U.S. Financial Regulatory Week Ahead

The Fed Holds a Conference on Large Bank Capital Standards, Congress Passes the First-Ever Crypto Reg Bill and Tees Up More Legislation, And Will the SEC and CFTC Merge?

July 21 - 25, 2025

Washington is currently experiencing the hottest July in recorded history, peppered by what seems like almost daily massive thunderstorms. But neither beating sun nor driving rain is slowing down the financial regulatory world in the nation’s capital.  A lot is going on.

First, Congress has just passed, and President Trump signed into law, the first-ever major legislative cryptocurrency law, creating new rules for stablecoins.  It is a major victory for the crypto industry.  Additionally, the House passed on Thursday by a 294-1345 margin much broader crypto legislation, which would create a brand-new market structure for crypto.

This comes as news broke President Trump is preparing to sign an executive order soon allowing the $9 trillion US retirement market to invest in crypto as well as gold and private equity.  This would include 401(k) plans as well as pensions.

Congress was busy this past week on a number of other fronts of interest and concern to the markets.  We would first note first that the Chairman of the House Select Committee on China, Representative John Moolenaar (R-MI) and the Chair of the Senate Special Committee on Aging, Senator Rick Scott (R-FL) sent letters to the Securities and Exchange Commission (SEC0 and the head of the Public Accounting Oversight Board (PCAOB) demanding an urgent briefing on the risks posed to US investors by Chinese companies listed on US stock exchanges.  Their letter revives a debate in Congress to force the delisting of Chinese companies (which we would point out have a combined market capitalization of $1.1 trillion).  Our view is, barring a major, unseen negative turn in US-China relations, the delisting effort will peter out eventually.  But it is a serious pressure point and worth watching.

Meanwhile, Securities and Exchange Commission (SEC) Chair Paul Atkins made headlines on Thursday when he signaled his support for merging the SEC with the Commodities Futures Trading Commission (CFTC).  This is not a new idea – indeed, we remember 30+ years ago a raging debate over merging the two, which did not go well.  But these are different times as the Trump Administration is driving massive structural and budgetary changes to the federal government.   

Atkins also this past week pushed out the head of the Public Accounting Oversight Board (PCAOB), Erica Williams (who had been put there by the Biden Administration).  The move had long been expected and is seen as part of a likely consolidation of the PCAOB into the SEC in the near future.

Finally, Federal Reserve Board Chair Jay Powell continued to weather considerable criticism for the $1.5 billion renovation of the Fed’s headquarters.  In fact, Rep. Anna Paulina Luna (R-FL) said Thursday in a post on X that she is “criminally referring” Federal Reserve Chair Jerome Powell to the Justice Department to “investigate perjury” regarding the $2.5 billion renovation project. We do not think this will be taken up by Justice, but it shows how ugly the issue has become.  But something a relief valve may have emerged on Friday when the Associated Press reported the most expensive renovations were actually initially pushed for by three Trump appointees on the Commission of Fine Arts which advises the federal government on architecture. 

Looking at the week ahead, the Senate Agriculture Committee announced they will (finally) vote on the confirmation of CFTC Chair-nominee Brian Quintenz on Monday.  Quintenz then has then get a full confirmation vote by the full Senate.   Looking at the Senate calendar – which includes the Senate being out of session for all of August – this suggests to us Quintenz probably will not get that final confirmation vote until late September or sometime in October.  The Senate wheels move slowly, and the most precious commodity in the world may actually be finding time on the Senate floor schedule to get anything done.

And the big event of the week will be at the Federal Reserve, which is holding its “Integrated Review of the Capital Framework for Large Banks Conference.”   Fed Chair Powell and Vice Chair for Supervision Michelle Bowman will both speak.  The conference is a prelude to forthcoming major changes to bank capital standards, something big banks have been pushing hard for in recent years.

Below are the meetings and events happening this week in Washington of note:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, July 22, 9:45 a.m. – The Senate Finance Committee holds a markup to vote on the nominations of Joseph Barloon to be a deputy U.S. Trade Representative in the Geneva Office, and Brian Morrissey Jr., to be general counsel for the Treasury Department.

·       Tuesday, July 22, 10:15 a.m. – The Senate Finance Committee holds a hearing on the nominations of Jonathan McKernan to be a Treasury undersecretary for Domestic Finance.

·       Wednesday, July 23, 3:00 p.m. – The Senate Agriculture Committee will vote on the confirmation of CFTC Chair nominee Brian Quintenz as well as several nominees for the Department of Agriculture.

House of Representatives

·       Tuesday, July 22, 10:00 a.m. and Wednesday, July 23, 10:00 a.m. – The House Financial Services Committee will hold a hearing to markup various measures (17 measures in total).

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, July 22, 8:30 a.m. – The Federal Reserve Board of Governors holds it "Integrated Review of the Capital Framework for Large Banks Conference."   Federal Reserve Board Chairman Jerome Powell delivers opening remarks and at 1:00 p.m. Federal Reserve Board Vice Chairman Michelle Bowman delivers remarks.

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.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Tuesday, July 22, 10:00 a.m. – Securities and Exchange Commission holds a meeting of the Small Business Capital Formation Advisory Committee to discuss matters relating to rules and regulations affecting small and emerging businesses and their investors under the federal securities laws.

·       Thursday, July 24, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       There are no significant events scheduled at this time.

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

·       Thursday, July 24, 10:00 a.m. – The National Credit Union Administration Board will hold a meeting.  The agenda includes A briefing on artificial intelligence; A briefing from the NCUA Ombudsman; and a briefing on the Central Liquidity Facility.

Federal Trade Commission & Department of Justice Antitrust Division

·       Thursday, July 22, 2:00 p.m. – The Justice Department's Antitrust Division; the Federal Trade Commission; the Commerce Department; and the Health and Human Services Department holds a virtual event, beginning at 2 p.m., on "Formulary and Benefit Practices and Regulatory Abuse Impacting Drug Competition."

Farm Credit Administration

·       There are no significant events scheduled at this time.

Farm Credit System 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.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events 

Trade Associations

·       Tuesday, July 22, 5:00 p.m. – The American Bar Association holds its 2025 Antitrust Regional Reception.

Think Tanks and Other Events

·       Monday, July 21, 8:30 a.m. – The American Enterprise Institute holds a panel discussion entitled "International Tax Cooperation and Competition: A Reset."

·       Tuesday, July 22, 9:15 a.m. – The Brookings Institution's Hutchins Center on Fiscal & Monetary Policy, Purdue University's Business School, the Brandeis International Business School's Institute of Global Finance,  the University of Texas at Austin Public Affairs School, and the University of Chicago Public Policy School's Center for Municipal Finance hold the 14th annual Municipal Finance Conference in Washington, D.C.

·       Tuesday, July 22, 12:00 p.m. – The Federalist Society for Law and Public Policy Studies holds a virtual discussion, beginning at 12 p.m., on "Litigation Update: FTC v. Meta."

·       Tuesday – Thursday, July 22 – 25 – The Center for Global Development holds its annual Bank Conference on Development Economics 2025, with the theme "Development in the Age of Populism." 

·       Wednesday, July 23, 8:00 a.m. – Axios holds a discussion on the impact of the "One Big Beautiful Bill Act" as well as what's next for the remainder of the year and heading into the 2026 midterm elections.  Senator Thom Tillis (R-NC), a member of the Senate Banking Committee, will speak.

·       Wednesday, July 23, 11:00 a.m. – The R Street Institute holds a virtual panel discussion entitled “Reconciliation Lookback: Farm Subsidy Policy and the Future of the Farm Bill.”  This will include a heavy focus on the impact on crop insurance and federal farm policy overall.

·       Wednesday, July 23, 1:00 p.m. – The Brookings Institution holds a virtual event entitled “Accelerating local climate investment amid federal uncertainty.”

·       Thursday, July 24, 11:30 a.m. – The Brookings Institution holds a rescheduled event entitled “The House Financial Services Committee Agenda: A Conversation with Representative Maxine Waters (D-CA). 

·       Thursday, July 24, 2:00 p.m. – The Cato Institute holds a forum on "Removing Barriers to Capital Formation."

·       Thursday, July 24, 3:00 p.m. – The Urban Institute holds a discussion on "The Past, Present, and Future of Credit Scores in Housing Finance."

Recommended Reading

• How Shadow Banking Reshapes the Optimal Mix of Regulation   Liberty Street Economics/Federal Reserve Bank of New York

  Decisions that are privately optimal often impose externalities on other agents, giving rise to regulations aimed at implementing socially optimal outcomes. In the banking industry, regulations are particularly heavy, plausibly reflecting a view by regulators that the relevant externalities could culminate in financial crises and destabilize the broader economy. Over time, the toolkit for regulating banks and bank-like institutions has expanded, as has banks’ restructuring of activities into shadow banking to lessen the regulatory burden. This post, based on our recent Staff Report, explores the optimal mix of prudential tools for bank regulators in a wide range of environments.

• The Dodd-Frank Act at 15: Has It Worked?       Paul Kupiec/American Enterprise Institute

  In testimony before the House Financial Services Committee on July 15, AEI Scholar Pau Kupiec argued that “Judging the Dodd-Frank Act by its own preamble, the Act is a failure. Notwithstanding the many complex and intrusive provisions of the Act, the financial system experienced a systemic banking crisis in March 2023. Widespread bank runs were averted when the federal government was forced to take measures to bailout the banking system.”  Kupiec, who is the former Director of Research at the FDIC, goes on to say that “…the Financial Stability Oversight Council (FSOC) has little ability to detect and mitigate actual risk created by so-called systemically important financial institutions or unregulated markets.”

• Spotting Financial Crisis’s Early     MacroXX Substack

  Economists have long debated whether financial crises can be foreseen. While this question is not new, a notable study from March 2021 provides clear evidence that crises can often be predicted—typically triggered by rapid credit growth alongside sharp increases in asset prices.  Harvard researchers Robin Greenwood, Samuel Hanson, Andrei Shleifer, and Jakob Sørensen showed that financial crises aren’t just freak accidents—they often build up in plain sight.  According to this study, financial crises can be forecasted by examining past credit growth in businesses and households using relatively simple models. 

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

The Fed Votes to Move Ease Rating Requirements for “Well Managed” Banks, Just as the Renovation and Bee Controversy Heats Up, Gould Gets Confirmed as Comptroller, and Two Major Crypto Bills Make Major Strides

July 14 - 18, 2025

It may be the middle of summer in Washington, but it remains a busy time here in the nation’s capital for Congress and regulators. 

On Tuesday, the House of Representatives is poised to pass two major pieces of legislation and send one of them to President Trump’s desk to be signed into law.  The first bill will regulate so-called Stable Coins. President Trump has indicated he will sign the legislation.  The second bill would create a crypto market structure bill and will be sent to the Senate. 

The House Financial Services Committee is holding more hearings this coming week, looking at the impact of Dodd-Frank, which was passed into law 15 years ago.  Talking to Congressional staff, it is all part of a prelude to likely new deregulatory legislation in the coming months. It also provides some cover to the SEC and CFTC to look at deregulatory moves, as well.

Meanwhile, the Senate confirmed Jonathan Gould as Comptroller of the Currency last week and is getting ready for a confirmation hearing for Travis Hill as the next Chair of the Federal Deposit Insurance Corporation (FDIC). 

As all this was happening, the Federal Reserve voted last week to move forward with a proposed regulation adjusting the supervisory rating framework, something that is likely to make it easier for banks to merge.  Currently, any bank that loses its “well-managed” status can be limited in its ability to undertake certain activities, such as mergers and acquisitions, as well as in investing in other companies involved in certain financial activities.

But that was the good news out of the Fed for the week.  Fed Chair Jay Powell continues to be under growing fire for an ongoing renovation of the Federal Reserve headquarters.  More Republican members of Congress and supporters of President Trump are beginning to argue the supposed mismanagement of the project, which reportedly includes lavish remodeling of the headquarters and the building of beehives on the Fed grounds, as a “cause” for which President Trump can fire Powell.  We are dubious it will get to that point and believe it is all part of a larger effort to pressure Powell to move on lowering interest rates at the next Federal Open Market Committee meeting. 

Below are the meetings and events happening this week in Washington of note:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, July 15, 3:00 p.m. – The Senate Agriculture Committee holds a hearing entitled “Stakeholder Perspectives on Federal Oversight of Digital Commodities.’

House of Representatives

·       Tuesday, July 15, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead”  You can read the Committee Staff Background Memo HERE.

·       Wednesday, July 16, 9:00 a.m. – The House Ways and Means Oversight Subcommittee holds a hearing on "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century."

·       Wednesday, July 16, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions holds a hearing entitled “U.S. Policy on Investment Security.”

·       Wednesday, July 16, 2:00 p.m. – The House Agriculture General Farm Commodities. Risk Management, and Credit Subcommittee holds a hearing on "Financing Farm Operations: The Importance of Credit and Risk Management.

·       Wednesday, July 16, 2:00 p.m. – The House Financial Services Committee’s Housing and Insurance Subcommittee holds a hearing on "HOME 2.: Modern Solutions to the Housing Shortage."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Tuesday, July 15 - The Federal Reserve holds its Unleashing a Financially Inclusive Future Conference in Washington, D.C.

·       Tuesday, July 15, 9:15 a.m. – Federal Reserve Vice Chair for Supervision Michelle Bowman will give remarks at the Federal Reserve Board's Second Annual Financial Inclusion Conference (via pre-recorded video).

·       Tuesday, July 15, 12:45 p.m. – Federal Reserve Board Governor Michael Barr will give a speech entitled “expanding financial inclusion” at the Federal Reserve Board's Second Annual Financial Inclusion Conference, Washington, D.C.

·       Wednesday, July 16, 9:15 a.m. – Cleveland Federal Reserve Bank President Beth Hammack speaks on "Community Development" before the Cuyahoga County Community College Corporate College 20th Anniversary Celebration Business Breakfast.

·       Wednesday, July 16, 10:00 a.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial regulation at the Brookings Institution in Washington, D.C.

·       Wednesday, July 16, 6:30 p.m. – New York Federal Reserve Bank President John Williams gives keynote before the New York Association for Business Economics (NYABE) Distinguished Speaker Series.

·       Thursday, July 17, 10:00 a.m. – Federal Reserve Board Governor Adriana Kugler will give a speech entitled “A view of the Housing Market and U.S. Economic Outlook” at the Housing Partnership Network Symposium in Washington, D.C.

·       Thursday, July 17, 1:30 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech at the National Bureau of Economic Research Summer Institute (virtually).

·       Thursday, July 17, 6;30 p.m. – Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the Money Marketeers Event in New York.

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.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Thursday, July 17, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, July 15, 10:00 a.m. – The FDIC Board will meet in open session. The agenda includes a proposed amendment to FDIC Guidelines for Appeals of Material Supervisory Determinations; Notice of Proposed Rulemaking regarding Adjusting and Indexing Part 363 and Certain Other FDIC Regulatory Thresholds; Request for Information regarding Industrial Banks and Industrial Loan Companies and Their Parent Companies.  Additionally, the Board will vote on a Notice of Proposed Rulemaking regarding Community Reinvestment Act Regulations, a Notice of Proposed Rulemaking regarding Establishment and Relocation of Branches and Offices, a Notice regarding Parent Companies of Industrial Banks and Industrial Loan Companies; Withdrawal of Proposed Rule, and a Notice regarding Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.

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 System 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.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Thursday, July 17 – The American Bankers Association holds its Women Lead Symposium (virtual).

Think Tanks and Other Events

·       Wednesday, July 16, Noon – The Exchequer Club of Washington, D.C. will host Senator Elizabeth Warren (D-MA) as their luncheon speaker.

·       Thursday, July 17, 11:30 a.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda” with House Financial Services Committee’s Ranking Democrat, Representative Maxine Waters (D-CA).

Recommended Reading

• AI’s role in credit is growing, are things moving too fast?     Federal Reserve Bank of Boston The Future of Finance Podcast

  People in the credit business are starting to see just how much AI can do for them. It can improve profits and lower defaults. It can predict demand for new services. It can see past credit scores and comprehensively assess lending risks. That’s why AI’s role in credit is only going to get bigger going forward. Some people are very excited about that. And some are very worried.  AI will lie unless you tell it not to. It will collude on pricing with other AI. Experts say those are a couple reasons why we need to proceed with caution and better understand potential hazards.   For additional background on this subject, read an outline of the keynote speech at the 68th Economic Conference by UC-Berkeley professor Adair Morse, “AI Innovation for Credit: Frontiers of Benefits & Red Flags.” Watch a recording of the speech.

• Reporting FinCEN’s Suspicious Activity, Again        Cato Institute

  The Financial Crimes Enforcement Network (FinCEN) has released its 2024 “Year in Review” report, and things are not looking good. Once again, the agency has highlighted lackluster statistics in an attempt to justify financial surveillance in the United States.  Let’s start at the top and work our way down. Under the Bank Secrecy Act, banks and other financial institutions are required by law to report customers under certain circumstances. According to FinCEN, more than 27.5 million reports were filed in 2024 (Table 1). That’s roughly 75 thousand reports a day.
  

• Banking Analytics: The Growing Connection between Bank and Nonbank Sectors    Federal Reserve Bank of St. Louis

  In the first quarter of 2025, U.S. banks held $1.14 trillion in loans outstanding to the nonbank financial sector. This sector consists of nondepository financial institutions (NDFIs), which engage in credit intermediation, asset management, market-making and other financial services in the economy. This interconnectedness between banks and nonbanks adds an extra layer of intermediation, as banks lend to mortgage companies, insurance companies, investment funds (such as mutual funds, money market funds, hedge funds and private capital funds), pension funds, broker-dealers, securitization vehicles and other financial entities, which then lend directly to end users in the economy. 

Please let us know if you have any questions or would like to be added to our email distribution list.

The U.S. Financial Regulatory Week Ahead

June 23 - 27, 2025

Fed Chair Powell Testifies Before Congress, The Fed  and FDIC Vote ON a Revised Leverage Ratio Proposal, and the SEC Holds A Roundtable on Executive Compensation

The Federal Reserve is going to be a beehive of activity next week.  Fed Chair Jay Powell testifies before the House Financial Services Committee and then the Senate Banking Committee on monetary policy. Powell is likely to get a good share of questions about the future of bank regulation in those hearings, particularly about the Fed’s (and the FDIC’s) upcoming review and vote on Wednesday on the leverage ratio for banks.  The proposal will reduce the capital buffer by up to 1.5 percent for the biggest banks.

Additionally, Fed Governors Michael Barr and Adriana Kugler will be appearing at the Kansas City Fed and then the Cleveland Fed for their annual “Fed Listens” events.  Again, bank regulation is likely to be a major topic.

All this Fed action will be capped on Friday at 4:30 p.m. when the results of bank stress tests are released.

The overall future of financial regulation will also be the topic of a Brookings Institution event his week where House Financial Services Committee Chair French Hill (R-Ark) will discuss his plans for the committee policy-wise.

All this comes after a number of major legislative and regulatory moves this past week.  As expected, the Senate passed the GENIUS Act, the first crypto regulatory framework bill to pass the Senate.  We expect the House to pass it sometime later this summer.   President Trump praised the legislation and urged the House to move quickly to hold a vote.

SEC Chair Paul Atkins, as expected, announced he was withdrawing 14 proposed rules that had been proposed by then-SEC Chair Gary Gensler.   The proposed rules ranged from crypto regulation to climate disclosure to regulation and disclosure around the use of artificial intelligence. 

The SEC will keep up the busy pace this week when it hosts a Roundtable on Executive Compensation – a prelude to likely new proposals scaling back executive compensation disclosure.

Finally, we would note that Elon Musk is not totally finished with Washington.  The Financial Times reported this past week that users of X (Twitter) will “soon” be able to make investments or trades using the social media platform.  Additionally, the company is exploring creating “X credit and X debit cards.”  The FT says this is all part of Musk’s efforts to build an “everything app.”  Welcome to the world of Washington financial regulation, Mr. Musk!

Below is everything we could find happening this week in Washington among the regulators:

U.S. Congressional Hearings 

U.S. Senate

·       Tuesday, June 24, 3:00 p.m. – The Senate Banking Committee’s Subcommittee on Digital Assets holds a hearing entitled Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.

·       Wednesday, June 25, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled The Semiannual Monetary Policy Report to Congress.  Federal Reserve Board Chair Jay Powell will testify.

House of Representatives

·       Tuesday, June 24, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled The Federal Reserve’s Semi-Annual Monetary Policy Report.  Federal Reserve Board Chair Jay Powell will testify.

·       Wednesday, June 25, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Reassessing Sarbanes-Oxley: The Cost of Compliance in Today’s Capital Markets.

·       Thursday, June 26, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight & Investigations holds a hearing entitled From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       Sunday, June 22, 11:15 a.m. PST – San Francisco Federal Reserve Bank President Mary Daly participates in a monetary policy insights panel before the Western Economic Association International 100th Annual Conference.

·       Monday, June 23,  3:00 a.m. EST/3:00 p.m. Prague Time – Federal Reserve Board Governor Christopher J. Waller gives opening remarks at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.

·       Monday, June 23, 10:00 a.m. Prague Time – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on monetary policy and banking at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.

·       Monday, June 23, 2:30 p.m. – The Federal Reserve Bank of New York holds a virtual discussion with business and community leaders on "the effects that labor market conditions, inflation, and interest rates have on them.”  The event is being hosted by SUNY Schenectady Community College.  New York Fed President John Williams will speak along with Federal Reserve Board Governor Adriana Kugler.

·       Monday, June 24, 12:10 p.m. Central Time – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Milwaukee Business Journal Mid-Year Outlook 2025.

·       Tuesday, June 24, 8:15 a.m. Central Time – Cleveland Federal Reserve Bank President Beth Hammack speaks on monetary policy before the Barclays-CEPR Monetary Policy Forum 2025.

·       Tuesday, June 24, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the House Financial Services Committee.

·       Tuesday, June 24, 2:00 p.m. – Boston Federal Reserve Bank President Susan Collins speaks before the “State of the Nation's Housing 2025" event hosted by the Federal Reserve Bank of Boston.

·       Tuesday, June 24, 4:00 p.m. – The Federal Reserve Bank of Kansas City holds a virtual discussion on "the current state of the agricultural economy and future prospects, part of its "Fed Listens" series.  Speakers will include Federal Reserve Board Governor Michael Barr and Jeff Schmid, President and CEO of the Federal Reserve Bank of Kansas City.

·       Wednesday, June 25, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the Senate Banking Committee.

·       Wednesday, June 25, 2:00 p.m. – The  Federal Reserve holds a meeting "to discuss proposed revisions to the Board's supplementary leverage ratio standards."

·       Thursday, June 26 & 27 – The Federal Reserve Bank of Cleveland holds its 2025 Policy Summit, beginning at 9 a.m., with the theme "Building Strong and Sustainable Communities.”  Cleveland Fed President Beth Hammack will give opening remarks. Federal Reserve Board Governor Michael Barr will speak on June 26th.  Governor Lisa Cook will speak on June 27 at 9:15 a.m.

·       Thursday, June 26, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on the economy before the New York Association for Business Economics.

·       Friday, June 27, 10:00 a.m. Basel Time – New York Federal Reserve Bank President John Williams moderates a session featuring keynote remarks from Professor Carmen Reinhart at the 24th Bank of International Settlements Annual Conference.

·       Friday, June 27, 4:30 p.m. – The Federal Reserve releases the results of bank stress tests.

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.

Department of Housing and Urban Development

Securities and Exchange Commission

·       Thursday, June 26, 10:00 a.m. – The SEC will hold a Closed Meeting.

·       Thursday, June 26, 1:00 p.m. – The SEC hosts a Roundtable on Executive Compensation Disclosure Requirements.

Commodities Futures Trading Commission

·       Monday, June 23, 7:30 p.m. UK Time – Acting Chairman Caroline D. Pham will receive an award and deliver remarks at the UK House of Lords “100 Impact Leaders” Dinner and Award.

·       Thursday, June 26, 1:10 p.m. UK Time – Acting Chairman Caroline D. Pham to participate in a fireside chat at the Citi Institute Future of Finance Forum in London.

Federal Deposit Insurance Corporation

·       Thursday, June 27, 10:00 a.m. – The FDIC board will meet.  They are scheduled to vote on the leverage ratio proposal.

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.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events 

Trade Associations

·       There are no significant events scheduled at this time.

Think Tanks and Other Events

·       Monday, June 23, 1:30 p.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda."  House Financial Services Committee Chair French Hill (R-Ark) will speak.

·       Tuesday, June 24, 2:00 p.m. – The Cato Institute holds a policy forum entitled “Removing Barriers to Capital Formation.”

Please let us know if you have any questions or would like to be added to our email distribution list.

The U.S. Financial Regulatory Week Ahead

A Quiet Week in Washington, The Senate Gets Set to Pass the GENIUS Act but Also Blocks An Effort to Bar Fed Paying Interest Rates on Bank Reserves, and SEC Chair Atkins Staffs Up

June 16 - 20, 2025

The Juneteenth holiday on Thursday, the Federal Reserve’s Open Market Committee meetings on Tuesday and Wednesday, and the House of Representatives being out of session this week have ensured it will be a very quiet week in Washington.

But the Senate is in session, and they are feverishly working away at trying to hammer out their version of the One Big Beautiful Bill Act (OBBA).  The Senate Finance Committee is expected to release the tax portion it has drafted, and we will all be watching for any changes that impact investment vehicles, such as pass-throughs and investment savings accounts.

Also this week, the Senate is likely to pass the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) on Tuesday, aimed at giving the crypto industry legal and regulatory clarity.  Passage in the House is likely in the coming months. 

Looking at what happened last week and staying with the US Senate, it was interesting to see Senate Republicans block an effort by Senator Ted Cruz (R-TX) to move legislation that would bar the Federal Reserve from paying interest on reserves to banks as a way to help pay for OBBA.  Cruz argued that doing so would cut $1.1 trillion from the federal budget over ten years.  The proposal sent minor waves of panic through the banking community but was quickly snuffed out by Senate Banking Committee Chair Tim Scott (R-SC).

Also this past week, SEC Chair Paul Atkins announced a number of senior appointments.  Among those named are Akin Gump partner Brian Daly to serve as the new Director of the Investment Management, Jamie Selway, a partner at Sophron Advisors, to serve as Directo of Trading and Markets, Kurt Hohl as the Chief Accountant, and Erik Hotmire as Chief External Affairs Officer and Director of the Office of Public Affairs.

Other than two speeches by Housing and Urban Development Secretary Scott Turner (who may speak about the future of Freddie Mac and Fannie Mae), there really is not much going on this week. Below is everything we could find happening:

U.S. Congressional Hearings 

U.S. Senate

·       There are no significant events scheduled at this time.

House of Representatives

·       The House of Representatives is out of session this coming week.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

Tuesday & Wednesday, June 17 & 18 -- The Fed’s Open Market Committee meets on interest rates. 

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.

Department of Housing and Urban Development

·       Thursday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.

Securities and Exchange Commission

·       There are no significant events scheduled at this time.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

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.

Small Business Administration

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       There are no significant events scheduled at this time.

Think Tanks and Other Events

·       Tuesday, June 17 , 2:00 p.m. – The Brookings Institution will hold an event entitled “Beyond profit: How blockchain technology can be used for the public good.”

·       Wednesday, June 18, 9:00 a.m. – 5:00 p.m. – the Bipartisan Policy Center’s 2025 Terwilliger Center Summit on Housing Supply Solutions takes place in Washington, D.C.  U.S. Housing and Urban Development Secretary Scott Turner will speak, as will a number of US senators, mayors, and CEOs.

·       Wednesday, June 18, 1:00 p.m. – U.S. Housing and Urban Development Secretary Scott Turner gives remarks at a joint Exchequer Club – Women in Housing & Finance Lunch in Washington, D.C.

Recommended Reading 

·       Bloomberg: Banks Want Staff Back at the Office. There Aren’t Enough Desks — HSBC and JPMorgan are among lenders taking extra space to deal with shortages.

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

Bowman Sworn in as Fed Vice Chair, House Financial Services Committee Readies Package of Banking Bills, and the Senate Banking Committee’s Controversial Reconciliation Provisions

June 9 - 13, 2025

The big news of the week is Michelle Bowman was confirmed Wednesday by the U.S. Senate as the new Federal Reserve Vice Chair for Supervision.  Bowman, a former community banker, wasted no time, giving her first speech Friday outlining her priorities in a speech entitled “Taking a Fresh Look at Supervision and Regulation.”  Bowman made clear in the speech that she is deeply focused on encouraging regulatory tailoring, undertaking a strategic reevaluation of bank capital requirements, reviewing a host of regulations and rules passed in the last administration by her predecessor, and streamlining the review process for bank mergers and de novo applications.

 Meanwhile, there has been and will be this coming week a lot of action in Congress.  This past Wednesday, the Senate Banking Committee offered up a number of provisions in a bid to help pay for H.R. 1, the One Big Beautiful Bill Act (OBBBA) – otherwise known as the Reconciliation bill.  But what the committee provided – totally a little over $1 billion in possible budget savings – may not pass muster with the Senate Parliamentarian as it appears a number of the provisions do not meet the strict rules for what can be included in a Reconciliation bill. 

What Senate Banking offer includes changing the Federal Reserve employees’ pay scale, zeroing out the entire budget of the Consumer Financial Protection Bureau (CFPB), dissolving the Public Company Accounting Oversight Board (PCAOB) and folding its functions into the SEC, and getting rid of the Treasury Department’s Office of Financial Research.  We will likely know in the coming week what the Parliamentarian decides.

This coming week in the Senate, the Senate Agriculture Committee will finally hold a confirmation hearing for Brian Quintenz to serve as Chair of the Commodities Futures Trading Commission (CFTC).  Quintenz was nominated months ago, but for a variety of reasons, his confirmation hearing was held up.

And Treasury Secretary Scott Bessent and Housing and Urban Development Secretary Scott Turner will testify before the Senate Appropriations Committee on Thursday on their respective departments’ 2026 budget requests.

Also this week, the House Financial Services Committee will hold a markup hearing for eight pieces of legislation, mainly focused on securities regulation.   Committee Chair Representative French Hill (R–AR) has been wanting to move on his recently introduced crypto market structure bill, and we believe he will likely seek a mark-up on that bill the week after next.

 Finally, we would note that this past Wednesday, Treasury Secretary Scott Bessent held a Financial Stability Oversight Council (FSOC) meeting (we cannot find any notice of the meeting being sent around beforehand).  According to the read-out of the meeting,

“Council members heard updates from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) on their efforts to enhance their supervisory and regulatory frameworks and to focus bank supervision on material financial risks.  Members also discussed their continued collaboration to facilitate support for economic growth by banks and other financial institutions.

Additionally, the Council received a briefing by Treasury staff on the work of the President’s Working Group on Digital Asset Markets.  The Chairman of the Securities and Exchange Commission (SEC) and the Acting Chairman of the Commodity Futures Trading Commission also provided updates on their agencies’ recent actions.  The speakers discussed ongoing efforts to promote U.S. leadership in digital assets and financial technology and to provide greater regulatory clarity and certainty to digital asset markets. 

The Council also received a presentation from FDIC, OCC, and Federal Housing Finance Agency staff on commercial real estate (CRE).  The presentation noted stabilization across CRE sectors despite some continued headwinds in the office and multifamily segments.  It also described actions taken by supervisors to mitigate CRE risks at their regulated institutions in recent years.

In addition, the Council heard an update by Treasury, SEC, and Office of Financial Research staff on market developments related to corporate credit, including the continued growth of private credit.  The presentation noted that corporate fundamentals remain solid, although firms with lower credit ratings, higher leverage, and a greater share of floating-rate liabilities are more exposed to potential challenges.  Council members discussed ways in which private credit can promote investment and access to capital, as well as potential vulnerabilities that warrant continued monitoring.” 

Finally, we note that the Brookings Institution is holding a day-long conference on the history of bank supervision in the United States - “The History of Bank Supervision in America and the Road Ahead.”  There are a number of excellent scholars and former regulators speaking and it should be quite interesting.

Below are the other regulatory events we are watching in the coming week:  

U.S. Congressional Hearings 

U.S. Senate

• Tuesday, June 10, 3:00 p.m. – The Senate Agriculture Committee will hold a confirmation hearing for Brian Quintenz to be the next Chair of the Commodities Futures Trading Commission.

• Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Financial Services and General Government will hold a hearing on the Fiscal Year 2026 U.S. Treasury Department Budget Request.  Treasury Secretary Scott Bessent will testify.

• Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development will hold a hearing on the Fiscal Year 2026 U.S. Department of Housing and Urban Development Budget Request.  HUD Secretary Scott Turner will testify.

• Thursday, June 12, 10:00 a.m. – The Senate Banking Committee will hold a nomination hearing for Ben DeMarzo to be Assistant Secretary for the Department of Housing and Urban Development,  Craig Trainor to be Assistant Secretary for the Department of Housing and Urban Development, Jovan Jovanovic to be Chairman of the Export-Import Bank, Francis Brooke to be the Assistant Secretary at the Department of the Treasury; and  David Peters to be Assistant Secretary, at the Department of Commerce.

House of Representatives

• Tuesday, June 10, 10:00 a.m. – The House Financial Services Committee will mark-up eight separate pieces of legislation.  These include:

•   H.R. 225, the HUD Transparency Act of 2025 

• H.R. 2808, the Homebuyers Privacy Protection Act

• H.R. 2835, the Small Bank Holding Company Relief Act  

• H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act of 2025

• H.R. 3645, the Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act 

• H.R. 3672, the Securities Research Modification Act  

• H.R. 3709, the Advancing the Mentor-Protégé Program for Small Financial Institutions Act

• H.R. 3716, the Systemic Risk Authority Transparency Act 

• Thursday, June 12, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, & International Financial Institutions will hold a hearing entitled “Evaluating the Defense Production Act.”

• Thursday, June 12, 2:00 p.m. – The House Financial Services Committee’s Housing and Insurance Subcommittee holds a hearing on "Housing in the Heartland: Addressing Our Rural Housing Needs."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· There are no speeches or events scheduled at this time as it is within the two-week “Blackout Period” in advance of the Fed’s Open Market Committee meetings on June 17-18.

U.S. Treasury Department

·       Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Financial Services and General Government will hold a hearing on the Fiscal Year 2026 U.S. Treasury Department Budget Request.  Treasury Secretary Scott Bessent will testify.

Department of Commerce

·       There are no significant events scheduled at this time.

Department of Housing and Urban Development

·       Wednesday, June 11, 3:30 p.m. – The Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development will hold a hearing on the Fiscal Year 2026 U.S. Department of Housing and Urban Development Budget Request.  HUD Secretary Scott Turner will testify.

Small Business Administration

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Monday, June 9, 1:00 p.m.—The SEC holds its Crypto Task Force Roundtable entitled “Spring Sprint Toward Crypto Clarity” at the SEC Headquarters.  SEC Chair Paul Atkins and the other four SEC Commissioners will attend and speak.

· Wednesday, June 11, 11:00 a.m. – The SEC, in conjunction with the CFTC, the US Secret Service, and the FBI, will hold an event to highlight World Elder Abuse Awareness Day.

·       Wednesday, June 11, 1:00 p.m. – The SEC will hold an Open Meeting to consider action relating to the compliance date for the amendments to Form PF that were adopted on February 8, 2024.

Commodities Futures Trading Commission

·       Thursday, June 12, 11:20 a.m. – CFTC Acting Chair Caroline Pham will speak on a panel entitled “The Next Frontier: Crypto Derivatives and Onchain Trading” at the State of the Crypto Summit 2025 Conference in New York.

Federal Deposit Insurance Corporation

·       There are no significant events scheduled at this time.

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

·       Thursday, June 12, 10:00 a.m. – the Farm Credit Administration Board meets to receive the Quarterly Report on Economic Conditions and Farm Credit System Condition and Performance and the Semiannual Report on Office of Examination Operations.

Farm Credit Insurance Corporation

·       There are no significant events scheduled at this time.

International Monetary Fund & World Bank

·       Thursday, June 12, 6:00 p.m. – World Bank President Ajay Banga will speak at the Council on Foreign Relations in New York.

North American Securities Administrators Association

·       There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

·       Wednesday – Friday,  June 10 -13 – The American Bankers Association holds its Risk and Compliance Conference in Indianapolis, Indiana.

·       Thursday, June 12, 9:00 a.m. – SIFMA hosts the C&L Society Forum in New York.

Think Tanks and Other Events

·       Tuesday, June 10, 9:00 a.m. – 3:00 p.m. – The Brookings Institution will hold a conference entitled “The History of Bank Supervision in America and the Road Ahead.”   Former OCC Acting Comptroller Michael Hsu and former Treasury Deputy Secretary Sarah Bloom Raskin will be among the many speakers. 

Recommended Reading

• The Bonfire of the Banking Regulators?   Willem Buiter/Project Syndicate

  Buiter, the former chief economist at Citibank and a former member of the Monetary Policy Committee of the Bank of England, argues Despite numerous reforms, the US financial regulation system remains a patchwork of federal and state agencies with overlapping mandates and conflicting objectives. Two new books underscore the need to streamline bureaucracy, simplify regulations, and separate money creation from financial intermediation.

• New Report Highlights Growing Burden of U.S. GSIB Surcharge on American Economy   Financial Services Forum The Financial Services Forum today released a research paper analyzing the growing capital surcharges imposed on U.S. global systemically important banks (GSIBs) and the broader implications for the financial system and economy.  The key findings of the report include:

  • Rising GSIB Surcharges: The analysis shows that capital surcharges for U.S. GSIBs have continued to increase, largely driven by growth in safe assets such as bank reserves and U.S. Treasuries.

  • Uneven Global Standards: Unlike their international counterparts, U.S. GSIB scores are not adjusted for overall financial system growth, resulting in disproportionately higher scores and surcharges for U.S. banks.

  • Economic Implications: Without reform, GSIB scores and surcharges are expected to continue rising, potentially constraining bank lending and posing broader economic challenges

• Overcoming constraints: How banks helped US firms reroute their supply chains   VoxEU/Centre for Economic Policy Research

  Rising trade tensions and the pandemic have forced importers to reconfigure their supply chains – a complex and costly process. This column highlights the underappreciated role of financial intermediaries in supporting supply chain resilience during global disruptions. Commercial banks – especially those specializing in Asian trade finance – played a crucial role in helping firms manage this transition after the 2018–2019 tariffs. By meeting importers’ increased demand for credit and offering valuable information about potential suppliers, specialized banks helped tariff-hit firms diversify away from China faster and more successfully.

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

Bank Regulators Ready Major Deregulatory Package, The HFSC Unveils A Crypto Market Structure Bill, and The US Chamber’s Capital Market Summit Brings out the Big Guns

June 2 - 6, 2025

We took last week off for a bit of vacation, but are back this week and looking at a busy regulatory week in Washington. 

Late Friday, Politico reported that bank regulators, under the guidance of Treasury Secretary Scott Bessent, are close to finalizing a major bank deregulation package.  The plan, worked out between the Federal Reserve, the OCC, and the FDIC, is likely to be released in the coming month and include a new supplementary leverage ratio and reductions on capital requirements.  Few details were revealed, but we expect more information to start leaking in the coming weeks.

The other major event this week and next is House Financial Services Committee Chair French Hill’s (R-AR) crypto market structure bill.  Hill unveiled the bill, named the CLARITY Act, on Thursday (You can read the section-by-section breakdown HERE), which seeks to overhaul how digital assets are regulated. 

Hill also got three House Democrats to cosponsor the legislation, and he intends to hold a full committee hearing this coming Tuesday.  Later in the day, Hill will speak about the bill and the crypto market at the US Chamber of Commerce’s Capital Markets Summit, being held at the Chamber’s Washington headquarters.

Speaking of the Capital Markets Summit, all the big names are lined up to speak: Hill, Acting Comptroller of the Currency Rodney Hood, Acting FDIC Chair Travis Hill, Treasury Deputy Secretary Michael Faulkender, and  a number of key senators and other members of the House Financial Services Committee.

Looking at what happened this past week, the other big news was that President Trump announced he is intent on spinning off mortgage giants Freddie Mac and Fannie Mae via a public offering.  But he also explicitly said the US government would retain guarantees and oversight of the entities.  All this comes as growing speculation as to whether and when Trump will formally launch a sovereign wealth fund (SWF), which could conceivably hold a sizeable stake in Freddie and Fannie.

Tied to this in some way, which is far from clear for markets, is President Trump’s announcement that he had helped structure a deal between Nippon Steel and US Steel that would include the US government holding “Golden Shares” in the merged entity.  Which government agency would hold those Golden Shares remains a mystery, but again, speculation has begun to swirl that the SWF would serve that function.

Finally, we note that the House version of the Reconciliation that was recently passed has a provision taxing foreign remittances at a new 3.5 percent rate.  Banks are lobbying against the measure, arguing it is going to hurt their businesses and encourage alternative, less transparent ways to move money overseas.  Let’s see what the Senate does in the coming weeks as they take up the Reconciliation bill.

Below are the other regulatory events we are watching in the coming week:

U.S. Congressional Hearings 

U.S. Senate

·       There are no significant events scheduled at this time.

House of Representatives

·       Tuesday, June 3, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.

·       Tuesday, June 3, 2:15 p.m. – House Financial Services Committee Chair French Hill (R-AK) will speak at the US Chamber of Commerce’s Capital Market Summit on the Future of Financial Services in Washington, D.C.

·       Thursday, June 5, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Financial Institutions will hold a hearing entitled Framework for the Future: Reviewing Data Privacy in Today’s Financial System.

Federal Department & Regulatory Agency Meetings & Events 

Federal Reserve Board and Federal Reserve Banks

·       Sunday, June 1, 8:00 p.m. – Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the 2025 Bank of Korea International Conference: Structural Shifts and Monetary Policy, Seoul, Republic of Korea.

·       Monday – Tuesday, June 2-4 – The Federal Reserve’s 75th Anniversary International Finance Conference will be held at the Federal Reserve in Washington, D.C.   Fed Chair Jay Powell will give opening remarks at 1:00 p.m.

·       Tuesday, June 3, 1:00 p.m. – Federal Reserve Board Governor Lisa Cook will give a speech on the economic outlook at the Peter McColough Series on International Economics: A Conversation With Lisa D. Cook in New York.

·       Thursday, June 5, 12:00 p.m. – Federal Reserve Board Governor Adriana Kugler will give a speech on the economic outlook and monetary policy at the Economic Club of New York Luncheon in New York.

U.S. Treasury Department

·       Tuesday, June 3, 3:15 p.m. – Deputy Secretary of the Treasury Michael Faulkender will speak at the US Chamber of Commerce’s Capital Markets Summit on Driving US Competitiveness in Financial Markets.

Department of Commerce

·       There are no significant events scheduled at this time.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Tuesday, June 3, 10:30 a.m. – SEC Commissioner Mark Uyeda will speak at the US Chamber of Commerce Capital Market Summit in Washington, D.C.

·       Tuesday, June 3, 2:30 p.m. – SEC Chair Paul Atkins will testify before the U.S. Senate Appropriations Committee regarding the SEC’s 2026 Budget Request.

·       Wednesday, June 4, 1:00 p.m. – The SEC will hold an open meeting to consider whether to issue a concept release on the definition of a foreign private issuer.

·       Thursday, June 5, 9:00 a.m. – The SEC’s Division of Investment Management is hosting its Conference on Emerging Trends in Asset Management at the SEC’s headquarters in Washington, D.C.

·       Thursday, June 5, 10:00 a.m. – The SEC’s Investor Advisory Committee will meet at the SEC Headquarters in Washington, D.C.  Among the issues they will discuss is a draft recommendation regarding the use of mandatory arbitration clauses by registered investment advisors.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, June 3, 11:00 a.m. – FDIC Chair Travis Hill will speak at the US Chamber of Commerce’s Capital Market Summit in Washington, D.C.

Office of the Comptroller of the Currency

·       Tuesday, June 3, 9:35 a.m. – Acting Comptroller Rodney Hood will speak at the US Chamber of Commerce’s Capital Markets Summit in Washington, D.C.

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

·       Tuesday, June 3, 9:00 a.m. – SIFM and E&Y will hold a Forum entitled AI in Capital Markets and Wealth and Asset Management in New York.

·       Tuesday, June 3, 9:00 a.m. – The US Chamber of Commerce holds its annual Capital Markets Summit in Washington, D.C.  SEC Commissioner Mark Uyeda will speak as will FDIC Chair Travis Hill.  Later in the day, House Financial Services Committee Chair French Hill (R-AK) will speak as will Deputy Treasury Secretary Michael Faulkender.

·       Tuesday, June 3, 1:00 p.m. – The Institute for International Bankers will hold its 2025 Foreign Bank Governance Seminar in New York.

Think Tanks and Other Events

·       There are no significant events scheduled at this time.

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

Tax and Crypto Bills Moving Again, SEC Speaks 2025 Set to Showcase Atkins Agenda, and the CFTC Empties Out

May 19 - 23, 2025

We thought it would be a quiet(ish) week last week, so we took off for a little R&R.  Boy, were we wrong.  It was a jam-packed week in the Washington regulatory world and this coming week looks to be just as busy in advance of Memorial Day.

Looking at the major events this coming week, we are watching both the start-and-stop-and-start again motion of both the Reconciliation bill in the House of Representatives and the Crypto legislation in the Senate.  Both are – for now – moving forward again.   The Reconciliation bill, which has a number of important tax provisions for the financial sector (including a provision maintaining the tax-exempt status of credit unions as well as the preservation of carried interest and the creation of something called “MAGA Accounts” which allow opening $1,000 tax-advantaged investment accounts for every newborn baby with a Social Security number).   House Speaker Michael Johnson (R-LA) is hoping for a vote by the end of the week before Congress goes out for the Memorial Day recess next week, but it is going to be a very close vote.  And even if it passes, the Senate is likely to make a lot of changes to the bill.

The Senate is set to consider landmark cryptocurrency legislation this week.  A procedural vote is expected by Wednesday, with a likely final vote later in the week.  Senate Democrats, who blocked an earlier version of the bill, seem to be coming around to a new draft that was circulated last week. 

Also on the Hill this week, the House Financial Services Committee is holding a two-day legislative markup extravaganza.  By our count, more than 25 stand-alone pieces of legislation will be marked up and more than 25 amendments will also be debated and voted on.  See below for details of what Chair French Hill (R-AK) has teed up for the committee to consider.

Turning to the regulators, it seems as if the Commodities Futures Trading Commission (CFTC) is, well, emptying out. Rapidly. Acting CFTC Chair Caroline Pham said last week she is planning on stepping down once Brian Quintenz is confirmed as the new chair (there is no timeframe on when that will happen). Commissioner Christy Goldsmith Romero also announced she is leaving on May 31, as is Commissioner Summer Mersinger, who is set to become the new CEO of the Blockchain Association.  Her last day at the CFTIC is also May 31.  That means Acting Chair Phan will be the sole member of the Commission until Quintenz is confirmed.  And President Trump has not nominated anyone else to fill the other commission vacancies.

Over the Federal Reserve, Chair Jay Powell announced he is planning on a 10 percent cut to Fed staff, including through voluntary resignations, over the next several years.

There are a lot of Fed speeches this coming week, many taking place at the Atlanta Federal Reserve Bank’s Annual Financial Markets Conference.    For more details on the conference and everything else we are tracking this coming week, here is the full list of what is happening:

U.S. Congressional Hearings 

U.S. Senate

·       Thursday, May 22, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled Securing America: Key Authorities Under the Defense Production Act.

House of Representatives

·       Tuesday, May 20, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled Day One: Markup of Various Measures - more than 25 pieces of legislation and more than 25 amendments to other pieces of legislation.

·       Tuesday, May 20, 10:00 a.m. – SEC Chair Paul Atkins will testify before the House Appropriations Committee.  The topic of the hearing is “Oversight Hearing of the U.S. Securities and Exchange Commission.”

·       Wednesday, May 21, 10:00 a.m. – the House Financial Services Committee will hold a hearing entitled Day Two: Markup of Various Measures – seeking to wrap up anything they did not finish yesterday.

Federal Department & Regulatory Agency Meetings &Events

Federal Reserve Board and Federal Reserve Banks

·       Sunday – Wednesday, May 18 – 21 – The Atlanta Federal Reserve Bank holds its annual Financial Markets Conference. This year’s theme is “Financial Intermediation in Transition: How Will Policy Adopt?”  A number of Federal Reserve senior staff and industry leaders will be speaking at the conference.

·       Monday, May 19, 7:45 a.m. – New York Federal Reserve Bank President John Williams speaks on the US economic outlook at the Mortgage Bankers Association Secondary and Capital Markets Conference in New York.

·       Monday, May 19, 7:30 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic gives welcome remarks before the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.

·       Monday, May 19, 8:45 a.m. – Federal Reserve Board Vice Chair Phillip Jefferson speaks at the Federal Reserve Bank of Atlanta Financial Markets Conference in Fernandina Beach, Florida.

·       Monday, May 19, 12:30 p.m. Central Time – Dallas Federal Reserve Bank President Lorie Logan gives prepared remarks during “Policy Session 2: The Increasing Role of Nonbank Institutions in the Treasury and Money Markets" at the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.

·       Monday, May 19, 12:30 p.m. Central Time – Minneapolis Federal Reserve Bank President Neel Kashkari participates in a conversation before the Minnesota Young American Leaders Program (MYALP) at the University of Minnesota.

·       Tuesday, May 20, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on growth in rural communities before the "Elevating What Works" 2025 Investing in Rural America Conference hosted by the Federal Reserve Bank of Richmond.

·       Tuesday, May 20, 8:00 a.m. Central Time – Atlanta Federal Reserve Bank President Raphael Bostic gives welcome back remarks before the 2025 Financial Markets Conference -"Financial Intermediation In Transition: How Will Policy Adapt?" hosted by the Federal Reserve Bank of Atlanta.

·       Tuesday, May 20, 12:00 p.m. Central Time – St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy in a moderated conversation before the Economic Club of Minnesota.

·       Tuesday, May 20, 5:00 p.m. – Federal Reserve Board Governor Adriana Kugler gives the commencement address at the Spring 2025 Berkeley Economics Commencement Ceremony (virtually).

·       Wednesday, May 22, 11:00 a.m. Central Time – Richmond Federal Reserve Bank President Thomas Barkin participates in a “Fed Listens" event as part of the “Elevating What Works" 2025 Investing in Rural America Conference hosted by the Federal Reserve Bank of Richmond.

·       Wednesday, May 22, 1:00 p.m. Central Time – New York Federal Reserve Bank President John Williams gives keynote before Monetary Policy Implementation Workshop: “Unwinding Large Central Bank Balance Sheets" hosted by the Federal Reserve Bank of New York.

·       Friday, May 23, 12:00 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech on financial stability at the 7th Annual Women in Macro Conference, cosponsored by New York University's Graduate School of Arts and Science, New York University's Stern School of Business, and the University of Chicago's Becker Friedman Institute (Virtual).

·       Sunday, May 25, 2:40 p.m. – Federal Reserve Board Chair Jay Powell gives the commencement address at Princeton University.

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.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Monday, May 19, 8:30 a.m. - The SEC Speaks in 2025 Conference is being held in Washington, D.C.  SEC Chair Paul Atkins will be speaking, as will SEC Commissioners Mark Uyeda, Hester Pierce, and Caroline Crenshaw.

·       Tuesday, May 20, 10:00 a.m. – SEC Chair Paul Atkins will testify before the House Appropriations Committee.  The topic of the hearing is “Oversight Hearing of the U.S. Securities and Exchange Commission.”

·       Wednesday, May 22, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       Tuesday, May 20, 2:30 p.m. – The FDIC Board will hold an Open Session to discuss the Deposit Insurance Fund Restoration Plan Semiannual Update and vote on Rescission of the 2024 FDIC Statement of Policy on Bank Merger Transactions and Reinstatement of Prior FDIC Statement of Policy.

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

·       Thursday, May 22, 10:00 a.m. – The NCUA’s Board will meet. The agenda includes a briefing of the Board on the Share Insurance Fund Quarterly Report and a board briefing on the NCUA’s Voluntary Separation Programs (Note: This was on the agenda for the since-canceled April Board meeting; an updated version of the VSP briefing will now occur.  Also note: Currently, the NCUA board consists solely of Chairman Kyle Hauptman. There are no other board members.)

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

·       Monday – Tuesday, May 19 – 20 – The National Association of Insurance and Financial Advisors (NAIFA) holds its Congressional Conference in Washington, D.C.

Think Tanks and Other Events

·       There are no significant events scheduled at this time.

Recommended Reading

• Banking Analytics: Understanding the Composition of Bank Loan Portfolios   Federal Reserve Bank of St. Louis

  In the fourth quarter of 2024, commercial real estate loans represented a quarter of U.S. banks’ loan portfolios. What other types of loans did these institutions hold?

• Banks Thrill to Potential Softening of Post-Crisis Capital Requirements   The Daily Upside*

  The Financial Times, citing multiple sources, reported last week that the US is poised to slash capital requirements imposed on banks in the wake of the 2008 crash. The banking industry, unsurprisingly, was already quite optimistic about a potential change.

• Household Debt and Credit Report ()Q1 2025)   Federal Reserve Bank of New York Center for Microeconomic Data

  Total household debt increased by $167 billion to reach $18.20 trillion in the first quarter, according to the latest Quarterly Report on Household Debt and Credit. Credit card balances fell by $29 billion from the previous quarter to stand at $1.18 trillion; auto loan balances declined by $13 billion to $1.64 trillion, marking only the second time balances have fallen from a prior quarter since 2011. Student loan balances grew by $16 billion to reach $1.63 trillion, and the data show a large uptick in the rate at which balances went from current to delinquent, due to the resumption of reporting student loans on credit reports after a nearly five-year pause. Mortgage balances increased by $199 billion to reach $12.80 trillion and HELOC balances rose by $6 billion to $402 billion. Aggregate delinquency rates rose from the previous quarter, with 4.3 percent of outstanding debt in some stage of delinquency. Transition into serious delinquency remained stable for auto loans, credit cards, and other debt.

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

Congress Returns to Work, HFSC Focuses on the Power of Proxy Advisors, Atkins Sworn in as SEC Chair, OCC Agenda Detailed, and Fed Releases Financial Stability Report

April 28 - May 2, 2025

Washington has just finished a frenetic World Bank/IMF Spring meeting week, but won’t be slowing down in the coming week.  Congress returns to work after a two-week break and will hunker down and focus on hammering out the massive Reconciliation package.  Achieving a successful outcome will not be easy or soon, as House and Senate Republicans continue to battle over basic elements of the tax portion of the bill. We also anticipate new battles emerging as members of Congress seek to restore budget cuts imposed by DOGE. 

It appears the House Financial Services Committee (HFSC) intends to help with the budget-cut effort by taking funding from the Consumer Financial Protection Bureau (CFPB) while also eliminating the Public Company Accounting Oversight Board (PCAOB), folding its work back into the Securities and Exchange Commission.  Of note, all collected fines, aside from money paid to direct victims, will be sent to the Treasury, helping to reduce the deficit.  The HFSC will mark up legislation on Wednesday to make all this happen and is expected to pass on a strict party-line vote.

Over in the Senate, we will likely get clarity this week as to when Comptroller of the Currency nominee Jonathan Gould will get his final Senate confirmation vote and when the Senate Banking Committee will vote on the confirmation of Fed Governor Michelle Bowman as Vice Chair for Supervision.

In advance of Gould’s final vote, Acting Comptroller Rodney Hood will be giving a talk on the OCC’s work and agenda on fintech, debanking, and the agency’s overall regulatory priorities at a conference this week. 

Credit union regulation gets a lot of attention this week.  Former National Credit Union Administration (NCUA) board members Todd Harper (who was NCUA Chair under President Biden) and Tanya Otsuka announced they have filed suit against President Trump for firing them earlier this month.  Harper will be speaking at the Brookings Institution on Thursday about the future of credit union regulation and what he thinks is going to happen at the NCUA. 

Looking back at the last week, Paul Atkins was sworn in as the Securities and Exchange Commission’s 34th Chairman.  And, as the always excellent Capitol Account pointed out, he was immediately flooded with letters and memos from a host of financial trade groups pleading for regulatory relief and/or offering the new chair advice on all the things he should do (and not do).   As Capital Account pointed out, among the many issues raised ranged from enforcement to e-delivery, to corporate governance to all things crypto (side note: Capitol Account is the best daily report on what’s going on with regard to financial services and well worth the subscription.  It’s a true must-read).

Finally, we would note that the Federal Reserve released its semi-annual Financial Stability Report last week. You can find the report HERE.  Among the rising risks to overall financial stability cited by the Fed include global trade uncertainty and continued worry about the sustainability of US debt, including a significant rise in concern over the functioning of US Treasury markets. The report also raised concerns over hedge fund leverage, noting that the largest funds are now at historic highs.

Below is all we see happening in the coming week.  Please let us know if you have any questions.

U.S. Congressional Hearings 

U.S. Senate

·       Thursday, May 1, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Examining Insurance Markets and the Role of Mitigation Policies.”

House of Representatives

·       Tuesday, April 29, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Capital Markets will hold a hearing entitled “Regulatory Overreach: The Price Tag on American Prosperity.”

·       Tuesday, April 29, 2:00 p.m. – The House Financial Services Committee will hold a hearing entitled “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets.”

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

·       There are no significant events or speeches scheduled at this time.

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.

Department of Housing and Urban Development

·       There are no significant events scheduled at this time.

Small Business Administration

·       There are no significant events scheduled at this time.

Securities and Exchange Commission

·       Thursday, May 1, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

·       There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

·       There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

· Thursday, May 1, 9:30 a.m. – The Acting Comptroller of the Currency, Rodney Hood, will discuss the OCC’s work addressing debanking, promoting bank-fintech partnerships, and supporting financial inclusion in a Q&A at the 2025 Innovative Payments Conference in Washington, D.C.

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, April 30 – Friday, May 2 – The Investment Company Institute holds its annual Leadership Summit in Washington, D.C.

Think Tanks and Other Events

·       Tuesday, April 29, 2:00 a.m. – The Bipartisan Policy Center holds a virtual discussion, beginning at 2 p.m., on "Stuck in Place: How Housing Policies Shape Mobility and Economic Opportunity."

·       Thursday, May 1, 9:30 a.m. –Reuters NEXT Newsmakers talks virtually with Charles Schwab CEO Rick Wurster Reuters on "the economic outlook, the proliferation of retail trading and Schwab's growth plans in Texas, exchange-traded funds and cryptocurrencies.”

·       Thursday, May 1, 9:00 a.m. – 5:00 pm. – The American Conference Institute holds a conference on "Economic Sanctions Enforcement and Compliance."

·       Thursday, May 1, 11:00 a.m. – The Brookings Institution will hold an event entitled “Credit union regulation at a crossroads: A conversation with former NCUA Board Member Todd M. Harper”

Please let us know if you have any questions or would like to be added to our email distribution list.

U.S. Financial Regulatory Week Ahead

The Senate Confirms Atkins as SEC Chair, Fed Governor Bowman Breezes Through Her Supervisory Confirmation Hearing, and Washington Goes Quiet in Advance of Easter

April 14 - 18, 2025

The Masters golf tournament was this weekend (what a thrilling ending!), and Congress has fled Washington for a two-week recess — all the signs that Easter is almost here and spring has truly arrived.

After an action-packed 100 days in session, Congress left town Friday for a two-week Easter recess. They will be back the week of April 28th.   Looking at the regulatory agenda and events for the coming week, there is not much happening.  Acting Comptroller of the Currency Rodney Hood will be speaking at the Exchequer Club this week and there are several Federal Reserve Governors speaking this week, most notably Fed Chair Jay Powell speaking at the Economic Club of Chicago on Wednesday.

Looking at what happened last week, the Senate confirmed Paul Atkins to be Chairman of the Securities and Exchange Commission.  Jonathan Gould, the Comptroller of the Currency nominee, almost got his Senate vote but an elongated vote on the new Chairman of the Joint Chiefs of Staff, Dan “Razin” Caine, bumped Gould’s nomination until the last week of April.

Also last week, Federal Reserve Board Governor Michelle Bowman had her confirmation hearing before the Senate Banking Committee.  Despite tough questions from Democrats on her views of regulation overall, Bowman breezed through her hearing, impressing members with her knowledge and confidence.  Of note, Bowman told the committee she intends to bring a cost-benefit analysis to new banking rules and that regulators should be aligned in their goals for regulating the financial system.

Meanwhile, DOGE arrived at the Federal Deposit Insurance Corporation to review the agency's budget and efficiency. Reports suggest the FDIC is considering reducing staff by as much as 20%.

Finally, we note that Treasury Secretary Scott Bessent spoke of his intention to bring sweeping changes to bank oversight. He made clear he supports smaller capital requirements and a lighter-touch regulatory approach.

Below  is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings

U.S. Senate

• The Senate is in recess until April 28.

House of Representatives

• The House of Representatives is in recess until April 28.

Federal Department/Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• Monday, April 14, 1:00 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the Economic Outlook with Chris Waller Event, hosted by the Chartered Financial Analyst (CFA) Society of St. Louis, St. Louis, Missouri.

• Tuesday, April 15, 7:10 p.m. – Federal Reserve Board Governor Lisa D. Cook gives remarks at the acceptance of the 2025 Distinguished Alumna Award at the Cal Alumni Club of Washington, D.C. Annual Reception, Washington, D.C.

• Wednesday, April 16, 1:30 p.m. (Chicago) – Federal Reserve Board Chair Jerome H. Powell gives a speech on the economic outlook at the Economic Club of Chicago, Chicago, Illinois.

• Thursday, April 17, 11:45 a.m.—Federal Reserve Board Michael S. Barr will give a speech on Cybersecurity in the Banking System at the Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs 2025 State-of-the-Field Conference on Cyber Risk to Financial Stability, New York, New York.

• Friday, April 18, 8:00 a.m. – Federal Reserve Bank of San Francisco President Mary C. Daly will participate in a conversation at the University of California Berkeley Fisher Center for Real Estate & Urban Economics.

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.

Department of Housing and Urban Development

• There are no significant events scheduled at this time.

Securities and Exchange Commission

• There are no significant events scheduled at this time.

Commodities Futures Trading Commission

• There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

• There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

• Wednesday, April 16, 12:00 p.m. – Acting Comptroller of the Currency Rodney Hood will speak at the Exchequer Club in Washington, D.C.

The Consumer Financial Protection Bureau

• There are no significant events scheduled at this time.

National Credit Union Administration

• Thursday, April 17, 10:00 a.m. – The NCUA Board will meet.  The agenda of issues being considered includes a board briefing on the Interagency Rule, Temporary Exceptions to Financial Institution Reform, Recovery, and Enforcement Act Appraisal Requirements in Areas Affected by California Wildfires and Straight-Line Winds.  They will also be briefed on the NCUA’s Voluntary Separation Programs.

FINRA

• There are no significant events scheduled at this time.

Federal Housing Finance Agency

• 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.

Small Business Administration

• 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

• Monday & Tuesday April 14 – 15 – The American Bankers Association and the National Bankers Association hold the MDI Partnership Summit in Washington, D.C.

• Tuesday, April 15, 1:00 p.m. – SIFMA will offer a member briefing updating them on policy issues of interest and concern in Washington.

Think Tanks and Other Events

• There are no significant events scheduled at this time.

U.S. Financial Regulatory Week Ahead

Bessent’s Regulatory Pillar, Senate Banking Wants to Re-Write Bank Reputational Risk Guidance, the FDIC Revamps Merger Guidelines, and Trump Says He Will Name a New Fed Vice Chair for Supervision

Major changes to the financial regulatory world continue apace in Washington, and two events this past week stood out.  First, Treasury Secretary Scott Bessent gave his first major speech laying out his “Three Pillars of the American First Economic Agenda.” Speaking at the New York Economic Club, Bessent said the first pillar would be overhauling financial oversight, making the case that “regulatory overreach of the past few years in pursuit of political agendas has missed material risk, stymied growth, and squashed innovation.

The Federal Deposit Insurance Corporation (FDIC) was the second significant change as the FDIC’s board of directors voted to roll back the Biden Administration’s proposed bank merger guidelines.  It was the first major financial deregulatory move of the Trump Administration.  The FDIC also withdrew from pending regulations on brokered deposits, corporate governance, and asset manager’s ownership stakes in banks.

In Congress, Republicans on the Senate Banking Committee (all 13 of them) signed on to legislation offered by Banking Committee Chair Tim Scott (R-SC) aimed at forcing federal banking regulators from using reputational risk as a component of supervision.  The point of the legislation, called the Financial Integrity and Regulation Management Act (FIRM Act), is to combat debanking.  The legislation was hailed by state bank regulators and the crypto industry, which has accused the FDIC and other bank regulators of discouraging banks from offering crypto services.  You can read a summary of the bill HERE.

Crypto had a big week last week with President Trump signing an Executive Order creating a Strategic Bitcoin Reserve.  The President followed this up with a first-of-its-kind White House Crypto Summit, bringing together crypto industry leaders.   

 This came as the House Financial Services Committee (HFSC) voted to overturn a Consumer Financial Protection Bureau (CFPB) rule subjecting nonbanks with digital payment platforms to greater scrutiny.   

The HFSC also voted to overturn CFPB rules restricting overdraft fees, something banks have strongly lobbied in favor of repealing.  Both overturned CFPB rules are likely to be passed by the full House but passage in the Senate is far from assured.

While all this was going on, Senate Banking Committee Chair Scott and House Financial Services Committee Chair French Hill (R-AK) sent President Trump a letter urging the President to move quickly in naming a new Federal Reserve Vice Chair for Supervision.  Late Sunday, President Trump said he plans to make an announcement naming a new Vice Chair “fairly soon.”

We would also note — as we get many questions from clients — that we still do not know when SEC Chair-nominee Paul Atkins and Comptroller of the Currency-nominee Jonathan Gould will have their Senate confirmation hearings. The answer is we do not know as nothing has yet been scheduled, although we have heard rumors they may happen in the next two weeks.

Looking at the week ahead, the HFSC is holding a hearing on digital payments and the federal framework for payment stablecoins while the Senate Banking Committee is holding a hearing on affordable housing.  There will also be a raft of SEC and CFTC speeches this week as the futures industry holds its big annual conference in Boca Raton, Florida.  

And the Brookings Institution is holding an interesting event looking at how the State of New York regulates the financial sector.  Below is the full list of major events we are keeping our eyes on this week:

U.S. Congressional Hearings 

U.S. Senate

• Tuesday, March 11, 2:30 p.m. – The Senate Agriculture Committee holds a hearing entitled “Perspectives from the Field: Risk Management, Credit, and Rural Business Views on the Agricultural Economy Part 3”

• Wednesday, March 12, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Housing Roadblocks: paving a New Way to Address Affordability.”

House of Representatives

• Tuesday, March 11, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled  Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

• There are no public events scheduled for Fed Governors this week. They are in their Blackout Period in advance of the March 19th Federal Open Markets Committee meeting.

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.

Department of Housing and Urban Development

• There are no significant events scheduled at this time.

Securities and Exchange Commission

• Monday, March 10, 1:30 p.m. – Acting SEC Chair Mark Uyeda will deliver remarks at the Institute of International Bankers 2025 Annual Washington Conference in Washington, DC.

·       Tuesday, March 11, 4:35 p.m. – SEC Commissioner Hester Peirce and CFTC Commissioner Summer K. Mersinger will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York

• Thursday, March 13, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

• Tuesday, March 11, 9:50 a.m. – CFTC Commissioner Kristin N. Johnson will speak on a panel titled “The Changing Face of Clearing” at FIA Boca50 in Boca Raton, Florida.

• Tuesday, March 11, 11:10 a.m. – CFTC Acting Chairman Caroline D. Pham will deliver a keynote address at the International Futures Industry Conference, FIA BOCA50 in Boca Raton, Florida.

• Tuesday, March 11, 11:25 a.m. – CFTC Commissioner Christy Goldsmith Romero will speak on an international regulator panel at the International Futures Industry Conference 2025 in Boca Raton, Florida.

• Tuesday, March 11, 4:35 p.m. – CFTC Commissioner Summer K. Mersinger and SEC Commissioner Hester M. Peirce will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York.

Federal Deposit Insurance Corporation

• Monday, March 10, 10:00 a.m. – Acting FDIC Chair Travis Hill will speak at the Institute for International Bankers 2025 Washington Conference.

Office of the Comptroller of the Currency

• Monday, March 10, 2:00 p.m. – Acting Comptroller of the Currency Rodney Hood speaks on bank supervision at the Institute for International Bankers 2025 Annual Washington Conference.

The Consumer Financial Protection Bureau

• There are no significant events scheduled at this time.

National Credit Union Administration

• There are no significant events scheduled at this time.

FINRA

• There are no significant events scheduled at this time.

Federal Housing Finance Agency

• 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

• Thursday, March 13, 10:00 a.m. – The FCA Board meets.

Farm Credit Insurance Corporation

• Wednesday, March 12, 10:00 a.m. – The FCIA Board meets.  The agenda includes payment from Allocated Insurance Reserve Accounts, a policy statement concerning contracting, the Report on Biennial Liquidity Assistance Exercise, the Annual Report on Contracts, and the Annual Report on Whistleblower Activity.

Small Business Administration

• 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 Events

Trade Associations

• March 9 – 12 – the Futures Industry Association holds their Boca50 Conference in Boca Raton, Florida.

• March 10 – 11 – The Institute for International Bankers holds its 2025 Annual Washington Conference.

• March 11 – The Alternative Investment Management Association (AIMA) holds its Global & Regulatory Forum 2025 in New York.

Think Tanks and Other Events

• Tuesday, March 11, 11:00 a.m. – The Brookings Institution will hold a hybrid event entitled “How New York is regulating financial services.”  New York Superintendent of Financial Services Adriene Harris will participate in a fireside chat.

• Thursday, March 13, 9:00 a.m. – The Peterson Institute for International Economics holds a webcast entitled “The role of capital markets in emerging-market growth.”

Recommended Reads

• Why Italy is attracting so many bank merger proposals     OMFIF

• Large Bank Capital: There is More to Inflation Than the Price of Goods and Services  Financial Services Forum

• The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market   Federal Reserve Bank of Boston