Financial system risk, the government’s fight against illicit financing, and low-income-designated credit unions’ ability to accept deposits from public units and nonmembers are the key topics showing up on federal regulators’ schedules for the week ahead.
Here’s what’s coming up:
Monday: Federal Reserve Board Chairman Jerome (“Jay”) Powell gives a speech, “Assessing Risks to Our Financial System,” at 7 p.m. ET before the Federal Reserve Bank of Atlanta’s 24th Annual Financial Markets Conference at Fernandina Beach, Fla. Powell’s speech will be streamed live.
Fed Gov. Richard Clarida also on Monday discusses the Fed’s review of its monetary policy strategy, the tools it uses to carry it out and how it communicates during a roundtable at the Federal Reserve Bank of New York. (This two-hour session, which was set to begin at 1:05 p.m. ET, is being streamed live for those who register.)
Tuesday: Testimony from the Financial Crimes Enforcement Network (FinCEN), the FBI and Office of the Comptroller of the Currency (OCC) is scheduled for a 10 a.m. (ET) hearing by the Senate Banking Committee. Titled “Combating Illicit Financing by Anonymous Shell Companies Through the Collection of Beneficial Ownership Information,” the hearing will include as witnesses FinCEN Director Kenneth A. Blanco, FBI Financial Crimes Section Chief Steven D’Antuono, and OCC Senior Deputy Comptroller for Bank Supervision Policy Grovetta Gardineer. The hearing will be streamed live.
Thursday: The National Credit Union Administration (NCUA) Board meets in open session at 10 a.m. ET (also streamed live) to address, among other things, a proposal based on an agency Regulatory Reform Task Force recommendation to increase the nonmember deposit limit from 20% to 50% through changes in rules on public units and nonmember deposits. (NCUA notes that only low-income-designated credit unions are permitted to accept nonmember deposits.) The meeting agenda also includes a quarterly report on the National Credit Union Share Insurance Fund (NCUSIF) and an update regarding the agency’s Office of Credit Union Resources and Expansion (CURE).