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.

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