Fulcrum Perspectives
An interactive blog sharing the Fulcrum team's policy updates and analysis.
U.S. Financial Regulatory Week Ahead
The World Bank/International Monetary Fund Meets This Week, Watching for the Global Financial Stability Report, the OCC Reorganizes as the CFPB Slashes Remaining Staff, and the FCUA Board Goes to One Member
April 21 - 25, 2025
Although the US Congress remains out of session this week, plenty of regulatory action is happening. The World Bank/International Monetary Fund (WB/IMF) spring meetings are this week. With the meetings comes the publication (Tuesday) of the semi-annual Global Financial Stability Report (GFSR), an assessment of the global financial markets that also identifies potential risks to financial stability. We will be watching to see which market segments are seen as rising risk and how US regulators respond to the report.
Also as part of the WB/IMF week, the G10 and G20, respectively, will be meeting on the sidelines. We will be interested to see what comes out of those meetings in the wake of recent market disruptions caused by the Trump tariff announcements.
Not to be missed amidst all the WB/IMF action this week is acting CFTC Chair Caroline Pham's sit-down with Bloomberg on Thursday, during which she will outline the agency's agenda and policy priorities going forward.
Looking at major events last week, bank regulators approved the Capital One acquisition of Discover. That $35 billion deal was announced in February 2024 and has been slowly—very slowly—winding its way through the regulatory review process, all the while facing resistance from some quarters (mostly from Senator Elizabeth Warren (D-MA) and other consumer advocates who generally oppose large bank consolidation of any sort).
However, what we found particularly interesting about the approval announcement was a separate announcement by the FDIC and Federal Reserve that they fined Discover $150 million and ordered the company to pay $1.225 billion in restitution for misclassifying consumer credit cards as commercial. We have gotten questions about this from clients, mostly asking if this was a case of the "White Knight" – Capital One – being allowed to buy Discover to help clean up the regulatory mess. Yes, we see it that way, but we also see it as a break from previous regulatory merger deals where regulators did not want a White Knight situation because regulators have seen such efforts actually fail. Meaning that the acquiring company, in the massive project to merge operational and risk systems, actually ends up papering over the problem and not really getting to the root of the problem. All of which means, in our view, we are seeing something of a new approach to financial mergers and acquisition policy by the Trump team – and a likely throwing open of the doors to more financial institution mergers going forward.
Also, this past week, the OCC announced a major reorganization around bank supervision, merging its Midsize and Community Bank Supervision Office with its Large Bank Supervision functions and creating a new Bank Supervision and Examination office. All this even before Comptroller of the Currency nominee Jonathan Gould gets his final Senate confirmation vote, which will likely happen in the coming three weeks. Once Gould is in place, we will watch for a potential OCC merger with the FDIC under the guidance of Treasury Secretary Scott Bessent. Bessent has been holding meetings with Acting Comptroller Rodney Hood and FDIC Acting Chair Jonathan McKernan on how to streamline regulation and possibly merge.
The other big news last week was that Acting Consumer Financial Protection Bureau (CFPB) Russ Vought (who is also the Director of the Office of Management and Budget) was laying off more than 1,400 staffers (out of a total of 1,700 staff). That effort was temporarily blocked by a federal judge who wants to review whether the layoffs would violate a preliminary injunction blocking the agency from shutting down.
Finally, last week saw the National Credit Union Administration (NCUA) slimmed down to one sitting board member – Chair Kyle Hauptman – after President Trump fired two Democrat board members, Todd Harper (who was chair during the Biden Administration) and Tanya Otsuka. Both Harper and Otsuka intend to challenge the firings in court, but for now, they are out of the building and will not be voting members.
Clients have asked how the NCUA board functions with only one board member. Interestingly, as Chair Hauptman pointed out in a memo to staff last week, there is precedent for this. During the George W. Bush Administration, then-Chair Dennis Dollar acted as the sole board member, voting on policy issues and administrative actions all by himself.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
The Senate is in recess until April 28.
House of Representatives
· The House of Representatives is in recess until April 28.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday, April 22, 9:00 a.m. – the G-20 Finance Ministers and Central Bank Governors’ Meeting takes place at the IMF in Washington, D.C. Treasury Secretary Scott Bessent and Federal Reserve Board Governor Jay Powell will be attending.
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· Tuesday, April 22, 9:00 a.m. – Federal Reserve Board Vice Chair Philip N. Jefferson will give a speech entitled “Economic Mobility and the Dual Mandate” at the Federal Reserve Bank of Philadelphia Economic Mobility Summit, Philadelphia, Pennsylvania.
· Tuesday, April 22, 6:00 p.m. – Federal Reserve Board Governor Adriana D. Kugler will give a speech entitled “Transmission of Monetary Policy” at the Heller-Hurwicz Economics Institute 2025 Roundtable with Dr. Adriana Kugler, Minneapolis, Minnesota.
· Wednesday, April 23, 9:35 a.m. – Federal Reserve Board Governor Christopher J. Waller will give opening remarks at the Fed Listens event hosted by the Federal Reserve Bank of St. Louis (Virtual).
U.S. Treasury Department
· Tuesday, April 22, 9:00 a.m. – The G-20 Finance Ministers and Central Bank Governors’ Meeting takes place at the IMF in Washington, D.C. Treasury Secretary Scott Bessent and Federal Reserve Board Governor Jay Powell will be attending.
· Wednesday, April 23, 10:00 a.m. – US Treasury Secretary Scott Bessent will give remarks and participate in a conversation at the Institute for International Finance conference (virtual).
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
· Tuesday, April 22, 12:35 p.m. – The SEC will host its Incident Response Forum Masterclass 2025.
· Thursday, April 24, 2:00 p.m. – The SEC will host a Closed Meeting.
· Friday, April 25, 1:00 p.m. – The SEC will host its Crypto Task Force Roundtable - Know Your Custodian: Key Considerations for Crypto Custody.
Commodities Futures Trading Commission
· Thursday, April 24, 9:45 a.m. – CFTC Commissioner Kristin N. Johnson will deliver keynote remarks at the Africa Fintech Summit, Washington, D.C., 2025.
· Thursday, April 24, 10:20 a.m. – Acting CFTC Chair Caroline D. Pham will participate on a panel, Balancing Local and Global Priorities in Policymaking (II), at the IIF Future of Global Financial Policymaking Roundtable in Washington, D.C.
· Thursday, April 24, 1:00 p.m. – Acting Chairman Caroline D. Pham will discuss new policies and priorities at a Bloomberg roundtable in Washington, D.C.
· Thursday, April 24, 2:00 p.m. – CFTC Commissioner Kristin N. Johnson to participate in AI Evolution and the Future of Governance Roundtable at the Institute for International Finance (IIF) in Washington, D.C.
· Friday, April 25, 12:00 p.m. – CFTC Commissioner Summer K. Mersinger will participate on a panel, Clearing the Way to the Future: How Is Technology Changing Market Paradigms? at the FIA Law & Compliance Division Conference in Oxen Hill, Maryland.
· Friday, April 25, 12:00 p.m. – CFTC Commissioner Kristin N. Johnson to address “Clearing the Way to the Future: How Is Technology Changing Market Paradigms?” at the FIA L&C 2025 in Oxen Hill, Maryland.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
Federal Housing Finance Agency
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· Tuesday, April 22, 6:00 p.m. – FTC Chair Andrew Ferguson will be the keynote speaker at the IAPP Global Privacy Summit 2025 in Washington, D.C.
· Wednesday, April 23 – FTC Chair Andrew Ferguson will speak at the Semafor World Economy Summit 2025 in Washington, D.C.
Farm Credit Administration
· There are no significant events scheduled at this time.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· Monday – Saturday, April 21 – 25 – The Spring Meetings of the World Bank and International Monetary Fund will be held in Washington, D.C. The full agenda can be seen HERE.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Monday, April 21, 3:00 p.m. – The Institute for International Finance co-hosts with the World Bank a Digital Trust & Quantum Readiness Roundtable in Washington, D.C.
· Tuesday, April 22, 2:00 p.m. – the Institute for International Finance hosts a Cyber Security Roundtable in Washington, D.C.
· Wednesday, April 23, 10:00 a.m. – US Treasury Secretary Scott Bessent will give remarks and participate in a conversation at the Institute for International Finance conference (virtual).
· Thursday, April 24, 9:00 a.m. – The Institute for International Finance will host its 2025 IIF Sustainable Finance Roundtable in Washington, D.C.
Think Tanks and Other Events
· Friday, April 25, 10:00 a.m. – European Central Bank Supervisory Board Chair Claudia Buch will speak at the Brookings Institution on “Safeguarding the Stability of the Global Banking System.”
U.S. Financial Regulatory Week Ahead
The Senate Confirms Atkins as SEC Chair, Fed Governor Bowman Breezes Through Her Supervisory Confirmation Hearing, and Washington Goes Quiet in Advance of Easter
April 14 - 18, 2025
The Masters golf tournament was this weekend (what a thrilling ending!), and Congress has fled Washington for a two-week recess — all the signs that Easter is almost here and spring has truly arrived.
After an action-packed 100 days in session, Congress left town Friday for a two-week Easter recess. They will be back the week of April 28th. Looking at the regulatory agenda and events for the coming week, there is not much happening. Acting Comptroller of the Currency Rodney Hood will be speaking at the Exchequer Club this week and there are several Federal Reserve Governors speaking this week, most notably Fed Chair Jay Powell speaking at the Economic Club of Chicago on Wednesday.
Looking at what happened last week, the Senate confirmed Paul Atkins to be Chairman of the Securities and Exchange Commission. Jonathan Gould, the Comptroller of the Currency nominee, almost got his Senate vote but an elongated vote on the new Chairman of the Joint Chiefs of Staff, Dan “Razin” Caine, bumped Gould’s nomination until the last week of April.
Also last week, Federal Reserve Board Governor Michelle Bowman had her confirmation hearing before the Senate Banking Committee. Despite tough questions from Democrats on her views of regulation overall, Bowman breezed through her hearing, impressing members with her knowledge and confidence. Of note, Bowman told the committee she intends to bring a cost-benefit analysis to new banking rules and that regulators should be aligned in their goals for regulating the financial system.
Meanwhile, DOGE arrived at the Federal Deposit Insurance Corporation to review the agency's budget and efficiency. Reports suggest the FDIC is considering reducing staff by as much as 20%.
Finally, we note that Treasury Secretary Scott Bessent spoke of his intention to bring sweeping changes to bank oversight. He made clear he supports smaller capital requirements and a lighter-touch regulatory approach.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
The Senate is in recess until April 28.
House of Representatives
The House of Representatives is in recess until April 28.
Federal Department/Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Monday, April 14, 1:00 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Economic Outlook with Chris Waller Event, hosted by the Chartered Financial Analyst (CFA) Society of St. Louis, St. Louis, Missouri.
Tuesday, April 15, 7:10 p.m. – Federal Reserve Board Governor Lisa D. Cook gives remarks at the acceptance of the 2025 Distinguished Alumna Award at the Cal Alumni Club of Washington, D.C. Annual Reception, Washington, D.C.
Wednesday, April 16, 1:30 p.m. (Chicago) – Federal Reserve Board Chair Jerome H. Powell gives a speech on the economic outlook at the Economic Club of Chicago, Chicago, Illinois.
Thursday, April 17, 11:45 a.m.—Federal Reserve Board Michael S. Barr will give a speech on Cybersecurity in the Banking System at the Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs 2025 State-of-the-Field Conference on Cyber Risk to Financial Stability, New York, New York.
Friday, April 18, 8:00 a.m. – Federal Reserve Bank of San Francisco President Mary C. Daly will participate in a conversation at the University of California Berkeley Fisher Center for Real Estate & Urban Economics.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
There are no significant events scheduled at this time.
Commodities Futures Trading Commission
There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
Wednesday, April 16, 12:00 p.m. – Acting Comptroller of the Currency Rodney Hood will speak at the Exchequer Club in Washington, D.C.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
Thursday, April 17, 10:00 a.m. – The NCUA Board will meet. The agenda of issues being considered includes a board briefing on the Interagency Rule, Temporary Exceptions to Financial Institution Reform, Recovery, and Enforcement Act Appraisal Requirements in Areas Affected by California Wildfires and Straight-Line Winds. They will also be briefed on the NCUA’s Voluntary Separation Programs.
FINRA
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
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.
Small Business Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
Monday & Tuesday April 14 – 15 – The American Bankers Association and the National Bankers Association hold the MDI Partnership Summit in Washington, D.C.
Tuesday, April 15, 1:00 p.m. – SIFMA will offer a member briefing updating them on policy issues of interest and concern in Washington.
Think Tanks and Other Events
There are no significant events scheduled at this time.
U.S. Financial Regulatory Week Ahead
Bessent Moves to Take Control of Banking Regulation, SEC Chair-Nominee Atkins and Comptroller-Nominee Gould Get Their Confirmation Hearing, and Fed Governor Barr Talks Bank Regulation
As my kids used to say when they were little, “Spring has spronged.” Daffodils are popping up all over Washington, and spring energy is showing up on the Trump regulatory agenda. Numerous reports have leaked out that Treasury Secretary Scott Bessent is drafting recommendations for ways to streamline the Comptroller of the Currency and the Federal Deposit Insurance Corporation – likely pushing to merge the two agencies. There is no word on how the Federal Reserve would factor into these plans, but it sets up a possible fight with Congress on the structure of bank regulation overall..
We would note that Semafor reported on all this last week (and, strangely, there was not much of a reaction to the in-depth report). According to the report, Bessent is going to make the recommendations following the Senate confirmation of Luke Pettit as the Treasury Assistant Secretary for Financial Institutions. Pettit would likely run point on the effort.
Pettit’s Senate Banking Committee confirmation hearing is this Thursday, where he, along with SEC Chair-nominee Paul Atkins and Comptroller of the Currency-nominee Jonathan Gould, will face tough questions from Democrats on the committee. Ranking Committee Democrat Senator Elizabeth Warren (D-MA) is primed to go after Atkins in particular, sending a long letter to him this past week asking numerous questions about his business and his policy views. It should be quite an interesting hearing.
Finally, we were interested to see former Federal Reserve Vice Chair for Supervision Michael Barr – who stepped down from the role two weeks ago and is now “just” a Fed Governor – speaking g on bank regulation policy this coming week at the Banking Institute. Barr clearly is going to keep a strong focus on the issue, and it will be interesting to watch his role evolve as fellow Fed Governor Michelle Bowman gets ready for confirmation hearings to replace him as Vice Chair for Supervision. In some ways, this is just a reversal of roles, as Bowman was a frequent speaker and commentator (and critic) of bank regulatory policy under Barr.
There are several interesting think tank and trade association events this week, along with five separate hearings in the House of Representatives looking at a variety of regulatory issues. Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
· Tuesday, March 25, 10:00 a.m. – The Senate Finance Committee holds a hearing on the nomination of Frank Bisignano as commissioner of the Social Security Administration.
· Thursday, March 27, 10:00 a.m. – The Senate Banking Committee will hold the confirmation hearing for Paul Atkins for Chair of the Securities and Exchange Commission, Jonathan Gould to be Comptroller of the Currency, and Luke Pettit to the Assistant Secretary of the Treasury for Financial Institutions.
House of Representatives
· Tuesday, March 25, 10:00 a.m. – The House Financial Services Committee holds a hearing on "Beyond Silicon Valley: Expanding Access to Capital Across America."
· Tuesday, March 25, 10:00 a.m. – The House Agriculture Committee holds a hearing on "The CFTC (Commodity Futures Trading Commission) at 50: Examining the Past and Future of Commodity Markets."
· Wednesday, March 26, 10:00 a.m. – The House Financial Services Committee’s Financial Institutions Subcommittee holds a hearing on "A New Era for the CFPB (Consumer Financial Protection Bureau): Balancing Power and Reprioritizing Consumer Protections."
· Wednesday, March 26, 10:00 a.m. – The House Small Business Committee holds a hearing on "The Golden Age: Unleashing Main Street Through Deregulation."
· Wednesday, March 26, 2:00 p.m. – The House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing on "Following the Money: Tools and Techniques to Combat Fraud
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Monday, March 24, 3:10 p.m. – Federal Reserve Board Governor Michael S. Barr gives a speech on Small Business Lending at the Advancing Innovation and Fairness in Small Business Finance, Washington, D.C.
· Tuesday, March 25, 8:40 a.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the Economic Landscape and Entrepreneurship at the U.S. Hispanic Chamber of Commerce 2025 Legislative Summit, Washington D.C.
· Friday, March 28, 12:15 p.m. – Federal Reserve Board Governor Michael S. Barr participates in a discussion on banking policy at the 2025 Banking Institute, Charlotte, North Carolina.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, March 24, 9:10 a.m. – Acting SEC Chair Mark Uyeda speaks at the SIFMA C&L 2025 Annual Seminar in Austin, Texas.
· Thursday, March 27, 9:00 a.m. – The Securities and Exchange Commission holds a discussion on "Artificial Intelligence in the Financial Industry." Acting SEC Chairman Mark Uyeda, SEC Commissioner Hester Peirce, and SEC Commissioner Caroline Crenshaw will participate.
· Thursday, March 27, 2:00 p.m. – The SEC holds a Closed Meeting.
Commodities Futures Trading Commission
· Monday, March 24, 1:40 p.m. – CFTC Commissioner Kristin N. Johnson will deliver a keynote address at the SIFMA C&L 2025 Annual Seminar Women’s Luncheon in Austin, Texas.
· Wednesday, March 26, 12:00 p.m. (GMT) – CFTC Commissioner Christy Goldsmith Romero will participate in a policy roundtable convened by the International Swaps and Derivatives Association in London.
· Wednesday, March 26, 9:50 a.m. – CFTC Commissioner Summer K. Mersinger will participate in the Crypto, Derivatives, and the Road Ahead: A Conversation with the CFTC and NFA panel at the Digital Chamber’s DC Blockchain Summit in Washington, D.C.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· Monday, March 24, 3:40 p.m. – Acting Comptroller of the Currency Rodney E. Hood will discuss financial inclusion at the Homeownership and Housing Policy Conference hosted by the National Association of Hispanic Real Estate Professionals 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.
FINRA
· There are no significant events scheduled at this time.
Federal Housing Finance Agency
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· 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.
Small Business Administration
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· March 23 -26 – SIFMA holds its C&L 2025 Annual Seminar is being held in Austin, Texas.
· The Digital Chamber’s Blockchain Summit will be held in Washington, D.C. Senate Banking Committee Chair Tim Scott (R-SC) and House Financial Services Committee Chair French Hill (R-AK) will speak.
Think Tanks and Other Events
· Tuesday, March 25, 1:00 p.m. – The Urban Institute holds a discussion on "Improving Household Financial Security and Upward Mobility: Insights for Effective Policy and Practice."
Recommended Reads
Trump’s ‘Strategic Bitcoin Reserve’ Makes No Sense The CATO Institute
Bitcoin, the pioneer free-market digital asset, which was originally supposed to function beyond governments’ reach, is now being boosted by at least one of the governments it was supposed to defy: ours. When bitcoin was invented in 2008, its anonymous (but certainly libertarian) inventors hoped it would rival official currencies, especially the US dollar. Instead of being regulated by governments, the quantity of bitcoin would be controlled by a decentralized and tamper-proof computer program, or “protocol,” set to have it gradually approach a limit of 21 million coins. By guaranteeing bitcoins’ scarcity, the protocol would make them an attractive alternative to monies that governments can print to their hearts’ content, which tend to depreciate for that reason.
U.S. Financial Regulatory Week Ahead
Bessent’s Regulatory Pillar, Senate Banking Wants to Re-Write Bank Reputational Risk Guidance, the FDIC Revamps Merger Guidelines, and Trump Says He Will Name a New Fed Vice Chair for Supervision
Major changes to the financial regulatory world continue apace in Washington, and two events this past week stood out. First, Treasury Secretary Scott Bessent gave his first major speech laying out his “Three Pillars of the American First Economic Agenda.” Speaking at the New York Economic Club, Bessent said the first pillar would be overhauling financial oversight, making the case that “regulatory overreach of the past few years in pursuit of political agendas has missed material risk, stymied growth, and squashed innovation.
The Federal Deposit Insurance Corporation (FDIC) was the second significant change as the FDIC’s board of directors voted to roll back the Biden Administration’s proposed bank merger guidelines. It was the first major financial deregulatory move of the Trump Administration. The FDIC also withdrew from pending regulations on brokered deposits, corporate governance, and asset manager’s ownership stakes in banks.
In Congress, Republicans on the Senate Banking Committee (all 13 of them) signed on to legislation offered by Banking Committee Chair Tim Scott (R-SC) aimed at forcing federal banking regulators from using reputational risk as a component of supervision. The point of the legislation, called the Financial Integrity and Regulation Management Act (FIRM Act), is to combat debanking. The legislation was hailed by state bank regulators and the crypto industry, which has accused the FDIC and other bank regulators of discouraging banks from offering crypto services. You can read a summary of the bill HERE.
Crypto had a big week last week with President Trump signing an Executive Order creating a Strategic Bitcoin Reserve. The President followed this up with a first-of-its-kind White House Crypto Summit, bringing together crypto industry leaders.
This came as the House Financial Services Committee (HFSC) voted to overturn a Consumer Financial Protection Bureau (CFPB) rule subjecting nonbanks with digital payment platforms to greater scrutiny.
The HFSC also voted to overturn CFPB rules restricting overdraft fees, something banks have strongly lobbied in favor of repealing. Both overturned CFPB rules are likely to be passed by the full House but passage in the Senate is far from assured.
While all this was going on, Senate Banking Committee Chair Scott and House Financial Services Committee Chair French Hill (R-AK) sent President Trump a letter urging the President to move quickly in naming a new Federal Reserve Vice Chair for Supervision. Late Sunday, President Trump said he plans to make an announcement naming a new Vice Chair “fairly soon.”
We would also note — as we get many questions from clients — that we still do not know when SEC Chair-nominee Paul Atkins and Comptroller of the Currency-nominee Jonathan Gould will have their Senate confirmation hearings. The answer is we do not know as nothing has yet been scheduled, although we have heard rumors they may happen in the next two weeks.
Looking at the week ahead, the HFSC is holding a hearing on digital payments and the federal framework for payment stablecoins while the Senate Banking Committee is holding a hearing on affordable housing. There will also be a raft of SEC and CFTC speeches this week as the futures industry holds its big annual conference in Boca Raton, Florida.
And the Brookings Institution is holding an interesting event looking at how the State of New York regulates the financial sector. Below is the full list of major events we are keeping our eyes on this week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, March 11, 2:30 p.m. – The Senate Agriculture Committee holds a hearing entitled “Perspectives from the Field: Risk Management, Credit, and Rural Business Views on the Agricultural Economy Part 3”
Wednesday, March 12, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Housing Roadblocks: paving a New Way to Address Affordability.”
House of Representatives
Tuesday, March 11, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
There are no public events scheduled for Fed Governors this week. They are in their Blackout Period in advance of the March 19th Federal Open Markets Committee meeting.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Monday, March 10, 1:30 p.m. – Acting SEC Chair Mark Uyeda will deliver remarks at the Institute of International Bankers 2025 Annual Washington Conference in Washington, DC.
· Tuesday, March 11, 4:35 p.m. – SEC Commissioner Hester Peirce and CFTC Commissioner Summer K. Mersinger will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York
Thursday, March 13, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
Tuesday, March 11, 9:50 a.m. – CFTC Commissioner Kristin N. Johnson will speak on a panel titled “The Changing Face of Clearing” at FIA Boca50 in Boca Raton, Florida.
Tuesday, March 11, 11:10 a.m. – CFTC Acting Chairman Caroline D. Pham will deliver a keynote address at the International Futures Industry Conference, FIA BOCA50 in Boca Raton, Florida.
Tuesday, March 11, 11:25 a.m. – CFTC Commissioner Christy Goldsmith Romero will speak on an international regulator panel at the International Futures Industry Conference 2025 in Boca Raton, Florida.
Tuesday, March 11, 4:35 p.m. – CFTC Commissioner Summer K. Mersinger and SEC Commissioner Hester M. Peirce will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York.
Federal Deposit Insurance Corporation
Monday, March 10, 10:00 a.m. – Acting FDIC Chair Travis Hill will speak at the Institute for International Bankers 2025 Washington Conference.
Office of the Comptroller of the Currency
Monday, March 10, 2:00 p.m. – Acting Comptroller of the Currency Rodney Hood speaks on bank supervision at the Institute for International Bankers 2025 Annual Washington Conference.
The Consumer Financial Protection Bureau
There are no significant events scheduled at this time.
National Credit Union Administration
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
Thursday, March 13, 10:00 a.m. – The FCA Board meets.
Farm Credit Insurance Corporation
Wednesday, March 12, 10:00 a.m. – The FCIA Board meets. The agenda includes payment from Allocated Insurance Reserve Accounts, a policy statement concerning contracting, the Report on Biennial Liquidity Assistance Exercise, the Annual Report on Contracts, and the Annual Report on Whistleblower Activity.
Small Business Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations Events
Trade Associations
March 9 – 12 – the Futures Industry Association holds their Boca50 Conference in Boca Raton, Florida.
March 10 – 11 – The Institute for International Bankers holds its 2025 Annual Washington Conference.
March 11 – The Alternative Investment Management Association (AIMA) holds its Global & Regulatory Forum 2025 in New York.
Think Tanks and Other Events
Tuesday, March 11, 11:00 a.m. – The Brookings Institution will hold a hybrid event entitled “How New York is regulating financial services.” New York Superintendent of Financial Services Adriene Harris will participate in a fireside chat.
Thursday, March 13, 9:00 a.m. – The Peterson Institute for International Economics holds a webcast entitled “The role of capital markets in emerging-market growth.”
Recommended Reads
Large Bank Capital: There is More to Inflation Than the Price of Goods and Services Financial Services Forum
The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market Federal Reserve Bank of Boston
U.S. Financial Regulatory Week Ahead
The Regulatory Confirmation Process Begins, the End of OCC/FDIC Merger Talk, Barr’s Regulatory Swan Song Speech DOGE Continues Its Review As Federal Workers Have to Respond to Musk Email
February 24 - 28, 2025
The new class of federal regulatory nominees begins the confirmation process this week as Jonathan McKernan, the nominee to run the Consumer Financial Protection Bureau (CFPB), and Bill Pulte, the nominee to run the Federal Housing Finance Agency, stand before the Senate Banking Committee. It is not clear yet when SEC Chair nominee Paul Atkins, CFTC Chair nominee Brian Quintenz, or Comptroller of the Currency (OCC) nominee Jonathan Gould will get his confirmation hearing, but rumor is that they will take place in the coming three weeks.
Also, on Capitol Hill this week, there are several hearings of note happening. The House Financial Services Committee will be holding two hearings, one entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.” The second hearing will take a broad review of finance and China.
Among regulators, Federal Reserve Board Vice Chair for Supervision Michael Barr will be giving his final speech as Vice Chair. He will be at the Yale School of Management and speaking on financial stability.
Meanwhile, after several months of speculation about a possible effort to merge the OCC and the FDIC was put to rest this past week. The OCC this past week denied plans to put the two agencies together (something the Heritage Foundation’s Project 2025 had urged). The response was issued after reports of the OCC planning to receive transferred or fired FDIC workers coming over the agency.
Meanwhile, the Elon Musk DOGE effort continues apace with regulators as well as larger departments (particularly the Department of Defense) coming under intensified scrutiny (there were reports late last week that Defense could see tens of thousands of civilian employees let go). While all this is going on, an email was sent to all federal employees from DOGE demanding federal workers describe by Monday what they do and justify their work. A number of federal agencies, in response to the email, told workers to ignore the email, leaving many workers confused as to what would happen if they indeed ignored the email.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
· Wednesday, February 26, 2:30 p.m. – The Senate Banking Committee will hold a hearing entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”
· Wednesday, February 26, 10:30 a.m. – The Senate Agriculture Committee will hold a hearing entitled “Perspectives from the Field: Farmer and Rancher Views on the Agricultural Economy, Part 2”
· Thursday, February 27, 10:00 a.m. – The Senate Banking Committee will hold confirmation hearings for Stephen Miran to be Chair of the Council of Economic Advisors, Jeffrey Kessler to be Undersecretary of Commerce for Industry and Security, and Jonathan McKernan to be Director of the Bureau of Consumer and Financial Protection.
House of Representatives
· Tuesday, February 25, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Examining Policies to Counter China.” You can read the background Committee memo to members HERE. The committee will also consider seventeen separate bills focused on issues ranging from money laundering to SEC regulations for te World Bank to the African Development Fund.
· Tuesday, February 25, 10:00 a.m. – The Trade Subcommittee of the House Ways & Means Committee will hold a hearing entitled “American Trade Enforcement Priorities”
· Wednesday, February 26, 10:00 a.m. – The Capital Markets Subcommittee of the House Financial Services Committee will hold a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.”
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday, February 25, 11:45 a.m. – Federal Reserve Board Vice Chair for Supervision Michael S. Barr will give a speech on Financial Stability followed by Q&A at the Yale School of Management in New Haven, Connecticut.
· Thursday, February 27, 11:45 a.m. – Federal Reserve Board Governor Michelle W. Bowman will give a speech on community banking at the Fort Hays State University Robbins Banking Institute Lecture Series, Hays, Kansas.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, February 24, 8:45 a.m. – The Florida Bar’s Federal Securities Institute and M&A Conference will be held in Tampa, Florida. Acting SEC Chair Mark Uyeda will speak.
· Tuesday, February 25, 10:00 a.m. – The SEC’s Small Business and Capital Formation Advisory Committee will meet. They will hear from two speakers – Ashok Kamal, Executive Director, NuFund Venture Group, and Sara Zulkosky, Co-Founder & Managing Partner, Recast Capital, on “Exploring Ways to Support and Facilitate Capital Formation for Emerging Fund Managers.” The Committee will hold a second session entitled “Understanding the Challenges Faced by Small Public Companies Not Listed on a National Securities Exchange.”
· Wednesday, February 26, 10:00 a.m. – The SEC will hold an Open Meeting to consider the “Final Rule Extending Compliance Dates and Order Granting Temporary Exemptive Relief for Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule with Respect to U.S. Treasury Securities.”
· Thursday, February 27, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, February 25, 11:40 a.m. (Germany) – CFTC Acting Chair Caroline D. Pham will participate in a fireside chat at the Sixth Joint Conference on CCP Risk Management 2025 in Frankfurt, Germany.
· Wednesday, February 26, 10:20 a.m. (Germany) – Acting Chairman Caroline D. Pham will be featured on a fireside chat titled, “Transatlantic Trends – The U.S. Election and Its Impact on Europe” at the Derivatives Forum Frankfurt 2025.
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, February 27, 10:00 a.m. – The National Credit Union Administration will hold a board meeting. The agenda includes Board Briefing, Share Insurance Fund Quarterly Report and the NCUA Board Vice Chairman Designation.
FINRA
· There are no significant events scheduled at this time.
Federal Housing Finance Agency
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· 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.
Small Business Administration
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Monday – Wednesday, February 24 -26 -- The American Bankers Association holds its Wealth Management and Trust Conference in San Diego, California.
Think Tanks and Other Events
· Tuesday, February 25, 7:15 a.m. – The Economic Club of Washington, D.C. holds a discussion with Bank of America CEO Brian Moynihan on "the current state of the economy, markets, the health of the U.S. consumer, and the global economic outlook for 2025."
· Tuesday & Wednesday, February 25 & 16 – The American Conference Institute, the Canadian Institute, and C5 hold a forum on "Global Export Controls” in Arlington, Virginia. John Sonderman, director of the Commerce Department Bureau of Industry and Security's Office of Export Enforcement and Paul Ahern, chief counselor for enforcement at the Treasury Department's Office of Terrorism and Financial Intelligence, will be keynote speakers.
· Wednesday, February 26, 9:00 a.m. – The Peterson Institute for International Economics will hold a virtual event entitled “The Trump Administration’s policies and global financial risk.”
Thursday, February 27, 11:00 a.m. – The Bipartisan Policy Institute is holding a hybrid event entitled “Searching for Solutions: Property Insurance and Housing Affordability.”
U.S. Financial Regulatory Week Ahead
The OCC Gets An Acting Comptroller, The CFPB Is Ordered to Stop Doing Whatever It’s Doing, Congress Starts Moving on Crypto Legislation, And Treasury Gets a New Assistant Secretaries for Financial Markets and Financial Institutions
February 10 - 14, 2025
While President Trump has yet to nominate anyone to any major financial regulatory post other than the Securities and Exchange Commission (SEC) (Paul Atkins as Chair), he has overseen the installation of a number of acting heads. The latest is Rodney Hood as the Acting Comptroller of the Currency.
Hood, who served as Chair of the National Credit Union Administration during President Trump's first term and remained as Vice Chair during most of the Biden Administration, has a strong pedigree in banking, having held senior positions at Bank of America, Wells Fargo, and J.P. Morgan Chase.
What is interesting is that this is only an acting role. Hood reportedly does not want to be made full-time and will only serve until President Trump selects someone else. Hood joins the "Acting Club" with Caroline Pham as the Acting Chair of the Commodities Futures Trading Commission, Travis Hill as Acting Chair of the Federal Deposit Insurance Corporation, Mark Uyeda as Acting Chair of the SEC (until Atkins is confirmed), and Russel Voight (the newly confirmed Director of the Office of Management and Budget) as the Acting Director of the Consumer Financial Protection Bureau (CFPB).
The CFPB is the hot topic of the week here in Washington, especially since Voight took over the Acting role from Treasury Secretary Scott Bessent. Voight has ordered agency employees not to come into work or perform any work tasks – including moving on any ongoing litigation. Moreover, Voight has instructed the Federal Reserve – which funds the CFPB out of its budget – not to send any more money as it is not "reasonably necessary to carry out its duties." What is clear is the Trump Administration wants to do away with the CFPB – to the loud cheering of virtually every financial institution regulated by the agency – and, if they cannot outright shut it down, then starve it to death financially.
The National Treasury Employees Union, which represents CFPB employees, has sued Voight, asking a judge to halt his orders and block Elon Musk's DOGE staffers from accessing internal CFPB communications systems. If you go to the CFPB's website, you get the always ominous "404: Page Not Found" message (see screenshot below).
Over at Treasury this past week, there were two particularly important nominations for the financial services sector. Jason Trennert, the founder and Chair of Strategas Research Partners, was nominated to the role of Treasury Assistant Secretary for Financial Markets, and Luke Pettit, an aide to Senator Hagerty and previously at Bridgewater Associates and, before that, the Federal Reserve, was nominated to be Treasury Assistant Secretary for Financial Institutions.
Meanwhile, on Capitol Hill, the Senate Banking Committee and House Financial Services Committee continue rapidly accelerating their legislative strategies for the year. House Financial Services Chair French Hill (R-Ark.) and his top deputy on cryptocurrency policy unveiled a draft bill last week to create a stablecoins regulatory structure. The legislation closely mirrors legislation offered in the Senate by Senator Bill Hagerty (R-TN) and co-sponsored by Senate Banking Committee Chair Tim Scott (R-SC) and a number of other members.
There is not much happening at the regulatory agencies this coming week. The big events are Federal Reserve Board Chair Jay Powell's semi-annual testimony before Congress on the State of the Economy and Governor Christopher Waller's interesting and timely speech in San Francisco on Stablecoins.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
Tuesday, February 11, 10:00 a.m. – The Senate Banking, Housing and Urban Affairs Committee holds a hearing on "The Semiannual Monetary Policy Report to the Congress." Federal Reserve Board Chair Jerome Powell will testify.
House of Representatives
Tuesday, February 11, 10:00 a.m. – The House Agriculture Committee holds a hearing entitled “Examining the Economic Crisis in Farm Country.”
Tuesday, February 11, 10:00 a.m. – The House Judiciary Administrative State, Regulatory Reform, and Antitrust Subcommittee holds a hearing on "Reining in the Administrative State: Regulatory and Administrative Law Reform."
Tuesday, February 11, 2:30 p.m. – The House Financial Services Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee holds a hearing on "A Golden Age of Digital Assets: Charting a Path Forward."
Wednesday, February 12, 10:00 a.m. – The House Financial Services Committee holds a hearing on "The Federal Reserve's Semi-Annual Monetary Policy Report." Federal Reserve Board Chair Jerome Powell will testify.
Wednesday, February 12, 10:00 a.m. – The House Small Business Committee holds a hearing on "Driving Economic Growth: SBA Lending Programs and the Vital Role of Community Banks."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
Tuesday, February 11, 3:30 p.m. – Federal Reserve Board Governor Michelle W. Bowman gives a speech on Bank Regulation at the 2025 Iowa Bankers Association Bank Management and Policy Conference.
Wednesday, February 12, 5:05 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on stablecoins at the A Very Stable Conference: Stablecoin Infrastructure for Real World Applications, San Francisco, California.
U.S. Treasury Department
There are no significant events scheduled at this time.
Department of Commerce
There are no significant events scheduled at this time.
Department of Housing and Urban Development
There are no significant events scheduled at this time.
Securities and Exchange Commission
Thursday, February 13, 2:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
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
Tuesday, February 11, 1:00 p.m. – Consumer Financial Protection Bureau holds a virtual meeting of the Consumer Advisory Board to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority (NOTE: This meeting is likely to be cancelled).
Wednesday, February 12, 1:00 p.m. – The Consumer Financial Protection Bureau holds a virtual meeting of the Combined Community Bank Advisory Council and Credit Union Advisory Council to discuss broad policy matters related to the Bureau's Unified Regulatory Agenda and general scope of authority (NOTE: This meeting is likely to be canceled).
National Credit Union Administration
There are no significant events scheduled at this time.
FINRA
There are no significant events scheduled at this time.
Federal Housing Finance Agency
There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
There are no significant events scheduled at this time.
Farm Credit Administration
Thursday, February 13, 10:00 a.m. – The FCA Board of Directors holds a meeting to consider a regulatory burden final notice.
Farm Credit Insurance Corporation
Wednesday, February 12, 10:00 a.m. – the FCSIC Board of Director will hold a meeting. The agenda includes review and setting of insurance premium accrual rates (Open); Policy statement concerning contracting (Open); Report on biennial liquidity assistance exercise (Closed); Annual report on Contracts (Closed); and Annual report on whistleblower activity (Closed)
Small Business Administration
There are no significant events scheduled at this time.
International Monetary Fund & World Bank
There are no significant events scheduled at this time.
North American Securities Administrators Association
There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
Tuesday, February 11, 9:00 a.m. – 5:00 p.m. – The Institute for International Bankers holds its 2025 U.S. Regulatory & Compliance Orientation Conference in New York.
Think Tanks and Other Events
Monday – Tuesday, February 10 – 11 – Compliance Week holds its “Cyber Risk & Data Privacy Summit” in Washington, D.C.
Monday – Tuesday, February 10 – 11 – The Washington International Trade Association holds its 2025 Washington International Trade Conference. Senate Banking, Housing, and Urban Affairs Chairman Tim Scott (R-S.C.) delivers a luncheon keynote address on Monday.
Tuesday, February 11, 3:00 p.m. – the Federalist Society will hold a virtual discussion entitled Cryptocurrency after the Election.”
Thursday, February 13, 9:00 a.m. – PunchBowl News hosts "The Summit: Tax Policy," discussing tax policy in the new administration.
Thursday, February 13, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual event entitled “Is “Twin Peaks’ the Future of Financial Supervision?”
Thursday, February 13, 9:45 a.m. – The Brookings Institution holds a conference entitled “The Outlook for Retirement Security in a New Congress.”
Thursday, February 13, 11:00 a.m. – The Urban Institute holds a virtual discussion, beginning at 11 a.m., on "Recapitalizing the GSEs (government-sponsored enterprises) through Administrative Action: Impact on Mortgage Rates and the MBS (mortgage-backed security) Market."
U.S. Regulatory Week Ahead
The New Trump Presidency Begins, A Week Without (for the most part) Any Regulatory Heads, Senate Banking Committee Agenda Unveiled, and A New Joint Subcommittee on Crypto
It is a historic day today as President Donald Trump is sworn in as the 47th president at Noon. An extraordinary political comeback will be capped, and with it will come a Republican House and Senate with an aggressive agenda on financial regulatory issues, taxes, and trade.
We would note, as many of you already have figured out, that for the most part, all the major financial regulatory heads have stepped down or are about to step down in advance of President Trump being sworn into office: Federal Reserve Vice Chair for Supervision Michael Barr, SEC Chair Gary Gensler, FDIC Chair Martin Gruenberg, OCC Acting Head Michael Hsu, and CFTC Chair Rostin Benham. By our count, the only financial regulatory trying to stick around is Consumer Financial Protection Bureau Director Rohit Chopra (and we do not think that will last long once President Trump takes office – we will see).
So, it will be a very quiet week regulatory-wise this coming week. As a matter of fact, regulatory quiet will last for a number of weeks (even months) ahead as President-elect Trump has yet to nominate any regulators aside from SEC Chair-designate Paul Atkins. We are surprised as Trump was moving faster than any newly elected president in putting forth nominations for cabinet and subcabinet officials. For reasons we are not entirely clear on, the nomination machine has slowed considerably in recent weeks – and knowing how slowly the Senate can and likely will move on confirmations of nominations, it could be months before we see new regulatory heads in place.
Meanwhile, the new Chair of the Senate Banking Committee, Senator Tim Scott (R-SC), released his Priorities for the 119th Congress. You can read them HERE. Additionally, Scott is apparently in talks with House Financial Services Committee Chair French Hill (R-AK) about forming some sort of joint working subcommittee on crypto. We would think that could be an exciting accelerant to setting up at least a basic regulatory framework for crypto, helping boost the sector among investors.
Below is what else we are watching in the Washington financial regulatory world this coming week:
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Wednesday, January 22, 10:00 a.m. – The House Financial Services Committee holds its 119th congressional organizational meeting.
· Wednesday, January 22, 10:00 a.m. – The House Ways and Means Committee holds a hearing on "Matters Within the Committee's Tax Jurisdiction."
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time. And there are no Governor speeches scheduled as the Fed is in its regular “blackout period” in advance of the January 29 Federal Open Market Committee meeting.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· Monday, January 20, 6:05 p.m. Switzerland) – CFTC Commissioner Kristin N. Johnson will participate in a fireside chat with the CEO of the Global Blockchain Business Council (GBBC), Sandra Ro, at GBBC Blockchain Central 2025 in Davos, Switzerland on innovation, artificial intelligence, and emerging developments in financial markets.
· Tuesday, January 21, 11:35 a.m. Switzerland) – CFTC Commissioner Christy Goldsmith Romero will provide remarks virtually at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos 2025.
· Friday, January 24, 12:15 p.m. Central Time – CFTC Commissioner Kristin N. Johnson will deliver a keynote address followed by a Q&A moderated by Professor William Birdthistle at the University of Chicago Law School. The conversation will explore the issues confronting federal financial regulators at this moment of transition from one presidential administration to another, including artificial intelligence, advances in technology and other notable developments in financial markets.
Federal Deposit Insurance Corporation
· There are no significant events scheduled at this time.
Office of the Comptroller of the Currency
· There are no significant events scheduled at this time.
The Consumer Financial Protection Bureau
· There are no significant events scheduled at this time.
National Credit Union Administration
· There are no significant events scheduled at this time.
FINRA
· There are no significant events scheduled at this time.
Federal Housing Finance Agency
· There are no significant events scheduled at this time.
Federal Trade Commission & Department of Justice Antitrust Division
· 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.
Small Business Administration
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Tuesday, January 21, 11:00 a.m. – SIFMA will hold a virtual “State of the Industry” briefing for members.
· Friday, January 24, 12:30 p.m. – The National Association of Realtors (NAR) will hold a policy forum on Friday, January 24, in Washington, DC, entitled "A Nation of Homeowners: How Tax Reform Can Boost the American Dream" in Washington, D.C.
Think Tanks and Other Events
· There are no significant events scheduled at this time.
U.S. Financial Regulatory Week Ahead
Congress Certifies Election Results, Fed Vice Chair Barr Steps Down, The Federal Government Is Closed Thursday for the National Day of Mourning for former President Carter
January 6 - 10, 2025
We regret the late arrival of this week's Reg Week Ahead. Technical issues prevented us from publishing on our normal schedule. We have updated it to incorporate Fed Vice Chair Michael Barr's resignation announcement today.
Washington (kind of) roars back to life this week with the new Congress sworn in and President-elect Trump continuing his record pace of nominations. We said "kind of" because Washington got hit Monday with the biggest snowstorm we have seen in years, closing all schools and the federal government. Nonetheless, Congress is gathering to certify the presidential election results.
Also, the week will be truncated with the funeral of former President Jimmy Carter. He will lie in state in the Capitol Rotunda until his funeral at 10:00 a.m. at the Washington National Cathedral. All living presidents have been invited, and President Biden will give a eulogy.
Looking at the regulatory week ahead, the big news of the day is Federal Reserve Vice Chair Michael Barr's announcement this morning that he will step down from the Vice Chair role but stay on (for now) as a Fed Governor. Speculation has already begun regarding who will replace Barr, primarily focused on current Fed Vice Chair Michelle Bowman and former FDIC Chair Jelena McWilliams.
Also, this week, we have officially entered the retrospective phase of the Biden Administration's regulatory world, and the Brookings Institution seems to be the place to go to do that – particularly this Wednesday. At 11 a.m. CFTC Chair Rostin Behnam will deliver remarks and participate in a fireside chat, "Commodity derivatives regulation: Where do we go from here?". Then, at 2:00 p.m., FTC Chair Lina Kahn sits for a fireside chat on the future of the FTC (and perhaps her plans – is she staying or going?).
We also expect President-elect Trump to make several regulatory nominations this week. So far, he has only nominated Paul Atkins for SEC Chair. We are also expecting him to fill out the nominations for the top jobs at Treasury under Treasury Secretary-nominee Scott Bessent.
Below is a listing of other events we are monitoring this week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
There are no hearings of significance scheduled this week.
House of Representatives
There are no hearings of significance scheduled this week.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Saturday, January 4, 5:30 p.m. – Federal Governor Adriana D. Kugler gives a speech on monetary policy at the 2025 Allied Social Science Associations Annual Meeting, San Francisco, California.
· Sunday, January 5, 1:15 p.m. – San Francisco Federal Reserve Bank President Mary Daly will give a speech and participate on a panel discussing the Ben Bernanke’s contributions to economics at the 2025 Allied Social Science Associations Annual Meeting in San Francisco, California.
· Monday, January 6, 9:15 a.m. – Federal Reserve Board Governor Lisa Cook gives a speech entitled “Economic Outlook and Financial Stability” at the Seventh Conference on Law and Macroeconomics being held in Ann Arbor, Michigan.
· Thursday, January 9 – The Federal Government (and Federal Reserve) will be closed due to the national day of mourning for the death of former President Jimmy Carter.
· Thursday, January 9 – Federal Reserve Board Governor Michelle Bowman will give a speech entitled “Reflections on 2024: Monetary Policy, Economic Performance, and Lessons for Banking Regulation” at te California Bankers Association 2025 Bank Presidents Seminar.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Wednesday, January 8, 3:00 p.m. – The SEC will hold a Closed Meeting.
· Friday, January 10, 10:00 a.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Wednesday, January 8, 11:00 a.m. – CFTC Chairman Rostin Behnam will deliver remarks and participate in a fireside chat, “Commodity derivatives regulation: Where do we go from here?” at the Brookings Institution.
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
· 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
· Wednesday, January 8, 2:00 p.m. – FTC Chair Lina Kahn will participate in a fireside chat at the Brookings Institution.
Farm Credit Administration Wagner Labor Initiative in New York.
· Wednesday, January 8, 10:00 a.m. – The Farm Credit Administration will hold a board meeting. The agenda includes an update on Farm Credit System Funding Conditions.
Farm Credit Insurance Corporation
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· There are no significant events scheduled at this time.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· There are no significant events scheduled at this time.
Think Tanks and Other Events
· Thursday, January 9, 9:00 a.m. – The Peterson Institute for International Economics will hold an event entitled “Should we care about who owns audit firms?”
· Thursday, January 9, 12:00 p.m. – The Economic Club of Washington, D.C. holds a discussion with Bank of America CEO Brian Moynihan.
Please let us know if you have any questions or would like to be added to our email distribution list.
U.S. Regulatory Week Ahead
The Wall Street Journal Calls for Fed Vice Chair Barr to be Removed, The FDIC Inspector General’s Scathing Report About Harassment Under Chair Gruenberg’s Watch, And Washington Goes Totally Quiet
December 23 - 27, 2024
There is nothing going on next week in Washington – Merry Christmas and Happy Hanukkah!
As we write this, Congress is finally passing a stop-gap spending package to keep the government running for another three months. And with that, the 118th Congress comes to an end.
Enjoy the peace – it’s going to get very busy in January as the Trump Presidency begins and a whole new team of regulators with a vastly different agenda than the current team.
Quickly looking at what happened this past week, there were a couple of important events. First, we would note the Wall Street Journal’s editorial calling for Federal Reserve Board Vice Chair for Supervision Michael Barr to be removed by President Trump “for cause” – the only way a Fed Chair or Fed Governor can be fired by a President. The editorial listed a litany of Barr’s “sorry record”, and suggested Trump could name Fed Governor Michelle Bowman as Barr’s replacement. The piece is hard-hitting, and we believe it suggests Barr – who was appointed by President Biden and has said publicly he intends to stay in the job – is going to face a particularly grueling future oversight by the Republican-led Senate Banking Committee and Republican-led House Financial Services Committee.
But Barr was not the only regulator to take a beating last week. Once again, the Federal Deposit Insurance Corporation (FDIC) leadership came under withering criticism with the release of a new report from the FDIC’s Inspector General showing that more than a third of employees surveyed reported experiencing or witnessing workplace harassment. "These conditions occurred because FDIC leadership does not consistently implement the agency's policies and stated core values, specifically, fairness, accountability, and integrity," the watchdog agency said in the report. FDIC Chair Marty Gruenberg had no comment on the report and continues to refuse to resign despite presiding over such a toxic workplace. Instead, he intends to leave on January 19, the day President Trump is inaugurated (and thereby avoid being fired by Trump).
And finally, Delaware’s banking regulator signed off on the $35 billion Capitol One acquisition of Discover. While the deal has to be approved by federal regulators, it was the first major positive sign the deal may ultimately be approved.
We hope you have a joyful Christmas and a Happy Hanukkah!
U.S. Congressional Hearings
U.S. Senate
· The Senate has completed its work in the 118th Congress. The new Congress – the 119th Congress – will be sworn into office on January 3, 2025.
House of Representatives
· The House has completed its work in the 118th Congress. The new Congress – the 119th Congress – will be sworn into office on January 3, 2025.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· There are no significant events scheduled at this time.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· There are no significant events scheduled at this time.
Commodities Futures Trading Commission
· 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.
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
· 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 would like to be added to our email distribution list.
U.S. Financial Regulatory Week Ahead
Washington’s Regulatory World Continues to Get Quieter and Quieter; Elon Musk Wants to “Delete” The CFPB
December 2 - 6, 2024
There really is not much going on in the regulatory world this coming week. Some Fed Governor speeches, a couple of fireside chats with SEC Chair Gary Gensler, and a House Financial Services Committee hearing on the future of technology and the future of finance sum it all up.
Last week (on Friday, when we were all recovering from our Thanksgiving feasts), there was an unannounced Financial Stability Oversight Council (FSOC) meeting at the Treasury Department. Why they held it on an otherwise sleepy Thanksgiving Friday is anyone’s guess. According to the post-meeting press release, “the preliminary agenda for the executive session includes an update on the Council’s Hedge Fund Working Group; a presentation on the life insurance sector; and an update on the Council’s Nonbank Mortgage Servicing Task Force. The preliminary agenda for the open session includes the Council’s 2024 annual report.”
Elsewhere, President-elect Trump’s friend and confidant, Elon Musk – who is co-chairing the President’s so-called “Department of Government Efficiency” (DOGE) tweeted out, “Delete the CFPB [Consumer Finance Protection Bureau] There are too many duplicative regulatory agencies.” We will see how that turns out when Musk and his co-chair, Vivek Ramaswamy, get rolling on DOGE. And we are sure Congress (starting with Senator Elizabeth Warren (D-MA), who almost single-handedly created the agency) will have much to say – pro and con – if the duo includes eliminating the CFPB.
Finally, we would note—as we noted last week—that the Great Washington Parlor Game of Who Gets What Presidential Nomination continues apace. Just before Thanksgiving, there were numerous reports that President-elect Trump was on the verge of nominating former Securities and Exchange Commissioner Paul Atkins as the next Chair of the SEC. We expect a number of financial regulatory nominations will be made in the coming week.
Below is all we see happening in the coming week. Please let us know if you have any questions.
see happening in the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
· There are no significant events scheduled at this time.
House of Representatives
· Wednesday, December 4, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Innovation Revolution: How Technology is Shaping the Future of Finance.
Federal Department & Regulatory Agency Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Monday, December 2, 3:15 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the American Institute for Economic Research (AIER) Monetary Conference, Washington, D.C.
· Tuesday, December 3, 12:35 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech on the labor market and monetary policy at a Detroit Economic Club Event with Governor Adriana Kugler, Detroit, Michigan.
· Wednesday, December 4, 1:45 p.m. – Federal Reserve Board Chair Jerome H. Powell participated in a moderated discussion at the New York Times DealBook Summit, New York, N.Y.
· Friday, December 6, 9:15 a.m. – Federal Reserve Board Governor Michelle Bowman delivers remarks at the Missouri Bankers Association Executive Management Conference (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.
Department of Housing and Urban Development
· There are no significant events scheduled at this time.
Small Business Administration
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Tuesday, December 3, 3:00 p.m. – SEC Chair Gary Gensler will participate in a fireside chat at the 2024 Healthy Markets Association Conference in Washington, D.C.
· Thursday, December 5, 10:00 a.m. – SEC Chair Gary Gensler will give remarks followed by a brief moderated Q&A session at the American Bar Association’s Federal Regulation of Securities Winter Meeting in Washington D.C.
· Thursday, December 5, 2:00 a.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Tuesday, December 3, 4:00 a.m. EST – CFTC Commissioner Kristin N. Johnson will participate in a fire-side chat “U.S. Regulatory Outlook for Digital Assets: Navigating Post Policy Elections” at the 2024 DigiAssets Connect in Geneva, Switzerland.
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
· 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 Wagner Labor Initiative in New York.
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
· December 5 – 6 – The American Bar Association holds its Federal Regulation of Securities Winter Meeting in Washington, D.C.
Think Tanks and Other Events
· Wednesday, December 4, 10:00 a.m. – The American Enterprise Institute for Public Policy Research holds a virtual discussion on "Farming and the Federal Budget: Will Farmers Face a New Age of Austerity?"
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