WEEK AHEAD: FDIC Board action on NSFR; Fed’s CRA proposal to publish; Powell talks cross-border payments; Quarles speaks on FSB agenda; more

The schedule for Washington next week shows final action ahead at the Federal Deposit Insurance Corp. (FDIC) on the net stable funding ratio (NSFR), participation by Federal Reserve Board Chair Jerome H. (“Jay”) Powell in a panel on cross-border payments and digital currencies, and, among other things, a speech from Fed Vice Chair for Supervision Randal Quarles on the agenda of the international Financial Stability Board (FSB) – which on Friday unveiled its global “transition roadmap” on the London Interbank Offered Rate (LIBOR).

Monday

  • Fed Chair Powell participates in an 8 a.m. panel at the International Monetary Fund Annual Meeting on cross-border payments and digital currencies. The panel will be webcast. (Watch live)
  • At 11:45 a.m. ET, Fed Vice Chair Richard Clarida will give a speech, “U.S. Economic Outlook and Monetary Policy,” during the American Bankers Association Convention, held virtually.
  • The Fed’s contemplated revisions to rules implementing the anti-redlining Community Reinvestment Act (CRA) is slated for publication in the Federal Register with a 120-day public comment period. In publishing the 173-page advance notice of proposed rulemaking (ANPR) regarding “modernizing” rules under the CRA, the Federal Reserve said it is seeking comment on “all aspects of the ANPR from all interested parties.” (See related story.)
  • Comments are due to the National Credit Union Administration (NCUA) on a proposed rule that would, among other things, provide for a delay of day-one adverse effects on credit unions’ regulatory capital of the current expected credit losses (CECL) accounting standard. (Banking regulators recently finalized a similar rule.)

Tuesday

  • The FDIC Board meets at 10 a.m. to take up action on a final rule on the net stable funding ratio (NSFR), liquidity risk measurement standards and disclosure requirements. Also slated are a final rule on regulatory capital treatment for investments in certain unsecured debt instruments of global systemically important U.S. bank holding companies, certain intermediate holding companies, and global systemically important foreign banking organizations, along with total-loss absorbing capacity requirements; and an interim final rule on applicability of annual independent audits and reporting requirements for fiscal years ending in 2021. The open meeting will be streamed live.
  • Fed Vice Chair for Supervision Randal Quarles will discuss the Financial Stability Board (FSB) agenda at the SIFMA Annual Meeting, held virtually. Quarles is scheduled to speak at 10:50 a.m. ET.

Wednesday

  • The National Credit Union Administration (NCUA) hosts a webinar, “Pathways to Consumer Financial Well-Being: The Importance of Financial Inclusion and Minority Depository Institutions,” from 2 – 3 p.m. ET. The webinar is aimed at “consumers, credit unions, and parties interested in working with credit unions to expand access to safe and affordable financial services in underserved communities,” the NCUA said (register).
  • Fed Gov. Lael Brainard is scheduled at 8:50 a.m. to give an economic and monetary policy outlook at “Post-COVID Policy Challenges for the Global Economy,“ an online conference hosted by the Society of Professional Economists. (Watch live)

Thursday

    • The FDIC Advisory Committee on Economic Inclusion will meet via webcast to discuss results of the 2019 Household Survey of the Underbanked, updates from committee members about key challenges facing their communities or organizations, and other various reports relating to the financial condition of and challenges facing households during the pandemic. The meeting is set to begin at 1 p.m. ET. (Watch live)

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