U.S. Financial Regulatory Week Ahead
November 13 - 17, 2023
Bank regulators will testify before the House and Senate on Tuesday and Wednesday next week. Watch for fireworks around the Federal Reserve’s new capital requirement proposal and recent modifications to the Community Reinvestment Act regulations as members of Congress are likely to ramp up sharp criticism of both efforts.
Feeding into this line of attack will be the speech Federal Reserve Board Governor Michelle Bowman gave last week rather harshly criticizing the capital standards as unnecessary and suggesting other regulatory efforts by the Fed (read: Vice Chair for Supervision Michael Barr) are outside the scope of the Federal Reserve’s legal mandate.
Also, this coming week, Fed Vice Chair Barr and FDIC Chair Marty Gruenberg will speak virtually on a panel hosted by the EU-based Systemic Risk Council entitled “Banking sector turbulences; Lessons Learnt for Supervision and Regulation.” This is one of the first times the two regulators responsible for the Silicon Valley Bank crisis and other recent bank closings will speak together about what worked – and what did not.
Speaking of the FDIC, they will meet this week to formally approve a new assessment on banks as part of recent regulatory efforts post-Silicon Valley Bank.
Finally, we will watch the New York Federal Reserve’s 2023 U.S. Treasury Market Conference in New York. Speakers will include U.S. Federal Reserve Board Vice Chair for Supervision Michael Barr, CFTC Chair Rostin Behnam, U.S. Treasury Undersecretary for Domestic Finance Nellie Liang, New York Federal Reserve Bank President & CEO John Williams, and several senior regulatory officials.
Below is the full regulatory calendar for the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
House of Representatives
November 14, 10:00 a.m. – The House Financial Services Committee holds a markup of H.R. 5921 (118), the "No U.S. Financing for Iran Act of 2023"; H.R. 5923 (118), the "Iran-China Energy Sanctions Act of 2023"; H.R. 6245 (118), the "Holding Iranian Leaders Accountable Act"; the "Iran Counterterrorism Act of 2023"; the "End Financing to Hamas and State Sponsors of Terrorism Act"; H.R. 5945 (118), the "Freezing-Halting Any More Alleviation of Sanction Act"; H.R. 6000 (118), the "Revoke Iranian Funding Act of 2023"; H.R. 6015 (118), the "Iran Sanctions Accountability Act of 2023"; the "Armed Conflict Migration Act of 2023"; the "Office of Foreign Assets Control Licensure for Investigators Act"; and the "Stopping Illicit Oil Shipments Act of 2023."
November 15, 2:00 p.m. – The House Financial Services Digital Assets, Financial Technology and Inclusion Subcommittee holds a hearing on "Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets."
U.S. Senate
November 14, 10:00 a.m. – The Senate Banking Committee will hold a hearing with top banking regulators and other financial regulators. The witnesses will include Federal Reserve Board Vice Chair for Supervision Michael Barr, Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, acting Comptroller of the Currency (OCC) Michael Hsu, and National Credit Union Administration (NCUA) Chair Todd Harper.
US Regulatory Meetings & Events
Joint Regulatory Agency Event
November 16: The New York Federal Reserve Bank will host the 2023 U.S. Treasury Market Conference. Speakers will include U.S. Federal Reserve Board Vice Chair for Supervision Michael Barr, CFTC Chair Rostin Behnam, U.S. Treasury Undersecretary for Domestic Finance Nellie Liang, New York Federal Reserve Bank President & CEO John Williams, and a number of senior regulatory officials.
Federal Reserve Board
November 13, 8:50 a.m. – US Federal Reserve Board Governor Lisa Cook will give introductory remarks at the Federal Reserve Board 5th Conference on Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics in Washington, D.C.
November 14, 10:00 a.m. – US Federal Reserve Board Chair Michael Barr will testify before the Senate Banking Committee at a hearing entitled “Hearing on Oversight of the Financial Regulators.” Also testifying with Barr will be Martin Gruenberg, Chair, Federal Deposit Insurance Corporation; Todd Harper, Chair, National Credit Union Administration; and Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency.
November 14: U.S. Federal Reserve Board Vice Chair for Supervision Michael Barr will speak on a panel at the 7th Annual Conference on Systemic Risk (virtual) on a panel entitled “Banking sector turbulences; Lessons Learnt for supervision and regulation” at the 7th Annual Conference on Systemic Risk (virtual). Joining him on the panel will be Pablo Hernández de Cos, Governor of Banco de España, Chair of the ESRB Advisory Technical Committee and Chair of the Basel Committee on Banking Supervision (who will chair the panel), Martin Gruenberg, Chair of the FDIC, Stephen Cecchetti, Chair of the ESRB Advisory Scientific Committee, Professor and Rosen Family Chair in International Finance, Brandeis International Business School, Mathias Dewatripont, Professor, Université libre de Bruxelles, Andrea Enria, Chair of the Supervisory Board, European Central Bank Banking Supervision.
November 16, 10:30 a.m. – U.S. Federal Reserve Board Governor Christopher J. Waller gives a speech on ‘Central Bank Digital Currency” at the 2nd Conference on the Economics of Central Bank Digital Currency by the Bank of Canada and Sveriges Riksbank, Stockholm, Sweden.
November 16, 9:25. a.m.: New York Federal Reserve Bank President John Williams to speak before the in 2023 U.S. Treasury Markets Conference co-hosted by the Federal Reserve Bank of New York.
November 16, 7:00 a.m. – U.S. Federal Reserve Board Governor Lisa Cook speaks on “Global Linkages and Spillovers” at Federal Reserve Bank of San Francisco Asia Economic Policy Conference – Global Linkages in a Post-Pandemic World, San Francisco, California
November 17 (Frankfurt, Germany): San Francisco Federal Reserve Bank President Mary Daly to give closing keynote before the 33rd Frankfurt European Banking Congress.
U.S. Treasury Department
No significant policy events are scheduled.
Securities and Exchange Commission
No significant policy events are scheduled.
Commodities Futures Trading Commission
November 13: The CFTC Energy and Environmental Markets Advisory Committee will meet in Washington, D.C.
November 13, 12:05 p.m. – CFTC Commissioner Kristin N. Johnson will deliver a keynote address at the Federal Reserve Bank of Atlanta, Atlanta Economics Club (a monthly lunch series) in Atlanta, Georgia.
November 14 – 16: The CFTC will host a Career Forum for College, University, and Law School Students and Recent Graduates in Washington,. D.C.
November 15: CFTC Chair Rostin Behnam will participate in a fireside chat at the Financial Markets Quality Conference 2023 hosted by the Psaros Center at Georgetown University’s McDonough School of Business in Washington, D.C.
November 15, 3:15 p.m. – CFTC Commissioner Christy Goldsmith Romero will participate in a Regulatory and Policy Roundtable at the Financial Markets Quality Conference at Georgetown’s Psaros Center for Financial Markets and Policy in Washington, D.C.
November 16, 10:00 a.m. – CFTC Commissioner Christy Goldsmith Romero will deliver a keynote address at the Consumer Federation of America’s Financial Services Conference in Washington, D.C.
November 16, 1:20 p.m. (Singapore Time) – CFTC Commissioner Caroline D. Pham will speak on a panel titled “Are investors backing the digital assets ecosystem? A policy and investor dialogue” at the Singapore Fintech Festival.
Federal Deposit Insurance Corporation
November 16, 10: 00 a.m. – The FDIC Board of Directors he Federal Deposit Insurance Corporation’s Board of Directors will meet to consider the following matters:
Memorandum and resolution re: Final Rule on Special Assessment Pursuant to Systemic Risk Determination.
Briefing on the Restoration Plan Semiannual Update.
November 16, 1:10 p.m. Frankfurt, Germany Time: FDIC Chair Martin Gruenberg will speak (virtually) on a panel entitled “Banking sector turbulences; Lessons Learnt for supervision and regulation” at the 7th Annual Conference on Systemic Risk (virtual). Joining him on the panel will be Pablo Hernández de Cos, Governor of Banco de España, Chair of the ESRB Advisory Technical Committee and Chair of the Basel Committee on Banking Supervision (who will chair the panel), Michael Barr, Vice-Chair for Supervision, Board of Governors of the Federal Reserve System, Stephen Cecchetti, Chair of the ESRB Advisory Scientific Committee, Professor and Rosen Family Chair in International Finance, Brandeis International Business School, Mathias Dewatripont, Professor, Université libre de Bruxelles
Andrea Enria, Chair of the Supervisory Board, European Central Bank Banking Supervision
Office of the Comptroller of the Currency
No significant policy events are scheduled.
The Consumer Financial Protection Bureau
November 14, 1:00 p.m. – Consumer Financial Protection Bureau holds a meeting by teleconference of the Consumer Advisory Board to discuss broad policy matters related to the bureau's unified regulatory agenda and general scope of authority
November 15, 1:00 p.m. – Consumer Financial Protection Bureau holds a meeting by teleconference of the Community Bank Advisory Council to discuss broad policy matters related to the bureau's unified regulatory agenda and general scope of authority.
November 16, 1:00 p.m. – The Consumer Financial Protection Bureau holds a meeting by teleconference of the Credit Union Advisory Council to discuss broad policy matters related to the bureau's unified regulatory agenda and general scope of authority.
National Credit Union Administration
No significant policy events are scheduled.
Federal Trade Commission & Department of Justice Antitrust Division
No significant policy events are scheduled.
Farm Credit Administration
No significant policy events are scheduled.
Trade Associations & Think Tank Events
Trade Associations
November 14-16: ISDA holds their “Voluntary Carbon Markets Forum: Building Trust in the Voluntary Carbon Markets” in London.
November 14: The Investment Company Institute holds their annual Closed-End Fund Conference in New York.
November 16, 2:00 p.m. – The Bipartisan Policy Center hosts a speech by Stefano Scarpetta, Director for Employment, Labour and Social Affairs at the Organization for Economic Co-operation and Development (OECD) on the topic “AI and the Workforce: An International Economic Outlook.” The event will be virtual and in person.
Think Tanks
Nothing significant to report.
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