Philip Jefferson, a current Federal Reserve Board member, is President Biden's nominee to be vice chairman of the central bank. At a Senate hearing, he gave measured responses to questions about the potential for heightened regulation of midsize banks.

The Consumer Financial Protection Bureau decided to move forward with its proposal based on feedback to an earlier request for input.

The Federal Reserve chair said that as the Treasury replenishes its general account at the Fed, it will lead to fewer reserves in the banking system.

Republican members of the House Financial Services Committee blasted Consumer Financial Protection Bureau Director Rohit Chopra as an 'extortionist' and labeled his efforts to rein in discrimination as 'McCarthyism' during a four-hour hearing Wednesday.

The Treasury has added Property Assessed Clean Energy financing for solar panels and the like to the list of approved expenses that states could authorize.

Federal bank regulators issued proposed guidelines for banks and other mortgage lenders to craft policies around reconsideration of value requests. The move is the latest aimed at rooting out bias in home appraisals.

House Republicans will likely need to gain support from Democrats to get the debt limit deal through a critical vote in the House Wednesday evening.

Once it is free to issue new debt, the Treasury Department is expected to quickly replenish its general account at the Fed. The move could lead to a shortage of reserves.

The global accord's provision on supervision establishes broad authorities over risks not expressly covered in capital rules. The Federal Reserve's top regulator has already hinted that those authorities might be relied on more in the wake of this spring's bank failures.

The Federal Reserve Board governor said secular increases to the currency supply limits how much the central bank can shrink its holdings.