The U.S. Financial Regulatory Week Ahead
February 12 - 16, 2024
The big regulatory events this coming week will be dueling speeches between a Federal Reserve Board governor and the Acting Comptroller of the Currency and then, a few days later, a big speech by the Federal Reserve Board Vice Chair for Supervision.
First, on Tuesday, Federal Reserve Board Governor Michelle Bowman and, later in the day, Acting Comptroller of Currency Michael Hsu will speak at the American Bankers Association Conference for Community Bankers in San Antonio, Texas. We expect further sparring over the Fed’s large bank capital requirement proposal from Bowman and Hsu.
On Thursday, Federal Reserve Vice Chair Michael Barr will speak at the National Association of Business Economics in Washington, D.C., on “monetary policy and regulation.” Again, we expect a vigorous defense of the bank capital increase in the face of growing opposition from Congress, big banks, and major business lobbies.
Also of importance this week, the House Financial Services Committee is also holding an oversight hearing of FinCEN. FinCEN Director Andrea Gacki will be testifying along with Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson.
Finally, we will be listening closely to SEC Chair Gary Gensler’s duel events at Yale this week – one at the Yale School of Law and then later in the day at the Yale School of Management – where Artificial Intelligence (AI) and the financial markets will be a significant topic.
Below is a listing of all the issues and events U.S. regulators are engaged in this week, along with relevant think tank and trade association events. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
The Senate is out of session this coming week and the following week.
House of Representatives
February 14, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “ Oversight of the Financial Crimes Enforcement Network (Fin CEN) and the Office of Terrorism and Financial Intelligence (TFI). Witnesses testifying include:
The Honorable Brian E. Nelson, Undersecretary for Terrorism and Financial Intelligence (TFI), U.S. Department of the Treasury
Ms. Andrea Gacki, Director, Financial Crimes Enforcement Network (FinCEN)
February 15, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy holds a hearing entitled “Lender of Last Resort” Issues with the Fed Discount Window and Emergency Lending”
February 15, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion holds a hearing entitled “Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.”
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
February 13, 9:20 a.m. - Federal Reserve Board Governor Michelle Bowman gives a speech entitled “Defining a Bank” at the American Bankers Association Conference for Community Bankers in San Antonio, Texas.
February 14, 4:00 p.m. – Federal Reserve Vice Chair for Supervision Michael S. Barr gives a speech entitled “Monetary Policy and Bank Regulation” at the 40th Annual National Association for Business Economics (NABE) Economic Policy Conference, Washington, D.C.
February 25, 1:15 p.m. – Federal Reserve Governor Christopher J. Waller entitled “The Dollar’s International Role” at the Global Interdependence Center and University of the Bahamas Conference: Climate, Currency, and Central Banking, Nassau, Bahamas
U.S. Treasury Department
There are no significant events scheduled at this time.
Securities and Exchange Commission
February 13, 12:10 a.m. – SEC Chair Gary Gensler will participate in a conversation at the Yale School of Law on regulating AI.
February 13, 4:00 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the Yale School of Management.
February 15, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
February 13, 9:00 a.m. – The CFTC’s Energy and Environmental Markets Advisory Committee will meet at the Colorado School of Mines in Golden, Colorado. At this meeting, the EEMAC will explore the role of rare earth minerals in transitional energy and electrification, including the potential development of derivatives products to offer price discovery and hedging opportunities in these markets. Additionally, a presentation and discussion on the federal prudential financial regulators proposed rules implementing Basel III and the implications for and impact on the derivatives market. Finally, the two EEMAC subcommittees will offer an update on their continued work related to traditional energy infrastructure and metals markets.
February 15, 12:30 p.m. – The CFTC will hold an Open Meeting. They will consider the following:
Proposed Rule: Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions
Proposed Rule: Foreign Boards of Trade
Proposed Rule: Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants
Application of Taiwan Futures Exchange Corporation for an Exemption from Registration as a DCO
ICE NGX Petition for Amended DCO Registration Order
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
There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
February 15, 10:00 a.m. – The NCUA Board meets at their headquarters in Alexandria, Virginia. They are expected to discuss 1) the Board Briefing, 2) the Share Insurance Fund Quarterly Report, and 3) the Final Interpretive Ruling and Policy Statement of the Minority Depository Institution Preservation Program.
Federal Trade Commission & Department of Justice Antitrust Division
February 13, 10:00 a.m. – The FTC holds an Informal Hearing on the Proposed Trade Regulation Rule on the Use of Consumer Reviews and Testimonials.
Farm Credit Administration
There are no significant events scheduled at this time.
Farm Credit System Insurance Corporation
There are no significant events scheduled at this time.
World Bank
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Association Events
February 11 – 14: The American Bankers Association hosts their Conference for Community Bankers in San Antonio, Texas.
February 15, 8:00 a.m. – The Institute for International Finance holds a Global Macro Call entitled “Fallout From the Crisis in the Middle East”
Think Tank Events
February 13: The American Enterprise Institute holds a conference entitled “US Outbound Investment in China: Implications and Possible Congressional Action.”
February 14 – 16: The 40th Annual NABE Economic Policy Conference is held in Washington, D.C. Fed Vice Chair for Supervision Michael Barr will speak on February 14. Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, delivers a keynote luncheon address. Also speaking to the Conference will be Natoinal Economic Council Director Lael Brainard and former ECB President Mario Draghi.
February 15, 11:00 a.m. – The Bipartisan Policy Institute holds a seminar entitled “Housing Supply, Labor Markets, and Economic Growth”
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