UPDATED/THIS WEEK: FOMC rate hike possible, BCFP councils meet, Powell talks economy

The coming week brings a mix of developments related to federal banking regulation and policy, including another potential rate hike from the Fed, consumer bureau advisory council meetings (the first held since the panels were reformed), remarks on the economy by the Fed chairman, and more. A few bills are also up for House action.

Here are details:

Tuesday

  • The Mutual Savings Association Advisory Committee (MSAAC), which advises the Office of the Comptroller of the Currency (OCC) on industry issues, is scheduled to hold an open meeting at OCC headquarters. The purpose of the meeting is to advise the OCC on regulatory or other changes the agency may make to ensure the health and viability of mutual savings associations.

Wednesday

  • The Federal Open Market Committee (FOMC) is due to to release its policy statement, including its decision on interest rates, at 2 p.m. ET after a two-day meeting (which begins Tuesday); Federal Reserve Board Gov. Jerome (“Jay”) Powell will also hold a press conference. The Fed has raised the federal funds rate target range twice this year, most recently upping it to a range of 1.75% to 2% during its July meeting; reports indicate a third increase is likely this week. The FOMC will also release a Summary of Economic Projections.

Thursday

  • Fed Chairman Powell will give brief remarks (scheduled at 4:30 p.m. ET) on the U.S. economy before “Senator Reed’s Rhode Island Business Leaders Day” in Washington.
  • Three councils that advise the Bureau of Consumer Financial Protection (BCFP, formerly known as CFPB) are scheduled to meet in public session at bureau headquarters in Washington. These meetings of the Consumer Advisory Board (CAB)Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC) are scheduled to begin at 9:30 a.m. ET and conclude at 4 p.m. Beginning at 1:30 p.m., proceedings will be streamed live and will include remarks by bureau Acting Director John (“Mick”) Mulvaney; and discussion of “Credit Invisibles and Alternative Data: Opportunities to Improve Credit Profiles” and “Utilizing Technology to Prevent and Respond to Elder Financial Abuse.”

UPDATED: Wednesday – Friday

  • Several financial industry bills are up for House action under a suspension of the rules, a procedure typically reserved for bills considered to be noncontroversial. These include the the Financial Technology Protection Act (H.R. 5036), reported out by the House Financial Services Committee in July. Also up are the Federal Reserve Supervision Testimony Clarification Act (H.R. 4753), the Empowering Financial Institutions to Fight Human Trafficking Act of 2018 (H.R. 6729), the Protect Affordable Mortgages for Veterans Act of 2018 (H.R. 6737), and Banking Transparency for Sanctioned Persons Act of 2018 (H.R. 6751) – all marked up and reported out Sept. 14.

The 7(a) Real Estate Appraisal Harmonization Act (H.R. 6347), which would conform the Small Business Administration’s appraisal thresholds with those of federal banking regulators, could be voted on as early as Tuesday.

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