The U.S. Financial Regulatory Week Ahead
It’s World Bank/IMF Week in Washington, There Are Not One But Two Big Fintech Conferences This Week, And Pressure on FDIC Chair Gruenberg To Explain Himself Grows
October 21 - 25, 2024
Washington will be a very busy place this week as finance ministers and central bank chiefs from around the world converge for the annual World Bank/IMF meetings. While burgeoning global debt will be a major focus of the meetings, issues surrounding the stability of the financial markets will be a central theme (We would note it will also be a significant theme of the BRICS Leaders’ Summit in Russia this week, as Russian President Vladimir Putin and other BRICS leaders seek to build an alternative financial system).
Also, this week, not one but two big Fintech Conferences will be held, one in Washington and one in Philadelphia. The one in Washington – the Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference – will see speeches by a number of regulators, including Acting Comptroller of the Currency Michael Hsu, CFTC Chairman Rostin Behnam, and CFPB Director Rohit Chopra.
Also this week, Bloomberg is holding its Global Regulatory Forum in New York, where SEC Chair Gary Gensler will speak. He will also speak at SIFMA’s Annual Meeting in New York.
Quickly looking at what happened last week, we would note that while Congress remains out of session until after the November elections, there still was some notable action. House Financial Services Chair Patrick McHenry on Wednesday slammed FDIC Chair Martin Gruenberg for “continued obstruction” of the panel’s investigation into the agency's workplace culture, calling on the bank regulator to schedule a transcribed interview by the end of the day. Gruenberg continues to refuse to cooperate or explain himself.
McHenry – who is retiring from Congress at the end of this session – also sent a letter to the General Accountability Office (GAO) asking for an investigation into the Treasury Department's management of small business ownership data, which it collects under a law intended to fight money laundering.
Also of note, Treasury Secretary Janet Yellen said she believes a bipartisan stablecoin bill currently being negotiated in the House “comes close” to the administration’s goals for regulating digital assets. While we believe there is virtually no chance of the bill being passed by the end of this year, we believe it will be revived early in the new Congress next year.
Below is a listing of all the other significant regulatory-related events this coming week:
U.S. Congressional Hearings
U.S. Senate
· The Senate is in a Pro Forma session and not returning to work until after the election. No work and no hearings are scheduled. They will return to work on November 12.
House of Representatives
· The House is out of session until after the November elections. No business or hearings are scheduled. They will return to work on November 12.
US Regulatory Meetings & Events
Federal Reserve Board and Federal Reserve Banks
· Tuesday & Wednesday, October 22 – 23 – The Federal Reserve Bank of Philadelphia will hold its 8th Annual Fintech Conference in Philadelphia. Among the speakers will be Federal Reserve Board Governor Michelle Bowman, Philadelphia Federal Reserve Bank President Patrick Harker, and a large number of industry leaders.
· Wednesday, October 23, 9:00 a.m. – Federal Reserve Board Governor Michelle W. Bowman gives opening remarks at the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania.
U.S. Treasury Department
· There are no significant events scheduled at this time.
Department of Commerce
· There are no significant events scheduled at this time.
Securities and Exchange Commission
· Monday, October 21, 10:25 a.m. – SEC Chair Gary Gensler will deliver remarks and participate in a one-on-one conversation with SIFMA President and CEO Kenneth Bentsen at the SIFMA Annual Meeting in New York.
· Tuesday, October 22, 11:00 a.m. – SEC Chair Gary Gensler will speak at the Bloomberg Global Regulatory Forum in New York. A livestream of his remarks will be available. See the conference agenda here.
· Thursday, October 24, 1:00 p.m. – The SEC will hold a Closed Meeting.
Commodities Futures Trading Commission
· Monday, October 21, 2:00 p.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat at SIFMA’s Annual Meeting in New York.
· Tuesday, October 22, 2:05 p.m. – CFTC Chairman Rostin Behnam will give a keynote address at the Bloomberg Global Regulatory Forum in New York.
· Wednesday, October 23, 9:05 a.m. – CFTC Chairman Rostin Behnam will participate in a fireside chat with Congressman Ro Khanna at DC FinTech Week in Washington, D.C.
FINRA
· There are no significant events scheduled at this time.
Federal Deposit Insurance Corporation
· Tuesday, October 22 – Federal Deposit Insurance Corporation Vice Chair Travis Hill will speak at the DC Fintech Week Conference in Washington, D.C.
Office of the Comptroller of the Currency
· Tuesday, October 22, 9:00 a.m. – Acting Comptroller of the Currency Michael J. Hsu will discuss the future of banking with Hyun Song Shin, Economic Adviser and Head of Research at the Bank for International Settlements, during DC Fintech Week in Washington, D.C.
The Consumer Financial Protection Bureau
· Wednesday, October 23 -- Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks at the DC Fintech Week Conference in Washington, D.C.
National Credit Union Administration
· Thursday, October 24, 10:00 a.m. – The NCUA holds a Board Meeting. The agenda will cover an update on cybersecurity and a briefing on New Charter and Field of Memberships.
Federal Trade Commission & Department of Justice Antitrust Division
· There are no significant events scheduled at this time.
Farm Credit Administration
· There are no significant events scheduled at this time.
International Monetary Fund & World Bank
· Friday, October 21 - 26 – The International Monetary Fund and the World Bank Group officially kick off their 2024 Fall Meeting.
North American Securities Administrators Association
· There are no significant events scheduled at this time.
Trade Associations & Think Tank Events
Trade Associations
· Monday, October 21 – SIFMA holds its annual meeting in New York.
· Monday – Friday, October 22 – 25 – The Institute for International Finance Annual Membership meeting takes place in Washington, D.C.
· Tuesday, October 22 – The Institute for International Bankers holds its annual 2024 Anti-Money Laundering Conference in New York.
· Thursday, October 24, 10:00 a.m. – The Bipartisan Policy Center holds a discussion on "Scaling Local Innovations for Achieving Housing Affordability."
Think Tanks and Other Events
· Monday, October 21, 9:00 a.m. – 4:30 p.m. – The Peterson Institute for International Economics holds a conference on "Geopolitics and International Trade and Finance: Knowns and Unknowns."
· Monday, October 21 - The Urban-Brookings Tax Policy Center holds a virtual forum, beginning at 1 p.m., on "Tax Policy, the 2024 Election, and a Look Ahead to 2025."
· Tuesday, October 22 – Day One of The Georgetown University Law Center's Institute of International Economic Law holds its eighth annual Fintech Week Conference begins. Among the speakers today will be Acting Comptroller of the Currency Michael Hsu, Representative French Hill, (R-Ark.), National Security Council Special Adviser for Cybersecurity and Critical Infrastructure Policy Carole House participates in a discussion on "The Geopolitics of Artificial Intelligence," and Federal Deposit Insurance Corporation Vice Chair Travis Hill.
· Tuesday, October 22, 4:00 p.m. – The Brookings Institution will hold an event entitled “Climate, development, and international financial institutions: Perspectives from the Global South.”
· Wednesday, October 23 – Day Two of The Georgetown University Law Center's Institute of International Economic Law Fintech Week Conference. Rep. Ro Khanna, (D-Calif.) and Commodity Futures Trading Commission Chairman Rostin Behnam deliver remarks. Also, New York Department of Financial Services Superintendent Adrienne Harris and Consumer Financial Protection Bureau Director Rohit Chopra delivers remarks.
· Wednesday, October 23 – The Association of Certified Sanctions Specialists holds its sixth annual conference on "Global Sanctions and Export Controls” in Washington, D.C. Among the speakers will be Matthew Axelrod, assistant secretary for export enforcement at the Commerce Department's Bureau of Industry and Security, Scott Anderson, national coordinator for the Commerce Department Bureau of Industry and Security's Disruptive Technology Strike Force, and Molly Braese, chief of staff to the assistant Commerce secretary for export enforcement at the Bureau of Industry and Security.
· Wednesday, October 23, 9:00 a.m. – The Center for Global Development holds a discussion on "Bretton Woods at 80: Priorities for the Next Decade."
· Wednesday, October 24, 9:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 9 a.m., on "Geneva Report Launch: Much Money, Little Capital, and Few Reforms: The 2023 Banking Turmoil."
· Wednesday, October 24, 11:00 a.m. – The Peterson Institute for International Economics holds a virtual discussion, beginning at 11 a.m., on "Monetary Policy Transmission Across the Euro Area."
· Wednesday, October 24, 1:00 p.m. – The Peterson Institute for International Economics holds a virtual discussion on "Monetary Policy During Periods of Economic Volatility." Adrian Orr, Governor of the Bank of New Zealand, will speak,.
Please let us know if you have any questions or would like to be added to our email distribution list.