NEXT WEEK: Nominations, CRA, ‘customer due diligence’ among items on tap

Hearings, meetings and a Federal Reserve Board member’s speech are among the events on tap for the federal financial institution regulators’ public calendar next week, on subjects ranging from “customer due diligence” to Community Reinvestment Act (CRA) modernization. Here’s a rundown of what’s coming up next week:

Tuesday, May 15:The Senate Banking Committee considers the nominations (beginning at 10 a.m.) of Richard Clarida to be vice chairman of the Federal Reserve Board and Michelle “Miki” Bowman to be a board member. Clarida is nominated to a four-year term as vice chairman and as a governor representing Region 1 (Boston, Mass); he would succeed Stanley Fischer as vice chairman (he resigned from the board last October) and complete the unexpired board term of Daniel Tarullo (who left the Fed last April). He’s an economics professor at Columbia University and has previously served in the Reagan administration and, among other things, is a strategic advisor for PIMCO. Bowman is nominated as the Fed Board’s community bank representative for Region 8 (St. Louis, Mo.); she would complete Fischer’s unexpired board term. Bowman is currently serving as Kansas State Bank Commissioner, reportedly the first woman appointed to that post (and to the state Senate). A former banker, she has also served previously on Capitol Hill, at the Federal Emergency Management Agency and Department of Homeland Security.

Also on Tuesday, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency (OCC), and Federal Reserve host an interagency conference (from 1 to 2 p.m. ET) for bankers to address certain proposed changes to their capital rules in anticipation of the current expected credit loss (CECL) accounting standard implementation.

Wednesday, May 16: The terrorism and illicit finance subcommittee of the House Financial Services Committee holds a hearing (at 2 p.m.) about implementation of the Financial Crimes Enforcement Network’s (FinCEN) “customer due diligence” rule, which took effect (for compliance) May 11. As of Friday, no witnesses had yet been named for the hearing.

Thursday, May 17: The Credit Union Advisory Council (CUAC) of the Bureau of Consumer Financial Protection (BCFP, formerly known as the CFPB) begins meeting at 9 a.m. to discuss the Home Mortgage Disclosure Act (HMDA) and several of the bureau’s requests for information (RFI) related to the “call for evidence” initiative by Acting Director Mick Mulvaney. Also during the meeting, the CUAC Card, Payment, and Deposits Markets, Consumer Lending, and Mortgages and Small Business Lending Markets subcommittees will meet.

Also that day (and also related to credit unions) the National Credit Union Administration (NCUA) will release the agenda for its regular monthly meeting the following week (on May 24) in Alexandria, Va.

Friday, May 18: Federal Reserve Board Gov. Lael Brainard delivers a speech (beginning at 9:15 a.m.) on “Community Reinvestment Act (CRA) Modernization,” at the Association for Neighborhood and Housing Development’s 8th Annual Community Development Conference, in New York City.

(See the Calendar for more details)

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