Confirmation of a nominee to the Federal Reserve Board of Governors, congressional testimony (on both sides of the Capitol) by an incumbent member of the same board, and a meeting of the federal credit union regulator’s board to consider that agency’s budget for the next two years are all on the agenda for the balance of the holiday-shortened week.
Wednesday, the Senate is expected to start the process for opening debate (and ultimately holding a vote) on the nomination of Michelle (“Miki”) Bowman to be a member of the Federal Reserve Board. The consideration of Bowman’s nomination has been on the Senate’s calendar since it went on its pre-election recess in the middle of last month.
Bowman – now the Kansas State Bank Commissioner – was nominated April 16 by President Donald Trump to a fill the remainder of a 14-year term that ends in 2020. She has been nominated as the Fed Board’s community bank representative, and will also represent the Fed’s Region 8 (St. Louis, Mo.). She is from a community banking family and is herself a former banker.
In testimony on her nomination before the Senate Banking Committee May 15, Bowman acknowledged weaknesses of the financial system revealed during the financial crisis but also said the regulatory environment since then has “disadvantaged” community banks. She was recommended for confirmation by the committee June 12 on an 18-7 vote.
Also this week:
Wednesday: Federal Reserve Vice Chairman for Supervision Randal Quarles testifies before the House Financial Services Committee at 10 a.m. to provide the agency’s semiannual testimony about its supervision and regulation of depository institution holding companies and other firms the Fed supervises. (He repeats the testimony Thursday before the Senate Banking Committee has scheduled a similar hearing the following day, also at 10 a.m.) On Friday, the Fed released its inaugural Supervision and Regulation Report, which gives the Fed’s perspective on regulatory policies implemented over the past decade to strengthen the system and the Fed’s effort now to calibrate those measures to make regulation more efficient and less burdensome. The report was released in conjunction with Quarles’ testimony.
Thursday: In addition to the Quarles testimony before Senate Banking, two other events are set for this day:
- The National Credit Union Administration (NCUA) Board meets to consider its 2019 and 2020 budgets and, along with that, how much in fees federally chartered credit unions will pay annually to help fund the agency. The agency has proposed budgets of $334.8 million in 2019 and $343.9 million in 2020, increases of 4.3% in and 2.7%, respectively. In other business, the credit union regulator board will also consider a proposed rule on fidelity bonds in an effort to modernize its regulation on fidelity bond coverage for federal credit unions. The board’s meeting is scheduled to get underway at 10 a.m.
- The ombudsman for the Bureau of Consumer Financial Protection (BCFP, formerly known as the CFPB) is due to provide that office’s annual report to Acting Director John (“Mick”) Mulvaney. The report is mandated under the ombudsman office’s charter, according to BCFP.