U.S. Financial Regulatory Week Ahead
January 28 - February 2, 2024
It is going to be another busy week next week in the financial regulatory space in Washington, D.C., coming off a week shortened by snow and cold (it is now 75 degrees outside as I write this note – it was 7 degrees five days ago), the most important event in the coming week is likely to be Acting Comptroller of the Currency Michael Hsu's speech at the University of Michigan on Monday where he will discuss banker merger policy.
Bank merger policy has been a hot topic among bank regulators for months, notably since the Department of Justice's Assistant Attorney General for Antitrust Jonathan Kanter effectively announced the Antitrust Division would subsequently engage in bank merger reviews. Usually, the Antitrust Division would go along with whatever the Federal Reserve decided, but no more. And with the Antitrust Division's decision to engage effectively brings the Federal Trade Commission (FTC) into the process, too (and one of the main reasons we include activities at the Antitrust Division and FTC in our weekly Financial Regulatory Week Ahead).
Also of note this coming week, the Senate Banking Committee will hold two important hearings, one on fraud in the banking system and the other examining the role of artificial intelligence and housing.
Over on the House side, The House Financial Services Financial Institutions and Monetary Policy Subcommittee will hold a hearing entitled "Rules Without Analysis: Federal Banking Proposals Under the Biden Administration." This will likely be another blast at the Fed's proposed bank capital rules.
Finally, Treasury Secretary Janet Yellen will testify before the House Financial Services Committee and the Senate Banking Committee in two weeks (February 6 & 8) to present the Financial Stability Oversight Council's annual report to Congress. You can expect some fireworks at both hearings as some members are likely to press Yellen hard on bank merger policy (making OCC Director Hsu's comments this week particularly timely), the Consumer Financial Protection Bureau's just announced proposed rule on junk fees on bank accounts (which is already getting hit with hard criticism from the banking sector), and the proposed capital rules we just alluded to above.
Below is a listing of all the issues and events U.S. regulators are engaged in this week, along with relevant think tank and trade association events. Please let us know if you have any questions.
U.S. Congressional Hearings
U.S. Senate
January 31, 10:00 a.m. – The Senate Budget Committee holds a hearing on "A Blueprint for Prosperity: Expanding Housing Affordability."
January 31, 10:00 a.m. – The Senate Banking, Housing and Urban Affairs Housing, Transportation, and Community Development Subcommittee hold a hearing on "Artificial Intelligence and Housing: Exploring Promise and Peril.”
February 1, 10:00 a.m. – The Senate Banking Committee holds a hearing on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers”
House of Representatives
January 30, 10:00 a.m. – The House Financial Services National Security, Illicit Finance, and International Financial Institutions Subcommittee holds a hearing on "Better Investment Barriers: Strengthening CCP (Chinese Communist Party) Sanctions and Exploring Alternatives to Bureaucratic Regimes."
January 30, 10:30 a.m. – The House Energy and Commerce Oversight and Investigations Subcommittee holds a hearing on "Fighting the Misuse of Biden's Green Bank Giveaway."
January 31, 10:00 a.m. – The House Budget Committee holds a hearing on "Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office."
January 31, 10:00 a.m. – The House Financial Services Financial Institutions and Monetary Policy Subcommittee holds a hearing on "Rules Without Analysis: Federal Banking Proposals Under the Biden Administration."
January 31, 11:00 a.m. – The House Select Strategic Competition Between the United States and the Chinese Communist Party Committee holds a hearing on "The CCP Cyber Threat to the American Homeland and National Security."
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
January 30 & 31: The Federal Reserve’s Open Market Committee meets to discuss the economy and interest rates. Fed Chair Jay Powell will hold a press conference on January 31 following the conclusion of the meetings at 2:30 p.m.
U.S. Treasury Department
January 30, 9:00 a.m. – The Treasury Department holds a closed meeting of the Debt Management Advisory Committee for discussions and debates of the issues presented to the committee by the Secretary of the Treasury and the making of recommendations of the Committee to the Secretary.
February 1, 2:00 p.m. – The Treasury Department holds a meeting of the Advisory Committee on Risk-Sharing Mechanisms to address topics related to the role of nongovernmental mechanisms in supporting the terrorism risk insurance market.
Office of the Comptroller of the Currency
January 29, 11:00 a.m. – Acting Comptroller of the Currency Michael Hsu will give a speech on bank consolidation and merger policy at the University of Michigan in Ann Arbor, Michigan.
Securities and Exchange Commission
January 31, 10:00 a.m. – The SEC holds an Open Meeting to consider new regulations around the definition of “As a Part of a Regular Business” in the Definition of Dealer and Government Securities Dealer in Connection with Certain Liquidity Providers.
February 1, 2:00 a.m. – The SEC will hold a closed meeting.
Commodities Futures Trading Commission
January 28 - Commissioner Kristin N. Johnson will participate in the Commodity Market Council’s Board of Directors and Executives Meeting at the 2024 State of the Industry Conference and Annual Meeting in Fort Lauderdale, Florida.
January 28, 7:00 p.m. – CFTC Chairman Rostin Behnam will give a keynote speech at the CMC State of the Industry 2024 Annual Meeting in Fort Lauderdale, Florida.
January 29: CFTC Commissioner Christy Goldsmith Romero will address the Commodity Market Council’s Board of Directors and Executives at the 2024 State of the Industry Conference and Annual Meeting in Fort Lauderdale, Florida.
February 1, 9:10 a.m. – CFTC Commissioner Christy Goldsmith Romero will participate in a fireside chat at the Digital Assets at Duke conference at Duke University’s Pratt School of Engineering and the Duke Financial Economics Center, Durham, North Carolina.
Federal Deposit Insurance Corporation
No significant events are scheduled or have been announced at this time.
The Consumer Financial Protection Bureau
No significant events are scheduled or have been announced at this time.
National Credit Union Administration
No significant events are scheduled or have been announced at this time.
Federal Trade Commission & Department of Justice Antitrust Division
February 2, 8:30 – 9:00 a.m. – FTC Commissioner Alvaro Bedoya gives a keynote speech at the 13th Annual Law Leaders Global Global Conference in Miami, Florida. Also speaking at the event will be Michael Kades, Deputy Assistant Attorney General for the Antitrust Division, U.S. Department of Justice, and Sarah Cardell, Chief Executive of the UK’s Competition and Markets Authority.
Farm Credit Administration
No significant events are scheduled or have been announced at this time.
Trade Associations & Think Tank Events
Trade Association Events
January 29 – February 1: The Managed Funds Association holds their MFA Network Miami 2024 Conference in Miami, Florida.
January 31, 8:00 a.m. – The Institute for International Finance holds an online event, “IIF Talking Policy with John Schindler, Secretary General, Financial Stability Board.”
February 1: SIFMA hosts a conference entitled “FINRA’s 2024 Priorities” in New York.
Think Tank Events
January 29, 1:00 p.m. – The American Enterprise Institute for Public Policy Research holds a discussion on "U.S. International Trade Policy and the Agricultural Sector in 2024 and Beyond."
January 30, 3:00 p.m. – The Atlantic Council holds a virtual discussion, beginning at 3 p.m., on "The Future of U.S.-EU Economic Ties." US Commerce Secretary Gina Raimondo and European Commission Executive Vice President Margrethe Vestager discuss the future of trade and technology in Washington, DC.
February 2, 9:00 – 2:00 p.m. – The Brookings Institution cohosts with the Boston University School of Law Review of Banking and Financial Law 2024 Symposium: The Politics of Financial Regulation in Boston, Massachusetts.
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