NEXT WEEK: More FI bills in mark-up; payments to credit unions; hearing for OFR nominee

The coming week brings a number of important developments for the financial industry, including a House committee mark-up of seven financial industry bills, payments to credit unions from the federal share insurance fund and, among other things, a nomination hearing for the president’s pick to head Treasury’s Office of Financial Research.

Next week, more than 5,000 credit unions across the country will begin receiving payments from the National Credit Union Share Insurance Fund (NCUSIF) totaling $735.7 million. The payments are from funds left over from the now-closed Temporary Corporate Credit Union Stabilization Fund, part of a program created to resolve “corporate” credit unions that failed as a result of the 2008-09 financial crisis. The payments represent the pro rata distribution to federally insured credit unions that filed a quarterly call report (Form 5300) with the National Credit Union Administration (NCUA) in 2017.

See more of the coming week’s activities below.

Monday, July 23

  • The Federal Reserve Board holds a closed meeting at 3 p.m. ET for “Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.”

Tuesday, July 24

  • A hearing on the nomination of economist Dino Falaschetti to be director of the Treasury Office of Financial Research (OFR) will be held at 10 a.m. ET by the Senate Banking Committee. The OFR “helps to promote financial stability by looking across the financial system to measure and analyze risks, perform essential research, and collect and standardize financial data.” Falaschetti was nominated by President Donald Trump June 20 to a six-year term as OFR director, succeeding Richard B. Berner. Falaschetti has served as chief economist for the House Financial Services Committee since 2015. He has also served as a senior research fellow for the Mercatus Center at George Mason University in Fairfax, Va., and as a consultant and educator. Falaschetti will be one of a four-person panel of nominees in Tuesday’s hearing.
  • The Federal Reserve Board meets in closed session at 10 a.m. ET; the agenda lists a “Periodic Supervisory Update.”
  • The House Financial Services Committee begins a mark-up at 10 a.m. ET of seven pieces of legislation affecting the financial industry. Among them are the “Mortgage Fairness Act (H.R. 2570), introduced by Rep. Bill Posey (R-Fla.), to amend the Truth in Lending Act (TILA) to revise the definition of “points and fees” for a high-cost mortgage; the Bank Service Company Examination Act (H.R. 3626), introduced by Rep. Roger Williams (R-Texas), to amend the Bank Service Company Act to allow the sharing of supervisory information with state banking or supervisory agencies and coordination of activities; and the Financial Technology Protection Act (H.R. 5036), introduced by Reps. Ted Budd (R-N.C.) and Stephen Lynch (D-Mass.), to establish an “Independent Financial Technology Task Force,” which would aim to improve coordination between private and public sectors to research and develop legislative and regulatory proposals to decrease terrorist and illicit use of new financial technologies, including digital currencies.
  • The Office of the Comptroller of the Currency (OCC) will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC). The meeting is scheduled to begin at 1 p.m. ET at OCC headquarters.

Wednesday, July 25

  • Comptroller of the Currency Joseph Otting and Federal Deposit Insurance Corp. (FDIC) Chairman Jelena McWilliams give opening remarks at the OCC/FDIC 2018 Joint Mutual Forum at Constitution Center Auditorium – OCC Headquarters, 400 7th Street, S.W., Washington, D.C., on Wednesday, July 25. The forum is scheduled from 7:30 a.m. ET to 4 p.m. ET.

Thursday, July 26

  • The Financial Research Advisory Committee holds an open meeting at 1 p.m. ET. The committee advises the Treasury Office of Financial Research, and this will be its 12th meeting on Thursday, July 26, beginning at 1 p.m. ET (revised from 11 a.m.). The meeting will be held in the Benjamin Strong Room of the Federal Reserve Bank of New York.