Fulcrum Perspectives

An interactive blog sharing the Fulcrum team's policy updates and analysis, as well as book recommendations, travel observations, and cultural experiences - all of which we hope will be of interest to you.

Francis Kelly Francis Kelly

U.S. Financial Regulatory Week Ahead

November 20 - 24, 2023

Washington has gone quiet this week in advance of the Thanksgiving holiday.  There are no major regulatory speeches, meetings, or other events of note this week.   

But enjoy the calm and peace this week because when greater Washington comes back to work next week, expect a growing bipartisan chorus of members of Congress calling for FDIC Chair Marty Gruenberg to step down following revelations by the Wall Street Journal he may have tolerated long-term toxic work conditions at the agency.   We expect Gruenberg to fight back hard against the allegations.

 Gruenberg was first nominated to serve on the FDIC Board in 2005.  He then was nominated to become chair in 2011 by President Obama and then, in an unusual move, stayed on the Board after Obama’s term in office ended.  Gruenberg then helped spearhead an ugly and partisan effort to push out his successor so he could again regain the chair – an event which soured many members of Congress on him.  Coupled with this is lingering criticism of the FDIC’s role in the oversight of Silicon Valley Bank (SVB) and other banks that collapsed earlier this year. In short, Washington has a long memory, and the political knives are now back out, and they are coming for Gruenberg.  

The implications of Gruenberg stepping down would be significant: A Republican (Travis Hill) serves as Vice Chair of the FDIC and would step in as Acting Chair until a new Chair is nominated and confirmed – something that probably would not happen in 2024 in advance of the elections. Gruenberg’s departure would also leave the FDIC Board politically split between two Republicans and two Democrats, likely freezing multiple regulatory efforts Gruenberg, the Biden Administration, and leading Congressional Democrats like Senator Elizabeth Warren (D-MA) have been pushing on capital requirements, raising the deposit insurance fees, CRA, and other contentious issues.

Below is the (very sparse) regulatory calendar for the coming week.  Please let us know if you have any questions.  And we hope you have a wonderful and restful Thanksgiving!

U.S. Congressional Hearings 

House of Representatives

  • Congress is out of session this week for the Thanksgiving holiday.

U.S. Senate

  • Congress is out of session this week for the Thanksgiving holiday.

 

US Regulatory Meetings & Events

Federal Reserve Board

  • The Federal Open Market Committee minutes are released on Tuesday.  But beyond this, no significant speeches, policy events, or meetings are scheduled.

 

U.S. Treasury Department

  • No significant events are scheduled.

 

Securities and Exchange Commission

  • No significant events are scheduled.

 

Commodities Futures Trading Commission

  • No significant events are scheduled.

 

Federal Deposit Insurance Corporation

  • No significant events are scheduled.

 

Office of the Comptroller of the Currency

  • No significant events are scheduled.

 

The Consumer Financial Protection Bureau

No significant events are scheduled.

 

National Credit Union Administration

  • No significant events are scheduled.

 

Federal Trade Commission & Department of Justice Antitrust Division

  • No significant events are scheduled.

 

Farm Credit Administration

  • ·The FCA announced last week that the deadline for submitting input on the Farm Credit System Insurance Corporation's draft strategic plan has been extended from November 21 to November 28.

 

 

Trade Associations & Think Tank Events

 

Trade Associations

Think Tanks

 

Please let us know if you have any questions or would like to be added to our email distribution list.

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Francis Kelly Francis Kelly

Speaking in Banff, British Columbia to the National Credit Union Management Association

Banff is one of the most beautiful places in the world and I had the honor to speak to the National Credit Union Management Association (NCUMA) this past week. A fantastic event with wonderful attendees. the NCUMA is a world-class organization and I’m very grateful they invited me to speak!

View from my room at the glorious Fairmont Banff Springs Hotel in Banff, British Colombia.

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