital assets, including the tokenization of real-world assets and liabilities, as well as consumer protection, compliance, and supervision, at the Financial Times' Crypto and Digital Assets Summit in London.
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
Tuesday, May 7, 1:00 p.m. – 2:00 p.m. – The Federal Trade Commission host a conference entitled “Older Adults and Fraud: What You Need to Know.” Speakers from the Federal Trade Commission, Consumer Financial Protection Bureau, and the Securities and Exchange Commission will share updates from their agencies and free resources to help you spot, avoid, and report fraud.
Farm Credit Administration
Thursday, May 9, 10:00 a.m. – The Board of the of the FCA holds a board meeting. The agenda will review the report of the 2022 Census of Agriculture and approval of the minutes of the April 11 board meeting.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
Sunday – Wednesday, May 5 -8 – NASSA holds its 2024 NASAA Spring Meeting and Public Policy Symposium in Washington, D.C.
Trade Associations & Think Tank Events
Trade Associations
Monday & Tuesday, May 6 & 7 – SIFMA holds its annual Anti-Money Laundering & Financial Crimes Conference in New York.
Tuesday, May 7, 11:00 a.m. Malaysia – The Institute for International Finance hosts an online Roundtable on Digital Fraud and Scams. The event is being held in Malaysia.
Wednesday, May 8, 10:00 a.m. EST – SIFMA holds a Webinar entitled “China: The Emerging Financial Investment Landscape.”
Thursday, May 9, 11:00 a.m. AEST – ISDA holds a virtual conference entitled “Countdown to D-Day: Navigating APAC Reporting Rules and Implementation Challenges.”
Friday, May 10, 9:00 a.m. Istanbul, Türkiye – The Institute for International Finance holds the Türkiye Sustainable Finance Forum in Istanbul.
Think Tanks and Other Events
Friday, May 10, 9:00 a.m. - The Affordable Housing Conference of Montgomery County, Maryland, holds its 33rd annual Housing Summit with the theme "Building the Future: Unfinished Business in Affordable Housing.” Acting HUD Secretary Adrianne Todman delivers keynote luncheon remarks at Noon. Then Representatives David Trone, (D-Md.),. Jamie Raskin, (D-Md.), and . Glenn Ivey, (D-Md.) will also speak. The event will be held in Rockville, Maryland.
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