Lots to watch for in Washington this week, with the House of Representatives taking up credit card reform and some members of the Senate urging a look at the Federal Deposit Insurance Corp.´s borrowing authority, as well as possible movement on mortgage cramdown legislation.
FDIC Chairman Sheila Bair will speak at Economic Club of New York at 12:15pm. She will then accept an award as one of two Women of the Year by the Financial Women´s Association at the 25th anniversary Women of the Year Awards at the Grand Hyatt New York. The dinner begins at 5:45 pm.
The House Financial Services Committee will vote today on a mortgage reform bill. Elsewhere, the Federal Open Markets Committee will begin its meeting, and the Supreme Court will hear a case on federal preemption in bank regulation, Cuomo v. Clearing House Association. See Monday´s American Banker for a full preview.
Today is also the deadline for banks to contest their stress test results. So if you work for one of the top 19 banks in the country and your boss is a little cranky, don´t take it personally.
And the Mortgage Bankers Association is kicking off its two-day "Government Housing and Loan Production Conference." Speakers today include Assistant Housing Secretary Brian Montgomery and Ginnie Mae CEO John Murin between 9am and 10am.
The FOMC statement is due out at 2:15pm. Its most important characteristic will be the Fed´s wording on the economic outlook.
The MBA will host the second day of its housing conference. It will only last until 12:30pm. The MBA will simultaneously be holding closed meetings connected with its 2009 "National Policy Conference."
Elsewhere, FDIC Vice Chairman Martin Gruenberg will speak at the Women in Housing and Finance Policy Luncheon. His speech will be on the role of deposit insurance during the crisis. The lunch is scheduled to begin at noon at the offices of K&L Gates LLP in Washington.