The Week Ahead—May 24, 2021
Good Monday! We have another busy week of housing and economic reports as we approach the Memorial Day weekend.
But first: The Path to Compliance is Here: Stay ahead of regulatory changes at the MBA Legal Issues and Regulatory Compliance Conference, May 25-26 via MBA LIVE. Hear timely updates on emerging regulatory priorities resulting from the change in administration, including the delay of the mandatory compliance date of the general qualified mortgage (QM) rule and the future of fair lending. Receive practical advice on navigating the pandemic’s impact on the mortgage market, and its resulting litigation trends and servicing changes. Join us for the key industry event for mortgage industry legal professionals.
There’s still time to register: click here.
On Tuesday, May 25, HUD/Census releases its April New Residential Sales report and the S&P CoreLogic Case-Shiller Home Prices Indexes come out. And on Thursday, May 27, the National Association of Realtors releases its monthly Pending Home Sales Index.
MBA releases its weekly Forbearance & Call Volume Survey (Monday, 4:00 p.m. ET) and its Weekly Mortgage Applications Survey (Wednesday, 7:00 a.m. ET).
Other economic reports of interest this week: The Conference Board’s Consumer Confidence Index (Tuesday, 10:00 a.m. ET); the second (revised) estimate of Gross Domestic Product (Thursday, 8:30 a.m. ET); Initial Claims (Thursday, 8:30 a.m. ET); and Advance Durable Goods (Thursday, 8:30 a.m. ET).
On Capitol Hill this week, a flurry of activity before Congress recesses for the long holiday weekend. Federal Reserve Vice Chair Randal Quarles appears (remotely) before the Senate Banking Committee this Tuesday, May 25 for a hearing on “The Semiannual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System.” The hearing begins at 10:00 a.m. ET and can be accessed online here.
Some of the nation’s biggest banking CEOs appear before the Senate Banking Committee this Wednesday, May 26 for a hearing on “Annual Oversight of Wall Street Firms.”
Slated to testify: Charles W. Scharf, CEO and President of Wells Fargo & Co.; David Solomon, Chairman and CEO of Goldman Sachs; Jane Fraser, CEO of Citigroup; Jamie Dimon, Chairman and CEO of JP Morgan Chase & Co.; Brian Thomas Moynihan, Chairman and CEO of Bank of America; and James Gorman, Chairman and CEO of Morgan Stanley.
The remote hearing begins at 10:00 a.m. ET and can be accessed online here.
On Thursday, May 27, the Banking Committee holds a hearing on “Housing for Native Americans: Review of Federal Programs, Barriers and Opportunities.” The remote hearing begins at 10:00 a.m. ET and can be accessed online here.
The House Financial Services Committee also has a busy week ahead of the holiday. Today, May 24, the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets holds a hearing on “Going Public: SPACs, Direct Listings, Public Offerings and the Need for Investor Protections.” The remote hearing begins at noon ET and can be accessed online here.
On Tuesday, May 25, the Subcommittee on Diversity and Inclusion holds a hearing on “The Legacy of George Floyd: An Examination of Financial Services Industry Commitments to Economic and Racial Justice.” The remote hearing begins at noon ET and can be accessed online at here.
On Wednesday, May 26, the Subcommittee on Oversight and Investigations holds a hearing on “Consumer Credit Reporting: Assessing Accuracy and Compliance.” The remote hearing begins at noon ET and can be accessed online here.
On Thursday, May 27, the full Committee holds a hearing on “Holding Megabanks Accountable: An Update on Banking Practices, Programs and Policies.” The remote hearing begins at noon ET and can be accessed online here.
MBA offices will be closed on Monday, May 31 in observance of the Memorial Day holiday. MBA NewsLink will not publish on May 31. On behalf of MBA officers and staff, have a safe holiday.
For information about upcoming MBA conferences, click here. Launched this spring, MBA LIVE brings you dynamic keynotes and informative panel discussions you’ve come to rely on from MBA. We’ll be adding even more opportunities to engage with speakers, industry colleagues, and the many vendors and service providers that help keep your business moving forward. Visit mba.org/MBALIVE for the latest information on these events.
For the latest on how the coronavirus is affecting our industry, our health and our economy, visit the MBA Coronavirus Resource Center. And you can also visit the newly created members-only online network, MBA’s COVID-19 Residential Policy Community, at https://bit.ly/2QEVpUZ. #MBAWorkingForYou #MBACOVIDUpdates
For the most up-to-date information regarding legislative activity at the state and local level, visit the MBA State Legislative Database here.
For information about MBA Education events, visit http://www.mbaeducation.org.
For information about the National Association of Minority Mortgage Bankers of America (NAMMBA), visit https://www.nammba.org/.
