Regulators speak up on key subjects during a busy – and video-filled – week

October 5, 2018 FDIC, NCUA, OCC, The Fed 0

Regulators were on stage this past week, discussing initiatives, implementation of the new regulatory relief law, their roles and what they wanted from Congress – among other things – in different venues, but all on video.

For example: Federal Reserve Board Chairman Jerome H. (Jay) Powell appeared at a Wednesday session at The Atlantic Festival, a conference sponsored by The Atlantic magazine and the Aspen Institute, in Washington, D.C., to engage in a dialogue with PBS NewsHour Anchor Judy Woodruff, primarily on the economy. However, during the course of the event, Powell spoke out about the importance of the independence of the Federal Reserve – especially in light of recent criticisms of the Fed from President Donald Trump about the Fed’s actions on interest rates.

Other developments during week included:

  • Fed Board Gov. Lael Brainard told the Fed Payments Improvement Community Forum in Chicago that the central banks released a comment call Wednesday to seek public input on potential steps the Fed could take to support the vision of real-time gross settlement (RTGS) system of faster payments.
  • Federal Deposit Insurance Corp. (FDIC) Chairman Jelena McWilliams unveiled an initiative focusing on promoting consistency across business areas and fostering a deeper culture of openness in the “Trust through Transparency” campaign, during a speech in St. Louis.
  • Federal Reserve Board Vice Chairman Randal Quarles told the same audience in St. Louis that the independence of central banks worldwide (including the Fed) depended upon them being transparent with regard to their actions.
  • National Credit Union Administration (NCUA) Board Chairman J. Mark McWatters – in testimony before the Senate on the new regulatory relief law, the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA, S. 2155) – outlined two needs for his agency from Congress: expansion of credit union membership laws, and ability to examine third-party vendors for credit unions.
  • Comptroller of the Currency Joseph Otting, at the same hearing, provided insights into his agency’s dealings with Well Fargo bank.

For more, see the video of these and other comments made throughout the week.