U.S. Regulatory Week Ahead
October 23 - 27, 2023
It is going to be a busy week for U.S. financial services regulators. The Federal Reserve Board meets twice this week to consider two rulemakings: one to consider changes to the Community Reinvestment Act and the second to consider changes to the debt interchange fee. The biggest news to emerge from the Federal Reserve (and Federal Deposit Insurance Corporation) came late last week when they announced they are extending the comment period on the large bank capital proposal to January 2024. The proposal has run into a growing storm of opposition from banks and several Fed Governors in an unusual twist.
Also, this week, several Congressional hearings in the House and Senate will focus on terrorism financing and how to better choke off funding to Hamas and other terror organizations.
These hearings occur as U.S. Treasury Undersecretary for Terrorism Finance and Financial Intelligence Brian Nelson travels to Riyadh, Saudi Arabia, and Doha, Qatar, for meetings to further cut off financial assistance to Hamas. While in Saudi Arabia, Nelson will co-chair a meeting of the Executive Committee of the Terrorist Financing Targeting Center (TFTC), a multilateral body created to strengthen cooperation among seven countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, and the United States - to disrupt terrorist financing networks.
We are also looking to a Wednesday morning event hosted by Capitol Account (which we think is hands-down the best publication covering financial services policy) and the Bank Policy Institute discussing the “Basel endgame” and the growing battle over capital requirements. Speakers include Acting Speaker of the House and House Financial Services Chairman Patrick McHenry (which we are sure will mean we will hear as much about the state of chaos in the House of Representatives as capital requirement policy debates) and Gibson, Dunn & Crutcher Partner (and former Labor Secretary) Eugene Scalia. This should be an exciting event.
Below is the full regulatory calendar as we see it for the coming week. Please let us know if you have any questions.
U.S. Congressional Hearings
House of Representatives
October 24, 10:00 a.m. – the House Financial Services Subcommittee on Capital Markets holds a hearing entitled, "Examining the SEC's Agenda: Unintended Consequences for U.S. Capital Markets and Investors."
October 24, 10:00 a.m.– the House Financial Services Subcommittee on Financial Institutions and Monetary Policy holds a hearing entitled, "The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation"
October 24, 10:00 a.m. – the House Financial Services Subcommittee on Housing and Insurance holds a hearing entitled, "The Factors Influencing the High Cost of Insurance for Consumers."
October 25, 8:30 a.m. – Capitol Account (which we think is the best publication out there covering financial services policy) and the Bank Policy Institute hold an event on the regulator’s Basel endgame proposal. Speakers include Acting Speaker of the House and House Financial Services Chairman Patrick McHenry, and Gibson, Dunn & Crutcher Partner Eugene Scalia.
October 25, 10:00 a.m. – The House Financial Services Digital Assets, Financial Technology and Inclusion Subcommittee holds a hearing on "Modernizing Financial Services Through Innovation and Competition."
October 25, 2:00 p.m. – The House Financial Services National Security, Illicit Finance, and International Financial Institutions Subcommittee holds a hearing on "How America and Its Allies Can Stop Hamas, Hezbollah, and Iran from Evading Sanctions and Financing Terror."
October 26, 9:30 a.m. – The House Financial Services Subcommittee on Oversight and Investigations holds a hearing entitled “Moving the Money: Understanding the Iranian Regime’s Access to Money Around the World and How They Use it to Support Terrorism.”
U.S. Senate
October 24, 3:00 p.m. – The Senate Judiciary Competition Policy, Antitrust, and Consumer Rights Subcommittee holds a hearing on "Examining Competition and Consumer Rights in Housing Markets."
October 26, 10:00 a.m. – The Senate Banking Committee will hold a hearing on “Combating the Networks of Illicit Finance and Terrorism.”
US Regulatory Meetings & Events
Federal Reserve Board
October 23, 9:30 a.m. – The Federal Reserve will meet to hold a vote on changes to Community Reinvestment Act regulations.
October 25, 10:00 a.m. – The Federal Reserve will hold a press conference on Proposed revisions to the Board's debit interchange fee cap.
October 25, 4:35 p.m. – Fed Chair Jerome H. Powell gives Introductory Remarks at the 2023 Moynihan Lecture in Social Science and Public Policy, Washington, D.C.
October 26, 9:00 a.m. – Federal Reserve Governor Christopher Waller gives introductory remarks at the Economics of Payments XII Conference in Washington, D.C.
October 27, 9:00 a.m. – Vice Chair for Supervision Michael S. Barr gives introductory remarks at the Economics of Payments XII Conference, Washington, D.C.
U.S. Treasury Department
October 23 – 26: U.S. Treasury Undersecretary for Terrorism Finance and Financial Intelligence Brian Nelson will travel to Riyadh, Saudi Arabia, and Doha, Qatar, for meetings seeking to further cut off financial assistance to Hamas. While in n Saudi Arabia, Under Secretary Nelson will co-chair a meeting of the Executive Committee of the Terrorist Financing Targeting Center (TFTC), a multilateral body created to strengthen cooperation among seven countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, and the United States - to disrupt terrorist financing networks.
Securities and Exchange Commission
October 26, 9:15 a.m. – SEC Chair Gary Gensler will speak at a U.S. Chamber of Commerce Center for Capital Markets Competitiveness. The topic of the event is Climate Disclosure Developments: The SEC, California, and EU Extraterritoriality."
October 26, 2:00 p.m. – The SEC holds a closed meeting.
Commodities Futures Trading Commission
October 23, 6:00 p.m. – CFTC Commissioner Kristin N. Johnson will join Kevin Werbach, Chairperson and Professor of Legal Studies & Business Ethics at Wharton Business School, for a discussion on regulating digital assets and decentralized finance celebrating the 100-year anniversary of the Academy of Legal Studies in Business.
October 24, 9:45 a.m. – CFTC Commissioner Christy Goldsmith Romero will participate on a government panel, "AI Opportunities and Implications for Economic Institutions," at the AWS Gov2Gov Summit on Responsible AI Innovation for the Public Sector being held at the Planet Word Museum in Washington, D.C.
October 25, 2:00 p.m. – CFTC Commissioner Caroline D. Pham will speak on a panel at the Center for Strategic and International Studies (CSIS) event, Analyzing the Role of Blockchain Technology in Strengthening Democratic Institutions in Washington, D.C.
October 26, 9:00 a.m. – 6:00 p.m. (Madrid, Spain) – CFTC Chairman Rostin Behnam will participate in the Financial Stability Engagement Group discussion at the IOSCO board meeting in Madrid, Spain.
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
October 23, 2:30 p.m. PT – OCC Acting Comptroller Michael Hsu will participate in a discussion on banking, cryptocurrency, and financial inclusion with Tracy Alloway, host of the Odd Lots podcast, at Money 20/20 in Las Vegas.
Consumer Financial Protection Bureau
No events are scheduled for next week.
National Credit Union Administration
No events are scheduled for next week.
Federal Trade Commission & Department of Justice Antitrust Division
October 24, 1:00 p.m. – FTC Chair Lina Kahn will give opening remarks at the American Veterinary Medical Association Virtual Veterinary Business and Economic Forum.
Farm Credit Administration
No events are scheduled for next week.
Trade Associations & Think Tank Events
Think Tanks
October 25, 9:00 – 10:00 a.m. – The Peterson Institute for International Economics will hold a discussion on “What works and what doesn't in the EU bank resolution framework” in Washington, D.C. EU Single Resolution Board Chair Dominique Laboureix will speak.
October 25, 1:00 p.m. – The Bipartisan Policy Institute hosts Federal Housing Finance Authority Director Sandra Thompson. She will speak on the status and future of the housing finance system.
Trade Associations
October 26, 9:15 a.m. – The U.S. Chamber of Commerce Center for Capital Markets Competitiveness holds a discussion on "Climate Disclosure Developments: The SEC, California, and EU Extraterritoriality." SEC Chair Gary Gensler will speak.
October 26, 2:00 p.m. – The Bipartisan Policy Center holds a virtual discussion, beginning at 2 p.m., on "Lending and Credit Risk in the Digital Age: Navigating Policy Challenges."
Please let us know if you have any questions or would like to be added to our email distribution list.