A confirmation vote for the leader of a federal financial institution regulator, a vote on “regulatory relief” legislation that will send it to the president to sign, and a report on first-quarter bank earnings highlight the week ahead. Here’s the week:
MONDAY, May 21:
The Senate begins the process of considering the the nomination of Jelena McWilliams to be the next chairman of the Federal Deposit Insurance Corp. (FDIC) Board, replacing Martin Gruenberg in the position. Expected to be confirmed, she will serve a five-year term as chairman. The Senate will also vote to confirm a six-year term for McWilliams as a member of the FDIC Board (filling the seat left open by former FDIC Vice Chairman Thomas Hoenig, who stepped down late last month). Gruenberg will continue as an FDIC Board member; his term runs until December.
Monday is also the deadline for comment letters on the Bureau of Consumer Financial Protection’s (BCFP, formerly the CFPB) comment period for its fourth “request for information,” this one on the agency’s supervision program. As of Friday, 13 comment letters had been received.
TUESDAY, May 22:
The House is expected to vote on S.2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” The Senate gave the bill thumbs up in March on a vote of 67-31. If approved by the House, the bill goes directly to President Donald Trump for his signature into law (who has said he would sign the bill). As passed by the Senate, the package would exempt more banks from the Volcker rule, ease certain mortgage rules, modify enhanced prudential regulation of financial institutions, and require credit reporting agencies to provide credit-freeze alerts (among other things). The House Rules Committee is scheduled to consider the bill Monday evening, and then send it to the House floor for consideration Tuesday.
Also Tuesday: The FDIC is scheduled to release first-quarter financial results – including earnings – for federally insured banks and savings associations. A briefing is scheduled to be hosted by outgoing FDIC Board Chairman Martin Gruenberg, the agency said, beginning at 10:30 a.m. The briefing will be held at agency headquarters (550 17th St., N.W. Washington, D.C.). In addition to reviewing the first-quarter results, the agency said, Gruenberg is also slated to field questions.
More for Tuesday: The BCFP Card, Payment, and Deposits Markets Subcommittee meets by teleconference from 3-4:30 p.m. (ET) to discuss a “call for evidence” request for information by the bureau as well as “lessons learned on designing financial products and features to meet the needs of specific targeted vulnerable populations.” The teleconference is open to the public but requires an RSVP by noon May 21 to receive dial-in information (RSVP via https://goo.gl/ojr1Yj; include “CAB Card, Payment, and Deposits Markets” in the subject line of the RSVP).
Even more for Tuesday: The House Financial Services Committee starts a markup of at least five pieces of legislation, including:
- H.R. 4439, the “Modernizing Credit Opportunities Act”
- H.R. 5735, the “Transitional Housing for Recovery in Viable Environments Demonstration Program Act”
- H.R. 5749, the “Options Markets Stability Act”
- H.R. 5793, the “Housing Choice Voucher Mobility Demonstration Act of 2018”
- H.R. 5841, the “Foreign Investment Risk Review Modernization Act of 2018”
H.R. 5841 includes a provision delaying the effective date of risk-based capital rules by the National Credit Union Administration (NCUA) for two years (until 2021).
WEDNESDAY, May 23:
The House capital markets, securities, and investmentsubcommittee (of the House Financial Services Committee) holds a hearing titled “Legislative Proposals to Help Fuel Capital and Growth on Main Street.” The hearing is scheduled to start at 10 a.m. in Room 2128 of the Rayburn HOB. The subcommittee has not yet released a witness list for committee memo for the hearing.
THURSDAY, May 24:
The NCUA Board meets in open session beginning at 10 a.m. to consider a notice of proposed rulemaking that could create new options for federally chartered credit unions offering “payday alternative loans” (PALs). The board will also consider a final rule on involuntary liquidations and claims procedures (expected to clarify the treatment of severance claims); and receive a quarterly report on the National Credit Union Share Insurance Fund, which insures member deposits in credit unions. A closed meeting, addressing a supervisory action, follows.
Also Thursday: The Community Bank Advisory Council of the BCFP meets beginning at 9 a.m. to discuss the Home Mortgage Disclosure Act (HMDA), the Electronic Fund Transfer Act (Regulation E), debt collection, mortgage origination, and several of the bureau’s RFIs related to the “call for evidence” initiative by Acting Director Mick Mulvaney.
FRIDAY, May 25:
Federal Reserve Board Chairman Jerome “Jay” Powell participates in a panel discussion on “Financial Stability and Central Bank Transparency” at the Sveriges Riksbank Conference in Stockholm, Sweden on “350 Years of Central Banking – The Past, The Present and The Future.” The event is scheduled to get underway at 9:20 a.m.