U.S. Financial Regulatory Week Ahead
Senate Banking And House Financial Services Committees Rev Up for A Busy Year, Banks Wondering Where are the New Financial Regulators?
The inaugural was cold but exciting. Lots of parties and fun times (or so we heard – we stayed home. Just too cold for us!). Now, Washington is back to work. The two key financial services-focused committees in Congress – the House Financial Services Committee (HFSC) and the Senate Banking Committee are beehives of meetings and strategy sessions.
The HFSC has announced a full agenda for February, holding at least five hearings ranging from “Making Community Banking Great Again” to hearings on crypto and the California wildfires and the insurance industry to examining policies to counter China.
The Senate Banking Committee is also beginning to announce a series of hearings in February, starting with one looking at debanking in America.
But Washington’s regulatory world is chattering amongst themselves, all asking the same question: Where are President Trump’s much-anticipated nominations for the financial regulatory agencies? So far, the President has nominated only one regulator – Paul Atkins for SEC Chair. Moreover, two Biden regulators are still in their chairs and working away – CFPB Director Rohit Chopra and Acting Comptroller of the Currency Michael Hsu. Having Chopra there is driving banks crazy as they are hoping for a more friendly regulator and fast.
And when will we formally hear who is replacing Federal Reserve Vice Chair Michael Barr, overseeing supervision? There are only two options for President Trump as there are only two Republicans on the Board (aside from Fed Chair Jay Powell) to pick from: Christopher Waller and Michelle Bowman. Everyone assumes Bowman will be the pick as she is a former state bank commissioner and a community banker. But for whatever reason, nothing has happened. We are monitoring the nomination process closely.
But for now, below is what else we are watching in the Washington financial regulatory world this coming week (there really isn’t much going on:
U.S. Congressional Hearings
U.S. Senate
· Wednesday, January 29, 10:00 a.m. – The Senate Finance Committee holds a hearing on the nomination of Robert F. Kennedy Jr. as Health and Human Services Secretary.
· Wednesday, January 29, 3:30 p.m. – The Senate Special Committee on Aging holds a hearing on "Making Washington Work for Seniors: Fighting to End Inflation and Achieve Fiscal Sanity."
House of Representatives
· There are no significant events scheduled at this time.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday & Wednesday, January 28 – 29 – The Federal Reserve’s Federal Open Market Committee meets to discuss the economy and interest rates. There will be a press conference at 2:00 p.m. on January 29.
· Friday, January 31, 8:30 a.m. – Federal Reserve Board Governor Michelle W. Bowman will give Brief Remarks on the Economy and Perspectives on Mutual and Community Banks at the Northern New England CEO Summit.
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.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, January 27, 11:15 a.m. – SEC Commissioner Hester Peirce will speak at the 52nd Annual Securities Regulation Institute in Chicago, Illinois.
· Tuesday, January 28 – The Securities Enforcement Forum New York takes place in New York. A number of senior SEC staff will be speaking.
· Thursday, January 30, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Friday, January 31, 12:05 pm. – CFTC Commissioner Christy Goldsmith Romero will participate on a panel entitled Market Structure Developments at the ABA Business Law Section’s Derivatives and Futures Law Committee Winter Meeting.
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
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
Federal Housing Finance Agency
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· Monday, January 27, 1:00 p.m. – The FTC holds an event entitled Helping Military Consumers Protect Against Scams & Identify Theft.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
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
· January 26-29 – The American Bankers Association holds its annual Insurance Risk Management Forum in San Diego, California.
Think Tanks and Other Events
· Monday, January 27, 9:00 a.m. – The Peterson Institute for International Economics holds an event entitled “The present and future of fast payment systems.”
· Monday, January 27, 3:30 p.m. – The Federalist Society holds a webinar entitled “Frozen Out: Debanking Practice and Policy in the New Administration.”
· Wednesday, January 29 - The Peterson Institute for International Economics holds a virtual conference, beginning at 9 a.m., on "Transatlantic Perspectives on U.S.-China Geoeconomic Competition."