The Global Week Ahead

Preparing for the 2nd Trump Presidency, Peru Hosts the APEC Summit and Brazil Hosts theG20 Leaders While a Muted COP29 Begins, and Markets Wait for A Slew of Major Economic Reports

November 13 - 17, 2024

The political world shook last Tuesday when former President Donald Trump won a sweeping victory with enough of a coattail to help carry Republicans to win control of the U.S. Senate and – as of this writing – likely holding onto a razor-thin majority of the U.S. House of Representatives   The immediate fall-out has been a massive spike in geopolitical assessments in major capitals around the world, trying to get a handle on the potential impact of the return of the Trump foreign economic policy – particularly one that is now threatening across-the-board tariffs on any country Trump believes is not dealing fairly with the U.S. 

The clearest directional indicator of where and how Trump is going to move on these policies will be found in his cabinet appointments.  We expect the President-elect will move swiftly this coming week to begin filling out his cabinet while pressing the Republican Senate to rapidly accelerate the confirmation process as soon as the Senate is sworn into office on January 3.  Why the heightened state of urgency?  Our view is that Trump is a "lame duck" who cannot run for re-election in 2028.  At best, according to Trump staffers we have spoken to, Trump understands he has a solid two-to-two and half years to move on his agenda before the 2028 election cycle starts up, slowing down Washington's political legislative and regulatory agendas (as they do with processes again.  He's going to be a man on a mission, we have been told, to move hard and fast, more than any other President we have seen.

Also, this week, the APEC Summit begins in Peru.  The event highlights the growing political and trade relations between Latin America and the Indo-Pacific.  Chinese President Xi will be in attendance and will use the trip to inaugurate the controversial Chancay port in Peru.  The U.S. is concerned – as are some Peruvian leaders and other regional leaders – the port, which is owned and operated by the Chinese – could be used to support Chinese Naval operations in the region.

President Biden will also be in Peru for the APEC Summit, part of a six-day trip to Peru and Brazil.  While in Brazil, he will attend the G20 Summit, hold bilateral meetings with Brazil's President Lulu, and visit the Amazon Rain Forest to advocate for faster policy responses to Climate Change.

While all this is happening in Peru and Brazil, the United Nations' COP29 Summit begins in Azerbaijan.  This meeting seems to be on track to be less ambitious and more muted than previous COP Summits.  A number of global investment banks—normally regular and active attendees at COP meetings—are not attending.  While an estimated 197 countries will be represented, far fewer national leaders will be in attendance than in prior years.

Looking at the global economic radar screen, markets are looking out for a raft of economic reports in the U.S., EU, China, and Japan.  Despite being a shortened week for U.S. markets due to Veterans Day, markets will be intensely focused on the CPI print on Wednesday, and the PPI will be released on Thursday.  Also, U.S. retail sales and industrial production figures will be out this week on Friday.  Additionally, Fed Chair Jay Powell will be speaking at a conference hosted by the Dallas Federal Reserve on Thursday.

In Europe, the UK GDP and labor market figures are released on Tuesday, Germany's ZEW survey is out on Tuesday, and the European Central Bank's minutes from its October meeting are out on Thursday.  On Friday, the ECB releases the Autumn Economic GDP Forecast.

In Asia, China releases its October industrial production and retail sales figures on Friday, while Japan releases flash Q3 GDP estimates.

Below is what else we are closely watching around the world in the coming week:

Sunday, November 10, 2024 

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Today is Primer Grito de Independencia Day in Panama, a public holiday.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       The Asia-Pacific Economic Cooperation (APEC) Summit 2024 begins in Lima, Peru and runs through November 16.

·       Mauritius holds parliamentary elections.

·       Today is Cambodia Independence Day, celebrating when in 1945 Cambodian King Norodom Sihanouk proclaimed the country an independent kingdom.

Economic Reports/Events –

·       China Vehicle Sales (October)

Europe

Political/Social Events –

·       Today is Remembrance Day, marking the anniversary of the end of World War I in 1918.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia Industrial Production (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Monday, November 11, 2024

Global

·       The United Nations COP9 Summit begins in Baku, Azerbaijan. More than 197 countries will participate, and it runs through November 24.

·       The International Atomic Energy Agency Director General Grossi is expected to travel to Iran to discuss the status of Iran’s nuclear weapons program.

Americas

Political/Social Events –

·       Today is Veterans Day, a U.S. federal holiday.  Most banks as well as the bond market is closed.  The equity markets are open.

Economic Reports/Events –

·       Brazil Gross Debt to GDP (September)/ Nominal Budget Balance (September)/ BCB Focus Market Readout

·       Mexico Consumer Confidence (October)/ Industrial Production (September)

·       Uruguay Industrial Production (September)

·       El Salvador Inflation Rate (October)

Asia

Political/Social Events –

·       Japan’s Diet will select a new Prime Minister in an extraordinary session of the parliament. 

·       Chinese Vice Premier Ding  Xuexiang will meet with Singapore’s Deputy Prime Minister Gam Kim Yong and co-chair the 20th Joint Council for Bilateral Cooperation.

·       The IMF begins its mission to Pakistan to consider possible aid.

Economic Reports/Events –

·       Japan Bank of Japan Summary of Opinions/ Current Account (September)/ Bank Lending (October)/ Eco Watchers Survey Outlook (October)

·       Indonesia Consumer Confidence (October)/ Car Sales (October)

·       New Zealand Business Inflation Expectations Q4

·       Malaysia Construction Output Q3

·       Thailand Foreign Exchange Reserves (October)

·       Kazakhstan PPI (October)

Europe

Political/Social Events –

·       Today is Armistice Day in the UK and most of Europe, marking the end of World War I.

·       The Paris Peace Forum begins and runs through November 12.

·       The Berliner Forum on Foreign Affairs begins in Berlin, Germany.  German Foreign Minister Annalena Baerbock and Ukrainian Foreign Minister Andrii Sybiha will speak.

Economic Reports/Events –

·       European Central Bank Board Member Elizabeth McCaul gives the keynote speech at the Malta Financial Services Authority’s (MFSA) Annual Banking Supervision Conference in St. Julian’s, Malta.

·       Ireland Construction PMI (October)

·       Romania Balance of Trade (September)

·       Turkey Industrial Production (September)/ Unemployment Rate (September)/ Participation Rate (September)/ Auto Sales (October)

·       Slovakia Construction Output (September)

·       Slovenia Industrial Production (September)

·       Russia Balance of Trade (September)

·       Hungary Budget Balance (October)

Middle East

Political/Social Events –

·       The Arab-Islamic Summit begins in Riyad., Saudi Arabia. The primary discussion will focus on the situation in Gaza.

·       Syria peace talks sponsored by Russia, Turkey, and Iran will take place in Kazakhstan.

Economic Reports/Events –

·       Jordan Inflation Rate (October)

·       Israel M1 Money Supply (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Egypt Inflation Rate (October)/ Core Inflation Rate (October)

Tuesday, November 12, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Israeli President Isaac Herzog will meet with President Biden at the White House to discuss the situation in Gaza and Lebanon.

Economic Reports/Events –

·       Federal Reserve Board Governor Christopher J. Waller gives a speech on payments systems at the Clearing House Annual Conference, New York, New York.

·       Minneapolis Federal Reserve Bank President Neel Kashkari to participate in the Yahoo Finance Invest 2024"New Challenges, New Opportunities" conference.

·       Philadelphia Federal Reserve Bank President Patrick Harker to speak on "Fintech, AI and the Changing Financial Landscape" before the Carnegie Mellon University Lecture Series.

·       Brazil BCB Copom Meeting Minutes/ Retail Sales (September)/ Business Confidence (November)

·       USA NFIB Business Optimism Index (October)/ RCM/TIPP Economic Optimism Index (November)/ NY Fed Treasury Purchases 1 to 2.5 yrs./ Consumer Inflation Expectations (October)/ Loan Officer Survey

·       Canada Building Permits (September)

·       Colombia Consumer Confidence (October)

·       Paraguay Balance of Trade (October)

·       Argentina Inflation Rate (October)

Asia

Political/Social Events –

·       The 15th Annual China Airshow begins in Zhuhai and runs through Sunday.

Economic Reports/Events –

·       New Zealand Electronic Retail Card Spending (October)

·       Australia Westpac Consumer Confidence Index (November)/ NAB Business Confidence (October)

·       Indonesia Retail Sales (September)

·       Japan Machine Tool Orders (October)

·       India Industrial Production (September)/ Inflation Rate (October)

Europe

Political/Social Events –

·       European Parliament holds confirmation hearings for 6 executive vice presidents-designate, including Italy's Raffaele Fitto, Spain's Teresa Ribera, France's Stephane Sejourne and Finland's Henna Virkkunen, as well as Estonia's Kaja Kallas.

·       NATO Secretary General Mark Rutte will travel to Paris to meet with French President Emmanuel Macron.

Economic Reports/Events –

·       European Central Bank Board Member Piero Cipollone chairs a high-level policy panel entitled "Financial sanctions and their implications for the international monetary system" at Global Research Forum on International Macroeconomics and Finance 2024 organized by the ECB, the Federal Reserve Board and the Federal Reserve Bank of New York in Frankfurt, Germany.

·       Netherlands Inflation Rate Final (October)

·       Germany Inflation Rate Final (October)/ ZEW Economic Sentiment Index (November)/ ZEW Current Conditions (November)/ Current Account (September)

·       Romania Inflation Rate (October)

·       Turkey Current Account (September)/ Retail Sales (September)

·       Great Britain Unemployment Rate (September)/ Employment Change (September)/ Claimant Count Change (October)/ HMRC Payrolls Change (October)

·       Hungary Inflation Rate (October)

·       Euro Area ZEW Economic Sentiment Index (November)/ ECB Cipollone Speech

·       Serbia Inflation Rate (October)

·       Ukraine GDP Growth Rate Q3

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       The Africa Tech Festival 2024 will take place in Cape Town through November 14.

Economic Reports/Events –

·       South Africa Unemployment Rate Q3/ Unemployed Persons Q3/ Manufacturing Production (September)

Wednesday, November 13, 2024

Global

·       The G7 Ministerial Meeting on Tourism begins in Florence, Italy.

·       The UN Security Council will hold a vote on renewing Yemen sanctions.

Americas

Political/Social Events –

·       U.S. Senate Republicans will meet to vote on who will be the chamber’s next majority leaders.  Senate Democrats will hold their leadership vote in December.

·       Republicans in the U.S. House of Representatives will meet to vote on their leadership for 2025-2026.  House Democrats will meet in on November 19 to choose their leaders.

Economic Reports/Events –

·       St. Louis Federal Reserve Bank President Alberto Musalem to speak on the U.S. economy and monetary policy before the Economic Club of Memphis.

·       Kansas City Federal Reserve Bank President Jeffrey Schmid to give luncheon keynote before hybrid “Energy and the Economy: Meeting Rising Energy Demand" Conference hosted by the Federal Reserve Banks of Dallas and Kansas City.

·       USA MBA Mortgage Market Index (November/08) / MBA Purchase Index (November/08) / Inflation Rate (October)/ CPI (October)/ Redbook (November/09) / Total Household Debt Q3/ Monthly Budget Statement (October)/ API Crude Oil Stock Change (November/08)

·       Peru Balance of Trade (September)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Korea Export Prices (October)/ Import Prices (October)/ Unemployment Rate (October)

·       New Zealand Visitor Arrivals (September)

·       Japan PPI (October)

·       Australia Wage Price Index Q3

·       Philippines Foreign Direct Investment AUG

·       Kazakhstan Unemployment Rate Q3

·       India M3 Money Supply (November/01)

·       China New Yuan Loans (October)/ M2 Money Supply (October)/ Outstanding Loan Growth (October)/ Total Social Financing (October)

Europe

Political/Social Events –

·       EU President Ursula von der Leyen meets with French Prime Minister Michel Barnier in Brussels.

·       The Rebuild Ukraine conference will be held in Warsaw through Thursday.

Economic Reports/Events –

·       France Unemployment Rate Q3

·       Romania Industrial Production (September)/ Current Account (September)

·       Hungary Industrial Production Final (September)

·       Euro Area ECB Non-Monetary Policy Meeting

·       Belarus Inflation Rate (October)

·       Poland Balance of Trade (September)/ Current Account (September)

·       Russia GDP Growth Rate Q3/ Inflation Rate (October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Import/ Export/ Balance of Trade (October)

Africa

Political/Social Events –

·       The breakaway region of Somaliland will hold a presidential election.

Economic Reports/Events –

·       Mozambique Inflation Rate (October)

Thursday, November 14, 2024

Global

·       The International Energy Agency Monthly Market Report is released.

·       The G20 Social Summit begins in Rio de Janeiro, Brazil, and runs through November 16.

·       The IMF’s 25th Annual Jacques Polak Research Conference begins in Washington, D.C., and runs through November 15.

·       The UN Security Council votes on the renewal of the UN mission in Abiye, a disputed region between Sudan and South Sudan.

Americas

Political/Social Events –

·       President Biden begins a six-day state visit to Peru and Brazil and also attends the APEC Summit being hosted by Peru this year.  Chinese President Xi will also attend the summit.  Additionally, Biden will visit the Amazon rainforest to stress the importance of dealing with climate change.

·       The CPAC Conference begins in Mar-a-Lago, Florida.  Argentine President Javier Milei is expected to attend also meet with President-elect Trump.

Economic Reports/Events –

·       Federal Reserve Board Chair Jay Powell gives a speech at the Dallas Federal Reserve’s Global Perspectives Conference.

·       Federal Reserve Board Governor Adriana D. Kugler gives a speech on central bank independence and the economic outlook at the Latin American and Caribbean Economic Association (LACEA) and the Latin American Chapter of the Econometric Society 2024 Meeting, Departamento de Montevideo, Uruguay.

·       New York Federal Reserve Bank President John Williams to give keynote before the “Intermediating Impact: Making Missing Markets" event hosted by the Federal Reserve Bank of New York.

·       Brazil IBC-BR Economic Activity (September)

·       USA PPI (October) / Initial Jobless Claims (November/09)/ EIA Natural Gas & Crude Oil Stocks Change (November/08)/ 15- & 30-Year Mortgage Rate (November/13/ Fed Balance Sheet (November/13)

·       Colombia Industrial Production (September)/ Retail Sales (September)

·       Paraguay Consumer Confidence (October)

·       Mexico Interest Rate Decision

·       Uruguay Interest Rate Decision

·       Ecuador Balance of Trade (September)

Asia

Political/Social Events –

·       Sri Lanka holds parliamentary elections.

Economic Reports/Events –

·       New Zealand Food Inflation (October)

·       Reserve Bank of Australia Governor Michele Bullock takes part in a panel debate about the state of the economy at the ASIC Annual Forum in Sidney.

·       Australia Consumer Inflation Expectations (November)/ Full Time & Part Time Employment Chg (October)/ Unemployment Rate (October)/ Participation Rate (October)

·       Japan Foreign Bond Investment (November/09)/ Stock Investment by Foreigners (November/09)

·       India Passenger Vehicles Sales (October)/ WPI Food Index (October)

·       China PBoC 1-Year MLF Announcement

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Bank of England Governor Andrew Bailey speaks alongside UK chancellor Rachel Reeves at the annual financial and professional services dinner at the City of London’s Mansion House.

·       European Central Bank President Christine Lagarde gives remarks at the Choiseul Sovereignty Awards 2024 ceremony in Paris, France.

·       Bank of England Member of the Policy Committee Catherine Mann will give a speech entitled “Revitalizing the Global Economy” at the Society of Professional Economists Annual Conference in London.

·       European Central Bank Board Member Luis de Guindos gives remarks at the 31 Encuentro del Sector Financiero organized by ABC and Deloitte in Madrid, Spain.

·       European Central Bank Board Member Isabel Schnabel participates on a policy panel entitled "Reassessing Policy Tools for Current and Future Challenges" at 25th Jacques Polak Annual Research Conference "Rethinking the Policy Toolkit in a Turbulent Global Economy" in Washington, D.C.,

·       Great Britain RICS House Price Balance (October)

·       Romania GDP Growth Rate Prel Q3

·       Hungary Construction Output (September)

·       Slovakia GDP Growth Rate Prel Q3

·       Spain Inflation Rate Final (October)

·       Euro Area ECB Guindos Speech/ Employment Change Prel Q3/ GDP Growth Rate 2nd Est Q3/ Industrial Production (September)/ ECB Monetary Policy Meeting Accounts

·       Netherlands GDP Growth Rate Flash Q3/ Balance of Trade (September)/ Household Consumption (September)

·       Poland GDP Growth Rate Prel Q3

·       Slovenia GDP Growth Rate Q3

·       France IEA Oil Market Report

·       Turkey Foreign Exchange Reserves (November/08)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia Inflation Rate (October)

·       Oman M2 Money Supply (September)/ Total Credit (September)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa Gold Production (September)/ Mining Production (September)

·       Angola Wholesale Prices (October)/ Inflation Rate (October)

Friday, November 15, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Canada Manufacturing Sales Final (September)/ New Motor Vehicle Sales (September)/ Senior Loan Officer Survey

·       USA NY Empire State Manufacturing Index (November)/ Export Prices (October)/ Import Prices (October)/ Retail Sales (October)/ Industrial Production (October)/ Capacity Utilization (October)/ Manufacturing Production (October)/ Business Inventories (September)/ Retail Inventories Ex Autos (September)/ NOPA Crush Report/ Baker Hughes Total Rigs Count (November/15)

·       Colombia ISE Economic Activity (September)

·       Peru Unemployment Rate (October)

Asia

Political/Social Events –

·       Japan’s Prime Minister Shigeru Ishiba is expected to meet with Chinese President Xi Jinping on the sidelines of the APEC Summit in Peru.

·       Nikkei and the U.S.-based Center for Strategic and International Studies (CSIS) host the 21st CSIS/Nikkei Symposium in Tokyo under the title of "Shaping the Future: New Leadership in Japan, U.S. and Next Indo-Pacific Order." The Mount Fuji Dialogue, a gathering that unites influential government officials and businesspeople from the U.S. and Japan, is scheduled to start on Saturday in Tokyo.

Economic Reports/Events –

·       New Zealand Business NZ PMI (October)/

·       Japan GDP Growth Annualized Prel Q3/ GDP Price Index Prel Q3/ GDP Private Consumption Prel Q3/ Industrial Production Final (September)/ Capacity Utilization (September)/ Tertiary Industry Index (September)

·       China House Price Index (October)/ Industrial Production (October)/ Retail Sales (October)/ Fixed Asset Investment (YTD) (October)/ Unemployment Rate (October)/ NBS Press Conference

·       Indonesia Property Price Index Q3/ Imports/ Exports/ Balance of Trade (October)

·       Malaysia Current Account Q3/ GDP Growth Rate Final Q3

·       Hong Kong GDP Growth Rate Final Q3

·       Kazakhstan GDP Growth Rate Q3/ GDP (October)

·       India Bank Loan & Deposit Growth (November/01)/ Foreign Exchange Reserves (November/08)/ Imports/ Exports/ Balance of Trade (October)

·       Philippines Cash Remittances (September)

Europe

Political/Social Events –

·       Germany’s 2025 budget is presented to the Bundestag.

·       The EU Economic and Financial Affairs Council (Budget) meets in Brussels.  Ministers will discuss the EU’s 2025 annual budget.

Economic Reports/Events –

·       European Central Bank Board Member Elizabeth McCaul participates on a panel discussion at the high-level European Supervisory Authorities’ conference entitled "Financial services and Gender – Data, trends and progress in the EU and beyond" organized by EBA, ESMA and EIOPA in Frankfurt, Germany.

·       European Central Bank Board Member Philip R. Lane moderates a policy panel at a seminar entitled “A Fragmenting Trading System: where we stand and implications for policy" as part of the G7 Finance Track events organized by Banca d'Italia in Rome, Italy.

·       European Central Bank Board Member Piero Cipollone participates on a panel discussion on productivity at the CER Ditchley Park conference "A European path to higher economic growth" in Chipping Norton, UK.

·       UK GDP Growth Rate Prel Q3/ GDP (September)/ Goods Trade Balance (September)/ Balance of Trade (September)/ Business Investment Prel Q3/ Construction Output (September)/ GDP (September)/ Industrial Production (September)/ Manufacturing Production (September)/ NIESR Monthly GDP Tracker (October)/ Labour Productivity Final Q2

·       Germany Wholesale Prices (October)

·       Switzerland Producer & Import Prices (October)

·       France Inflation Rate Final (October)

·       Slovakia Inflation Rate (October)

·       Italy Inflation Rate Final (October)/ Balance of Trade (September)

·       Poland Inflation Rate Final (October)

·       Ireland Balance of Trade (September)

·       Serbia Building Permits (September)/ Current Account (September)

·       Belarus Industrial Production (October)

·       Ukraine Balance of Trade (September)

·       Turkey Budget Balance (October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Inflation Rate (October)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Angola M3 Money Supply (October)

·       Nigeria Food Inflation (October)/ Inflation Rate (October)

·       Egypt Unemployment Rate Q3

Saturday, November 16, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       President Biden will attend the G20 Summit -which begins on Monday – and will meet with Brazilian President Lula in Rio de Janeiro.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       European Central Bank Board Member Luis de Guindos participates in an on-stage conversation at Trilateral Commission meeting in Madrid, Spain.

·       European Central Bank Board Member Isabel Schnabel gives a speech at the Chicago Booth Conference on the Global Economy and Financial Stability, in London.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Gabon holds a national referendum on a new constitution and could lead to the end of military rule.

Economic Reports/Events –

·       Nothing significant to report.

Sunday, November 17, 2024

Global

·       The G20 Leaders’ Summit takes place in Rio de Janeiro, Brazil.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       China FDI (YTD) (October)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel GDP Growth Annualized 1st Est Q3

Africa

Political/Social Events –

·       Senegal holds parliamentary elections.

Economic Reports/Events –

·       Nothing significant to report.

U.S. Regulatory Week Ahead

AT LAST, THE ELECTIONS ARE FINALLY HERE!  And Not A Whole Lot Is Going On in the Regulatory World This Week…

November 3 - 8, 2024

The elections are finally here this week. Washington is bracing for what Tuesday brings, especially the regulatory world because change is coming to the regulatory agenda in 2025 and beyond.

The only major event this week is the Federal Reserve’s Federal Open Market Committee (FMOC), meets Wednesday and Thursday to discuss the economy and interest rates.  And on Friday, Fed Governor Michelle W. Bowman participates in a conversation on banking topics at the University of Mississippi School of Business Banking and Finance Symposium.  The Securities Enforcement Forum is being held on Wednesday, bringing together current and former senior SEC officials – mostly enforcement staff – with white-collar attorneys, in-house counsels, and compliance executives.  And that is about it for the regulatory calendar this coming week.  

This past week saw a ramping up in the fight over the Federal Deposit Insurance Corporation’s (FDIC) efforts to tighten its oversight of how giant asset managers invest in banks.  House Republicans let it be known they are not happy with the FDIC’s effort, sending a letter to FDIC Chair Marty Gruenberg objecting. The FDIC is requiring BlackRock and Vanguard to sign agreements this week meant to more aggressively monitor the asset managers’ promises to remain passive investors in banks in which they have big ownership stakes. 

Also, this past week, Treasury Secretary Janet Yellen said at the American Bank Association’s annual meeting that Treasury believes fraud in the banking system is becoming a huge problem and that her department is now using artificial intelligence to detect and deal with the issue.

Also, anticipating the changes coming to Congress' composition and what they might mean for the regulatory world, Senator Tim Scott (R.-S.C.), the current ranking minority of the Senate Banking Committee, appears to have locked up enough support to become the next Chair of the Senate Banking Committee if control of the chamber flips.

Let’s see what happens on Tuesday. And don’t forget to vote!  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 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

·       Wednesday & Thursday, November 6 & 7 – The Federal Reserve Board’s Federal Open Market Committee meets in Washington to consider interest rates.

·       Friday, November 8, 11:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a conversation on banking topics at the University of Mississippi School of Business Banking and Finance Symposium, Oxford, Mississippi.

U.S. Treasury Department

·       There are no significant events scheduled at this time.

Department of Commerce

·       Friday, November 8, 9:30 a.m. – The Commerce Department’s Bureau of Economic Analysis holds a virtual meeting of the Bureau of Economic Analysis Advisory Committee to discuss proposed improvements, extensions, and research related to BEA's economic accounts and include an update on recent statistical developments.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Wednesday, November 6 – Acting Director of Enforcement Sanjay Wadhwa and several other SEC enforcement officials will participate in Securities Enforcement Forum D.C. 2024.

·       Thursday, November 7 – The SEC holds its Virtual National Compliance Outreach Seminar for Investment Companies and Investment Advisors.  You can find the agenda HERE.

·       Thursday, November 7, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

·       Friday, November 8, 6:00 p.m. PT – CFTC Commissioner Christy Goldsmith Romero will receive the Daniel K. Inouye Trailblazer Award from the National Asian Pacific American Bar Association (NAPABA). The award is NAPABA’s lifetime achievement award and highest honor and recognizes the Trailblazer’s leadership, vision, courage, tenacity, and substantial contributions to the legal profession.

Federal Deposit Insurance Corporation

·       Thursday, November 7, 9:00 a.m. – The Federal Deposit Insurance Corporation holds a meeting of the Advisory Committee on Community Banking chaired by FDIC Chair Martin Gruenberg to discuss issues that are of interest to community banks.  You can find the agenda HERE.

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.

FINRA

·       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

·       There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

·       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

·       Wednesday & Thursday, November 6 & 7 – SIFMA holds its annual Market Structure Conference in New York.

·       Thursday, November 7, 10:00 a.m. – The Futures Industry Association holds a virtual conference entitled Commodities Enforcement Trends and Developments.

·       Friday, November 8, 10:00 a.m. – The Institute for International Finance holds a Cyber Security Roundtable entitled “Resilience in the Face of Digital Fraud and Cyber Threats” in Brussels, Belgium.

Think Tanks and Other Events

·       There are no significant events scheduled at this time.

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

U.S. Financial Regulatory Week Ahead

Washington Regulators Get Very Quiet A Week Before the Elections and the Next FMOC Meetings; SEC Chair Gensler Heads to Vegas to Talk About the Global Money Ecosystem

October 28 - November 1, 2024

It will be a mostly quiet week in Washington’s regulatory world.  Elections have that effect on Washington as members of Congress are all off either campaigning for re-election or campaigning for colleagues.  Congressional staff are mostly working from home or on shortened schedules.

The biggest election from the financial regulatory perspective is Senate Banking Committee Chairman Sherrod Brown's (D-OH) tense reelection battle against Republican Bernie Moreno. The latest polls suggest the race is a statistical tie, as Moreno has gained significant ground on Brown in the last two weeks.   

The regulatory agencies are, of course, at work but not much is scheduled publicly.  Aside from a fireside chat SEC Chair Gary Gensler will participate in at the Money 20/20 Conference on tech, finance, and the global money ecosystem and a CFTC Open meeting, there is not much going on.

Perhaps the biggest event of the week will be the American Bankers Association’s (ABA) Annual Convention being held in New York.  Treasury Secretary Janet Yellen is the keynote speaker, and she is expected to offer her thoughts on the state of the US economy and the current state of play of bank regulation.

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 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

·       The Federal Reserve Board member have no public speaking events scheduled as they are in the “Quiet Period” in advance of the November 7 Federal Open Markets Committee Meeting.

U.S. Treasury Department

·       Monday, October 28, 11:15 a.m. – Treasury Secretary Janet L. Yellen drops by a meeting of the U.S. China Financial Working Group and the Economic Working Group.

·       Tuesday, October 29, 9:00 a.m. – The Treasury Department holds a meeting of the Debt Management Advisory Committee.  The agenda includes: Discussion on the economy; Discussion on financial markets; Discussion on treasury financing; Discussion on debt management; and Written report of its recommendations.

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, October 28, 2:40 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the Money 20/20 Conference in Las Vegas, Nevada.

·       Tuesday, October 29, 2:30 p.m. – SEC Chair Gary Gensler will participate in a fireside chat with Erica Williams, Chair of the Public Company Accounting Oversight Board (PCAOB), as part of the PCAOB’s International Institute on Audit Regulation. A livestream of the chat will be available.

·       Thursday, October 31, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       Tuesday, October 29, 10:00 am. – 4:30 p.m. – The CFTC will hold an Open Meeting. The Commission will consider: Final Rule – Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants, a Final Rule regarding Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations, a Final Rule on Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans; Information for Resolution Planning, the Commission Fall 2024 Unified Agenda Submission, and the CFTC Executive and Supervisor Compensation Structures.

·       Thursday, October 30, 9:20 p.m. – CFTC Commissioner Summer K. Mersinger will deliver a keynote address at the ISDA Annual Legal Forum in New York.

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.

FINRA

·       October 30 – 31 – FINRA hosts the Diversity Leadership Summit (virtually).

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

·       There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

·       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

·       Tuesday, October 28 - 29 – The American Bankers Association holds its 2024 Annual Convention.  Treasury Secretary Janet Yellen will give a keynote speech.

·       Tuesday & Wednesday, October 29 -30 – SIFMA holds its National Conference on the Securities Industry in New York.

·       Wednesday, October 30 – ISDA holds its Annual Legal Forum in New York.

Think Tanks and Other Events

·       Friday, October 31, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "Basel III implementation status and prospects," referring to a framework that sets international standards for bank capital adequacy, stress testing and liquidity requirements.

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

The U.S. Financial Regulatory Week Ahead

It’s World Bank/IMF Week in Washington, There Are Not One But Two Big Fintech Conferences This Week, And Pressure on FDIC Chair Gruenberg To Explain Himself Grows

October 21 - 25, 2024

Washington will be a very busy place this week as finance ministers and central bank chiefs from around the world converge for the annual World Bank/IMF meetings.  While burgeoning global debt will be a major focus of the meetings, issues surrounding the stability of the financial markets will be a central theme (We would note it will also be a significant theme of the BRICS Leaders’ Summit in Russia this week, as Russian President Vladimir Putin and other BRICS leaders seek to build an alternative financial system).

Also, this week, not one but two big Fintech Conferences will be held, one in Washington and one in Philadelphia.  The one in Washington – the Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference – will see speeches by a number of regulators, including Acting Comptroller of the Currency Michael Hsu, CFTC Chairman Rostin Behnam, and CFPB Director Rohit Chopra.

Also this week, Bloomberg is holding its Global Regulatory Forum in New York, where SEC Chair Gary Gensler will speak. He will also speak at SIFMA’s Annual Meeting in New York.

Quickly looking at what happened last week, we would note that while Congress remains out of session until after the November elections, there still was some notable action.  House Financial Services Chair Patrick McHenry on Wednesday slammed FDIC Chair Martin Gruenberg for “continued obstruction” of the panel’s investigation into the agency's workplace culture, calling on the bank regulator to schedule a transcribed interview by the end of the day.  Gruenberg continues to refuse to cooperate or explain himself.

McHenry – who is retiring from Congress at the end of this session – also sent a letter to the General Accountability Office (GAO) asking for an investigation into the Treasury Department's management of small business ownership data, which it collects under a law intended to fight money laundering. 

Also of note,  Treasury Secretary Janet Yellen said she believes a bipartisan stablecoin bill currently being negotiated in the House “comes close” to the administration’s goals for regulating digital assets.  While we believe there is virtually no chance of the bill being passed by the end of this year, we believe it will be revived early in the new Congress next year.

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

·       Tuesday & Wednesday, October 22 – 23 – The Federal Reserve Bank of Philadelphia will hold its 8th Annual Fintech Conference in Philadelphia.  Among the speakers will be Federal Reserve Board Governor Michelle Bowman, Philadelphia Federal Reserve Bank President Patrick Harker, and a large number of industry leaders.

·       Wednesday, October 23, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman gives opening remarks at the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania.

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

·       Monday, October 21, 10:25 a.m. – SEC Chair Gary Gensler will deliver remarks and participate in a one-on-one conversation with SIFMA President and CEO Kenneth Bentsen at the SIFMA Annual Meeting in New York.

·       Tuesday, October 22, 11:00 a.m. – SEC Chair Gary Gensler will speak at the Bloomberg Global Regulatory Forum in New York. A livestream of his remarks will be available. See the conference agenda here. 

·       Thursday, October 24, 1:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       Monday, October 21, 2:00 p.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat at SIFMA’s Annual Meeting in New York.

·       Tuesday, October 22, 2:05 p.m. – CFTC Chairman Rostin Behnam will give a keynote address at the Bloomberg Global Regulatory Forum in New York.

·       Wednesday, October 23, 9:05 a.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat with Congressman Ro Khanna at DC FinTech Week in Washington, D.C.

FINRA

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, October 22 – Federal Deposit Insurance Corporation Vice Chair Travis Hill will speak at the DC Fintech Week Conference in Washington, D.C.

Office of the Comptroller of the Currency

·       Tuesday, October 22, 9:00 a.m. – Acting Comptroller of the Currency Michael J. Hsu will discuss the future of banking with Hyun Song Shin, Economic Adviser and Head of Research at the Bank for International Settlements, during DC Fintech Week in Washington, D.C.

The Consumer Financial Protection Bureau

·       Wednesday, October 23 -- Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks at the DC Fintech Week Conference in Washington, D.C.

National Credit Union Administration

·       Thursday, October 24, 10:00 a.m. – The NCUA holds a Board Meeting. The agenda will cover an update on cybersecurity and a briefing on New Charter and Field of Memberships.

Federal Trade Commission & Department of Justice Antitrust Division

·       There are no significant events scheduled at this time.

Farm Credit Administration

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       Friday, October 21 - 26 – The International Monetary Fund and the World Bank Group officially kick off their 2024 Fall Meeting.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Monday, October 21 – SIFMA holds its annual meeting in New York. 

·       Monday – Friday, October 22 – 25 – The Institute for International Finance Annual Membership meeting takes place in Washington, D.C.

·       Tuesday, October 22 – The Institute for International Bankers holds its annual 2024 Anti-Money Laundering Conference in New York.

·       Thursday, October 24, 10:00 a.m. – The Bipartisan Policy Center holds a discussion on "Scaling Local Innovations for Achieving Housing Affordability."

Think Tanks and Other Events

·       Monday, October 21, 9:00 a.m. – 4:30 p.m. – The Peterson Institute for International Economics holds a conference on "Geopolitics and International Trade and Finance: Knowns and Unknowns."

·       Monday, October 21 - The Urban-Brookings Tax Policy Center holds a virtual forum, beginning at 1 p.m., on "Tax Policy, the 2024 Election, and a Look Ahead to 2025."

·       Tuesday, October 22 – Day One of The Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference begins.  Among the speakers today will be Acting Comptroller of the Currency Michael Hsu, Representative French Hill, (R-Ark.), National Security Council Special Adviser for Cybersecurity and Critical Infrastructure Policy Carole House participates in a discussion on "The Geopolitics of Artificial Intelligence," and Federal Deposit Insurance Corporation Vice Chair Travis Hill.

·       Tuesday, October 22, 4:00 p.m. – The Brookings Institution will hold an event entitled “Climate, development, and international financial institutions: Perspectives from the Global South.”

·       Wednesday, October 23 – Day Two of The Georgetown University Law Center's Institute of International Economic Law Fintech Week Conference.  Rep. Ro Khanna, (D-Calif.) and Commodity Futures Trading Commission Chairman Rostin Behnam deliver remarks. Also, New York Department of Financial Services Superintendent Adrienne Harris and Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks.

·       Wednesday, October 23 – The Association of Certified Sanctions Specialists holds its sixth annual conference on "Global Sanctions and Export Controls” in Washington, D.C. Among the speakers will be Matthew Axelrod, assistant secretary for export enforcement at the Commerce Department's Bureau of Industry and Security,  Scott Anderson, national coordinator for the Commerce Department Bureau of Industry and Security's Disruptive Technology Strike Force, and Molly Braese, chief of staff to the assistant Commerce secretary for export enforcement at the Bureau of Industry and Security.

·       Wednesday, October 23, 9:00 a.m. – The Center for Global Development holds a discussion on "Bretton Woods at 80: Priorities for the Next Decade."

·       Wednesday, October 24, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "Geneva Report Launch: Much Money, Little Capital, and Few Reforms: The 2023 Banking Turmoil."

·       Wednesday, October 24, 11:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 11 a.m., on "Monetary Policy Transmission Across the Euro Area."

·       Wednesday, October 24, 1:00 p.m. – The Peterson Institute for International Economics holds a virtual discussion on "Monetary Policy During Periods of Economic Volatility."  Adrian Orr, Governor of the Bank of New Zealand, will speak,.

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

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”

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

U.S. Financial Regulatory Week Ahead

Get Ready for the Fed Governor Speech-A-Palooza, SEC Chair Gensler Defends His Agenda on the Hill This Week, and the Fed Holds Its Annual U.S. Treasury Market Conference

September 23 - 27, 2024

What is Fed Governor Speech-A-Palooza, you ask?  It is when Federal Reserve Board Governors give seven separate speeches in a single day – this coming Thursday.  Considering there are only seven Fed Governors in total, that is a lot.  The Governors collectively will cover a wide range of issues: financial inclusion, the state of the U.S. Treasury markets, Artificial Intelligence and the workforce, the economic outlook, and monetary policy.  Only Fed Vice Chair Philip Jefferson and Governor Christopher Waller are not scheduled to give a public speech. For the whole week, they give a total of ten speeches or talks.  Whew!

Of note, this coming week, the Fed is holding its annual U.S. Treasury Market Conference at the New York Federal Reserve. Treasury Secretary Janet Yellen and SEC Chair Gary Gensler will speak with Fed Chair Jay Powell and Fed Vice Chair Michael Barr.

Chair Gensler has a busy week ahead.  He is also testifying before both the House Financial Services Committee and the Senate Banking Committee for the annual oversight hearings of the SEC.   Watch for House and Senate Republicans to strongly challenge Gensler on his views of crypto regulation and hiring practices at the agency.

Looking at the past week, there are several items of note. Fed Chair Jay Powell spoke of the troubled regulatory effort to develop new capital standards. He promised that the regulator would "move as a group" to develop a new proposal—despite the draft not being completely finished, as the Fed, FDIC, and OCC are at significant odds on final details.

Also last week, the FDIC, the OCC, and the Justice Department finalized new rules that will give the agencies more power to scrutinize bank mergers – yet another chilling effect put into effect to bank mergers overall.  The rules result from President Biden's executive order in 2021 calling for "revitalized merger oversight."

Finally, the Financial Stability Oversight Council (FSOC) held an unannounced meeting on Friday morning.  The Council was given an update from Treasury staff on key themes in an upcoming staff progress report by the Inter-Agency Working Group on Treasury Market Surveillance. They also received an update from the Council's Climate-related Financial Risk Committee on progress over the last year on the development of risk indicators and narrative analyses to monitor climate-related financial risks.  And they also voted to approve its fiscal year 2025 budget (a total of $14,783,781). 

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

U.S. Congressional Hearings

U.S. Senate

·       Tuesday, September 24, 10:00 a.m. – The Senate Agriculture Committee will hold a hearing on the nominations of Marcus D. Graham to be a member of the Farm Credit Administration Board, Farm Credit Administration; and Julie Brinn Siegel to be a commissioner of the Commodity Futures Trading Commission.

·       Wednesday, September 25, 10:00 a.m. – The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "Oversight of the U.S. Securities and Exchange Commission."  SEC Chair Gary Gensler will testify.

·       Wednesday, September 25, 10:00 a.m. – The Senate Budget Committee holds a hearing on "The Costs of Inaction: Economic Risks from Housing Unaffordability."

House of Representatives

·       Tuesday, September 24, 10:00 a.m. – The House Financial Services Committee holds a hearing on "Oversight of the Securities and Exchange Commission."  SEC Chair Gary Gensler will testify.

·       Wednesday, September 25, 10:00 a.m. – The House Financial Services Financial Institutions and Monetary Policy Subcommittee holds a hearing on "Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration."

·       Thursday, September 26, 10:00 a.m. – The House Financial Services Housing and Insurance Subcommittee will hold a hearing entitled “Vanishing Independence: How FHFA’s Political Agenda Endangers Homeowners and Taxpayers.”

US Regulatory Meetings & Events 

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, September 24, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman

Economic Outlook and Monetary Policy at the Kentucky Bankers Association Annual Convention.

·       Wednesday, September 25, 4:00 a.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the Economic Outlook at the Harvard Kennedy School, Cambridge, Massachusetts.

·       Thursday, September 26, 9:15 a.m. – Federal Reserve Board Governor Adriana D. Kugler participates in a Fireside chat on Financial Inclusion with President Susan M. Collins, co-hosted by the Federal Reserve Banks of Boston and Minneapolis and the Federal Reserve Board (virtual)

·       Thursday, September 26, 9:15 a.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a discussion on the “Economic Outlook and Monetary Policy” at the Mid-size Bank Coalition of America Board of Directors Workshop.

·       Thursday, September 26 - The Federal Reserve Bank of New York holds its 2024 U.S. Treasury Market Conference.  Scheduled speakers include Brian Smith, deputy assistant Treasury secretary for federal finance, Fed Chairman Jerome Powell, Fed Vice Chair for Supervision Michael Barr, Treasury Secretary Janet L. Yellen, and SEC Chair Gary Gensler.

·       Thursday, September 26, 10:30 a.m. – Federal Reserve Board Governor Lisa Cook participates in a roundtable discussion entitled “Artificial Intelligence and Workforce Development” at the Roundtable Discussion with Community Stakeholders, hosted by the Federal Reserve Bank of Cleveland and Columbus State Community College, Columbus, Ohio.

·       Thursday, September 26, 1:00 p.m. – Federal Reserve Vice Chair for Supervision Michael S. Barr participates in a fireside chat on financial inclusion with Minneapolis President Neel Kashkari, co-hosted by the Federal Reserve Banks of Boston and Minneapolis and the Federal Reserve Board (virtual).

·       Thursday, September 26, 6:00 p.m. – Federal Reserve Board Governor Lisa D. Cook gives a speech on Artificial Intelligence and the Labor Force at the Ohio State University President and Provost’s Diversity Lecture and Cultural Arts Series, Columbus, Ohio.

·       Friday, September 27, 1:15 p.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a conversation at the Alabama Bankers Association Bank CEO Meeting, Birmingham, Alabama.

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, September 24, 9:00 a.m. – The SEC holds its Securities Enforcement Forum Central 2024 in Chicago.

·       Wednesday, September 26 – SEC Chair Gary Gensler will speak at the 10th Annual U.S. Treasury Market Conference in New York.

·       Thursday, September 26, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       Monday, September 23, 2:40 p.m. – CFTC Commissioner Caroline D. Pham will be featured in a fireside chat, “Preparing for Digital Transformation: The Role of Regulation,” at the Global Blockchain Business Council’s (GBBC) 7th Annual Blockchain Central at the United Nations General Assembly (UNGA).

·       Monday, September 23, 4:00 p.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat at the API/ClearPath Carbon Innovation Forum 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

·       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

·       Thursday, September 19, 10:00 a.m. – The NCUA holds a board meeting. 

Federal Trade Commission & Department of Justice Antitrust Division

·        Thursday, September 19, 11:00 a.m. – The FTC will hold an Open Commission Meeting. The Commission will hear a staff presentation on the Social Media and Video Streaming Services 6(b) Orders and a staff presentation on the Rule on the Use of Consumer Reviews and Testimonials.

·       Thursday, September 19, 1:00 p.m. – The FTC will hold an informal hearing on the Proposed Amendments to the Energy Labeling Rule.

Farm Credit 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

·       Sunday – Wednesday, September 22 – 25 – The Investment Company Institute holds its 2024 Tax and Accounting Conference in Boca Raton, Florida.

·       Thursday & Friday, September 26-27 – SIFMA Holds their “Future of Asset Management North America” Conference in New York.

·       Thursday, September 26, 9:00 a.m. – The Institute for International Finance holds an online event entitled Policy Implications of the 2024 U.S. Elections:  Financial Regulation.

·       Thursday, September 26, 10:00 a.m. – The Futures Industry Association holds an online seminar entitled “The CFTC’s Evolving Disclosure Requirements.”

·       Thursday, September 26 – SIFMA holds its Global Tax Reporting Symposium in New York.

Think Tanks and Other Events

·       Monday, September 23, 2:30 p.m. – The Brookings Institution holds a discussion on "Making housing more affordable: Issues at stake in the 2024 election."

·       Wednesday, September 25, 10:30 a.m. – The Brookings Institution’s Hamilton Project will hold a webinar entitled “Taking on Tax: Modernizing Partnership Taxation.”

·       Thursday, September 26, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion on "The Economic Effects of Trump's Plans for tariffs, Deportations, and the Fed."

·       Thursday, September 26 , 9:00 a.m. -  The Atlantic Council GeoEconomics Center holds its Transatlantic Forum on GeoEconomics on "Next Frontiers in Finance, Technology, and Energy."

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

U.S. Financial Regulatory Week Ahead

The Fed Backs Down on Bigger Bank Capital Standards Setting Up A Possible FDIC Vote This Week; Election Betting Gets Held Up Again, and FDIC Chair Gruenberg Refuses to Testify Before Congress

September 16 - 20, 2024

The coming week will be filled with lots of regulatory speeches, congressional hearings, and a good number of trade association conferences. However, the biggest event is likely to be the FDIC's Open Meeting, where they may vote on the much-criticized and now scaled-back bank capital requirements. In a major concession to lobbying by big banks and many members of Congress, Federal Reserve Vice Chair Michael Barr announced last week that the Fed, OCC, and FDIC had negotiated a re-write, but it is unclear if all the details have been finalized among the three regulators.

The FDIC action comes as embattled FDIC Chair Marty Gruenberg shockingly refused a request to testify before the House Financial Services Committee. Gruenberg, who has announced he will at some point step down from his role, allowing a toxic work environment and widespread sexual harassment as well as his own personal unprofessional behavior, was supposed to testify on September 19, but his staff informed the Committee he would not show up. As we have noted in previous updates, Gruenberg refuses to step down until a replacement is confirmed by the US Senate, which most seasoned observers believe will not happen until next year due to the elections and the Senate schedule – something Gruenberg clearly understands as he desperately clings to power.

Regarding Gruenberg's replacement, Senate Banking Committee Chair Sherrod Brown (D-OH) is apparently looking to hold a committee confirmation vote for current CFTC Commissioner Christy Goldsmith Romero this week. But we know two senators are out of action this week for health reasons and believe the committee vote probably will not happen.

Also, election betting on financial exchanges was expected to begin this coming week. However, a federal appellate court halted the financial exchange Kalshi on Friday to review the situation more closely. The CFTCC had ruled against allowing such betting through derivative markets. However, a federal judge overturned the CFTC block Thursday, and  Kalshi began to trade election betting contracts quickly, but they are now in limbo as the appellate court looks deeper into the matter. How long until they rule is anyone's guess. But it could come as early as this week.

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

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, September 17, 2:30 p.m. – The Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection holds a hearing entitled “Back to School: Shedding Light on Risks and Harm in the Private Student Lending and Servicing Market”

·       Wednesday, September 18, 2:00 p.m. – The Senate Banking Committee’s Economic Policy Subcommittee will hold a hearing on the macroeconomic impacts of potential tax reform in 2025.

·       Sometime During the Week of September 16 – TBD – Senate Banking Committee Chair Sherrod Brown (D-OH) may attempt to bring up for a committee vote the nomination of FDIC Chair-designate Christy Goldsmith Romero – along with several other nominations (an SEC Commissioner nomination, an insurance expert for the Financial Stability Oversight Council, and a nominee for Assistant Secretary of Treasury). 

House of Representatives

·       Wednesday, September 18, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing entitled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.”  

·       Wednesday, September 18, 10:00 a.m. – The House Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee holds a hearing on "Oversight Hearing: Inspectors General of the Department of Housing and Urban Development, Department of Transportation, and the National Railroad Passenger Corporation."

·       Wednesday, September 18, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions will hold a hearing entitled “Protecting Americans Savings: Examining the Economics of the Multi-Billion Dollar Romance Confidence Scam Industry.”

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday and Wednesday, September 17 & 18 – The Federal Reserve Board’s Open Market Committee meets to discuss the economy and interest rates.  Federal Reserve Board Chair Jay Powell will give a press release on the 18th at 2:00 p.m.

U.S. Treasury Department

·       Monday, September 16, 1:30 p.m. – The Treasury Department holds a meeting of the Federal Advisory Committee on Insurance to discuss topics related to climate-related financial risk and the insurance sector, cyber insurance developments, and international insurance issues and to receive status updates from each of its subcommittees and from FIO on its activities and consider any new business.

·       Tuesday, September 17, 3:45 p.m. – Treasury Undersecretary for Domestic Finance Nellie Liang will speak at the Georgetown Univeristy Psaros Center for Financial Markets and Policy in Washington, D.C..

·       Thursday, September 19, 9:30 a.m. – The Treasury Department’s Community Development Financial Institutions Fund holds a meeting of the Community Development Advisory Board for a report from the CDFI Fund Director on the activities of the CDFI Fund and panel discussions related to the advisory board's subcommittees.

Department of Commerce

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Wednesday, September 18, 10:00 a.m. – The SEC will hold an Open Meeting. The agenda is whether to amend Regulation NMS to “allow the minimum pricing increments for quoting of certain NMS stocks, reduce the access fee caps, and enhance the transparency of better priced order.”

·       Thursday, September 19, 10:00 a.m. – the SEC’s Investor Advisory Committee meets at the SEC Headquarters. The committee will host two panels.  The first is entitled “Investment Advice: A History and Update on Who is Required to Serve in Your Best Interest” and the second “Key Topics from Securities Litigation: Shareholder Proposals and “Tracing” in Section 11 Litigation.”  The full agenda can be found HERE.  And a full listing of the Advisory Committee members can be found HERE.

Commodities Futures Trading Commission

·       Tuesday, September 17, 10:30 a.m. – CFTC Chair Rostin Behnam to speak at Georgetown University’s Psaros Center for Financial Markets and Policy Financial Markets Quality 2024.

·       Wednesday, September 18, 11:00 a.m. (CDT) – CFTC Commissioner Summer K. Mersinger will participate in the 2025 Outlook Panel at the Futures Industry Association’s Forum: Commodities 2024 in Houston, Texas.

·       Friday, September 20, 10:00 a.m. – The CFTC will hold an Open Meeting to consider Final Guidance regarding the Listing of Voluntary Carbon Credit Derivative Contracts.

FINRA

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, September 17, 10:00 a.m. – The FDIC Board will hold an Open Meeting.  The agenda includes a proposed rulemaking on Custodial Deposit Accounts as well as the FDIC’s final statement of Policy on Bank Merger Transactions.

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

·       Thursday, September 19, 10:00 a.m. – The NCUA holds a board meeting. 

Federal Trade Commission & Department of Justice Antitrust Division

·        Thursday, September 19, 11:00 a.m. – The FTC will hold an Open Commission Meeting. The Commission will hear a staff presentation on the Social Media and Video Streaming Services 6(b) Orders and a staff presentation on the Rule on the Use of Consumer Reviews and Testimonials.

·       Thursday, September 19, 1:00 p.m. – The FTC will hold an informal hearing on the Proposed Amendments to the Energy Labeling Rule.

Farm Credit 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

·       September 15 – 18, 2024 – SIFMA is holding its Ops2024 Conference in San Diego, California.

·       September 18, 10:00 a.m. – The International Institute for Finance holds an online conference entitled “Energy Supply Ratio: Examining a New Climate Disclosure Metric.”

Think Tanks and Other Events

·       Monday, September 16, 11:00 a.m. – The Wilson Center's Global Europe Program holds a discussion on "Cyprus Banks on the Frontline of Sanctions Compliance."

·       September 17, 1:00 p.m. – The Peterson Institute for International Economics holds a virtual discussion entitled “The Economic Danger of Revoking China’s Permanent Normal Trade Status.”

·       Wednesday, September 18, 2:00 p.m. – The Brookings Institution is holding an event entitled “Mobilizing the Market: The Barriers to Financing a More Scalable Climate Response”  Ethan Zindler, the Climate Counselor at the US Treasury Department, will give the keynote remarks.

·       Thursday, September 19, 5:00 p.m. – The American Enterprise Institute will hold an event entitled “The Forgotten Solution to the Housing Crunch: A Premier of the AEI Housing Center’s Documentary on Light-Touch Density.”

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

U.S. Financial Regulatory Week Ahead

Moving to Full Throttle: Washington Ramps Up On Multiple Regulatory Fronts This Week

September 9 - 13, 2024

Congress returns to work this week, having been out of session since the end of July. The rest of Washington’s regulatory world is already buzzing with activity, and combined, there is a lot going on.

In the coming week, we will closely watch the House Financial Services Subcommittee on Financial Institutions hearing entitled “Transparency in Global Governance.”  The hearing is aimed at how the Basel Committee, the Bank for International Settlements (BIS), and other international organizations interact with US financial regulators and their influence on regulatory developments.  The only problem is that these organizations are refusing to appear, infuriating Subcommittee Chair Representative Andy Barr (R-KY).   At this point, we are not sure who will testify, and no one is listed on the Committee’s website.

Also on the Hill this week, the House Agriculture Committee is scheduling a closed-door hearing for members to get briefed and up-to-speed on “event contracts.”   For those of you unfamiliar with event contracts, they are the ability for financial traders to put “contract” wagers on, well, everything.  As Politico noted, it can be things as weird as what a movie’s Rotten Tomato scores will be. 

Also this week, Federal Reserve Vice Chair for Supervision Michael Barr will speak at the Brookings Institution on the status of the Fed's Basel III regulatory initiative. Considering the proposal has come under withering criticism from banks and Congress (not to mention public doubts from Fed Chair Jay Powell and several Fed Governors) and has been intensely rewritten, Barr’s comments will be important.   

SEC Chair Gary Gensler will give a speech and participate in a fireside chat at a Peterson Institute for International Economics event. The topics of the discussion seem likely to be wide-ranging.

Last week ended up being a bit busier than anyone expected.  We would note that Acting Comptroller of the Currency Michael Hsu gave an important speech at the Joint European Banking Authority and European Central Bank International Conference in Frankfurt, Germany (which was not added to his public calendar until the very last minute).  In his remarks, Hsu said regulators should consider creating a process for officially designating which banks within the domestic financial system are important – DSIBs.  Hsu pointed out some other countries already do this and suggested the US follow suit. 

Also, last week, a Federal Court blocked the CFTC’s rejection of US election betting markets – talk about good timing for all you election junkies out there!

Below is what else is happening in the regulatory world in Washington this week: 

U.S. Congressional Hearings 

U.S. Senate

·       The Senate is out of session for the month of August and returns to work on September 9.

House of Representatives

·       TBD – The House Agriculture Committee will hold a closed-door briefing for members on the topic of event contracts (which are financial products allowing traders to wager on virtually anything).  No date or time has been released yet.

·       Tuesday, September 10, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance.”

·       Tuesday, September 10, 10:30 a.m. – The House Education and Workforce Committee holds a hearing entitled “ERISA’s 50th Anniversary: The Value of Employer-Sponsored Health Benefits”

·       Tuesday, September 10, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Oversight and Investigations holds a hearing entitled “The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors.”

·       Wednesday, September 11, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy Subcommittee holds a hearing entitled “Transparency in Global Governance”

·       Wednesday, September 11, 10:00 a.m. – The House Agriculture Committee holds a hearing entitled “Severe Food Distribution Shortages in Tribal and Elderly Communities.”  

US Regulatory Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, September 10, 11:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michael Barr will speak at the Brookings Institution in Washington, D.C. at an event entitled “The Basel III Endgame: A Conversation with Michael Barr.”

U.S. Treasury Department

·       Monday, September 9, 1:00 p.m. – The Treasury Department holds a meeting of the Treasury Advisory Committee on Racial Equity for opening remarks from TACRE Chair Michael Nutter, an overview of the work conducted by the TACRE subcommittees since the April 18, 2024, TACRE meeting, a possible vote on recommendations to make to the Treasury Department and briefings from government officials from the Treasury Department and the Internal Revenue Service.

Department of Commerce

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Monday, September 9, 10:00 a.m. – The SEC holds an Open Meeting to consider he Commission will consider whether to approve a new quality control standard, QC 1000, A Firm’s System of Quality Control, and related amendments, as adopted by the Public Company Accounting Oversight Board.

·       Tuesday, September 10, 9:30 a.m. – SEC Chair Gary Gensler will give remarks at the Peterson Institute for International Economics.  Following his speech, he will participate in a fireside chat with Roger Ferguson, former Vice Chair of the Federal Reserve.

·       Thursday, September 12, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

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

·       Monday, September 9, 12:30 p.m. – CFPB Director Rohit Chopra speaks at an event hosted by Intercontinental Exchange and the National Housing Conference.

The Federal Housing Finance Agency

·       Tuesday, September 10 – 11 – The FHFA holds a meeting of the Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing to advise FHFA in the exercise of its oversight functions regarding affordable, equitable, and sustainable housing, including but not limited to, affordable, equitable, and sustainable housing needs, barriers to access, barriers to long-term sustainability, and any regulatory, guidance, or policy changes that may be necessary or beneficial to expand such housing.

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, September 12, 10:00 a.m. – The FCA holds a meeting of the quarterly report on economic conditions and Farm Credit System condition and performance.

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

·       Thursday, September 12: The American Bankers Association will hold a virtual conference entitled “Diversity, Equity, and Inclusion Summit.”

Think Tanks and Other Events

·       Monday, September 9, 9:00 a.m. – The Peterson Institute for International Economics holds an event entitled “Do EU regulations unduly penalize securitization?” Emmanuelle Assouan, Director General for Financial Stability and Operations, Bank of France, will speak.

·       Tuesday, September 9, 1:00 p.m. – The Farm Foundation holds a discussion on "The Agricultural Platforms of the Candidates for President of the United States."

·       Tuesday, September 10, 9:30 a.m.  – The Peterson Institute for International Economics hosts SEC Chair Gary Gensler for a speech and fireside chat.

·       Thursday, September 12, 9:00 a.m. – The Institute for International Finance holds an online event entitled “Policy Implications of the 2024 U.S. Elections: Fiscal and Growth Outlooks.”

·       Tuesday, September 10, 11:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michael Barr will speak at the Brookings Institution in Washington, D.C. at an event entitled “The Basel III Endgame: A Conversation with Michael Barr.”

·       Thursday, September 12, 9:30 a.m. – The Cato Institute holds a conference entitled “Financial Privacy Under Fire: Protecting and Restoring Americans’ Rights’ in Washington, D.C.

·       Thursday, September 12, 10:00 a.m. – The Brookings Institution holds a discussion on "The Tax Cuts and Jobs Act of 2017: Lessons learned and the debate ahead.”

·       Thursday, September 12, 2:00 p.m. – The Bipartisan Policy holds a Leaders Speaker Series with former Federal Housing Finance Agency Director Mark Calabria.

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

The U.S. Financial Regulatory Week Ahead

September 2 - 6, 2024

Washington Gets Back to Work… Sort Of…

And What is Going on at the FDIC?

Monday is Labor Day, the last day of summer, and the virtual starter gun is being fired for what will be a busy and, at times, wild autumn in Washington. Schools are back in session, vacation is over, and Washington is back to work (except Congress, which gets back September 9th).   

There really is not anything of note on the regulatory agenda this week—traditionally, this is the week everyone in Washington uses to get back in the groove of work and prep for the onslaught of regulatory meetings and rule-making, lawsuits, legislation, and of course, the November elections.   

This past week, the one big event of note was yet another blow-up at the Federal Deposit Insurance Corporation (FDIC) when FDIC Board Member Jonathan McKernan released a memo blasting the Democratic members of the board—including Chair Marty Gruenberg—for how they intend to move forward in investigating senior FDIC officials for creating and maintaining a toxic workplace, including allegations against Gruenberg. In a closed-door meeting this past Wednesday, the board voted along partisan lines on how the investigation will be conducted. 

McKernan said that what was voted on was a “convoluted and complicated process” that limits the information available to outside investigators.  However, the public cannot judge for themselves because the board voted to keep the resolution secret and will not publish it.

To be clear as to the extent of the crisis at the FDIC caused by Gruenberg, it is worth reviewing the facts of the situation: Gruenberg, who was cited by an outside review conducted by the law firm Cleary Gottlieb as leading and allowing a highly toxic workplace at the FDIC for years (and apparently is still under investigation in some way) refuses to resign and is allowed to vote on how he should be investigated.  The majority of the FDIC board also refuses to allow the public to see the resolution they voted on describing how investigations will be conducted.  And Gruenberg will almost assuredly be sitting in the chair for the rest of the year because he knows, and everyone else knows, his successor will almost assuredly not be confirmed by the Senate until the spring of 2025.  How the once mighty FDIC has fallen. 

As we started this week’s note by saying, the regulators are not conducting much public business. The SEC has a closed meeting scheduled, and one Fed speech has been scheduled.

We hope you enjoy the week – it is going to get very busy the following week and months to come:

U.S. Congressional Hearings

 U.S. Senate

·       The Senate is out of session for the month of August and returns to work on September 9.

House of Representatives

·       The House is out of session for the month of August and returns to work on September 9.

US Regulatory Meetings & Events

 Federal Reserve Board and Federal Reserve Banks

·       Friday, September 6, 11:00 a.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the University of Notre Dame Department of Economics in South Bend, Indiana.

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

·       Thursday, September 5, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

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

·       There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

·        Thursday, September 4, 11:00 a.m. – The FTC holds closing arguments before the Administrative Law Judge re: Horseracing Integrity and Safety Authority.

Farm Credit 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

·       There are no significant events scheduled at this time.

Think Tanks and Other Events

·       There are no significant events scheduled at this time.

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

U.S. Financial Regulatory Week Ahead

Washington Slowly Creeps Back to Work

August 26 - 30, 2024

For much of the US, schools are back in session, and most folks have wrapped up their summer holidays.  But in Washington, next week is the last week of summer holidays. Which means it will still be mostly quiet around town and at the regulatory agencies.  The only regulatory activity we can find is the Securities and Exchange Commission (SEC) holding an open meeting and the Federal Trade Commission (FTC) holding an administrative court hearing about horse racing.  But as the last week showed, Washington is slowly getting back to work and getting revved up for a busy fall.

Perhaps the significant event last week was not in Washington but in Texas, where a federal judge blocked the FTC’s sweeping ban on noncompete agreements.  The ruling slammed the FTC, saying, “In sum, the Rule is based on inconsistent and flawed empirical evidence, fails to consider the positive benefits of non-compete agreements, and disregards the substantial body of evidence supporting these agreements.”   The FTC is likely to appeal the ruling, but it does not look good that the FTC will ultimately succeed – as most observers predicted when the FTC first launched into this effort.

Meanwhile, the FDIC announced the hiring of a former federal prosecutor to oversee the agency’s efforts to root out the toxic workplace culture exposed in an independent report earlier this year.  Carrie Cohen, who currently is the co-chair of the investigations and white-collar practice at the law firm of Morrison Foerster and is a former Assistant District Attorney in the Southern District of New York, was hired by the board.  Her hiring triggered a new round of Congressional Republicans to demand the immediate resignation of current FDIC Chair Marty Gruenberg (who continues to refuse to resign until a replacement is confirmed by the Senate – which probably won’t happen until 2025).

Finally, we saw Federal Reserve Board Vice Chair for Supervision Michael Barr speak about the constant battle banks and regulators are waging against cyberattacks and technology failures.  Barr said such attacks are increasingly growing as threats: “There is a lot of work to do.  It is a constant process, a constant battle as the technology changes.”

We expect the week of September 1st (Labor Day) we will see a significant pick up of events.  Until then, enjoy the relative quiet!  Below is the listing of events among regulators in the coming week:

U.S. Congressional Hearings

U.S. Senate

·       The Senate is out of session for the month of August and returns to work on September 9.

House of Representatives

·       The House is out of session for the month of August and returns to work on September 9.

US Regulatory and Administrative Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Wednesday, August 28, 1:15 a.m. EST – Federal Reserve Board Governor Christopher J. Waller gives a speech on payments at the Global Fintech Festival 2024, Mumbai, India.

• Thursday, August 29, 2:30 p.m. CT – Atlanta Federal Reserve Bank President Raphael Bostic to give an "Introduction to the Federal Reserve and an Economic Outlook" presentation before a Georgia Tech Scheller College of Business Management of Financial Institutions class.

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

• Wednesday, August 28, 10:00 a.m. – The SEC will hold an Open Meeting.  They will consider adopting amendments to reporting requirements on Forms N-PORT and N-CEN.

• Thursday, August 29, 2:00 p.m. – the SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

• There are no significant events scheduled at this time.

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

• There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

• Thursday, August 29, 9:30 a.m. – The Federal Trade Commission holds an evidentiary hearing before an Administrative Law Judge on Horseracing Integrity and Safety Authority.

Farm Credit 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

• There are no significant events scheduled at this time.

Think Tanks and Other Events

• Monday, August 26, 2:00 p.m. – The Urban Institute holds a virtual discussion, beginning at 2 p.m., on "Identifying Solutions to Address Wealth Inequities: A Conversation with Government, Business, and Nonprofit Leaders.

• Tuesday, August 27, 2:00 p.m. – The Bipartisan Policy Center holds a virtual discussion, beginning at 2 p.m., on "Reforming the HCV (Housing Choice Voucher) Program Through Direct Rental Assistance."

• Wednesday, August 28, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "The Bank-Sovereign Nexus in Developing and Emerging Economies."

• Thursday, August 29, 12:30 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12:30 p.m., on "Understanding the Regulatory Landscape for Private Fund Advisers."

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