A combination of economic and environmental factors are sending property and flood coverage premiums soaring, which can make costs insurmountable for some.

The Federal Deposit Insurance Corp. Board's Vice Chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.

Federal Reserve Chair Jerome Powell said today's high mortgage rates are dissuading some would-be sellers from putting their homes on the market, further limiting lending opportunities in an environment already constrained by low inventory

Rep. Andy Barr, R-Ky., chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, continued to say that the Basel III rulemaking might have violated the Administrative Procedures Act

The impact on things like servicing rights would raise costs even for lenders that aren't banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.

A joint letter from the banking and financial trade groups is the latest effort by the industry and its representatives in Washington to push back against the Basel III capital proposals, which would raise capital significantly for the largest banks.

The World Bank director and former top Labor Department economist will become the first Fed governor of Hispanic descent and will give the board a full compliment of members since former vice chair Lael Brainard resigned in February.

Philip Jefferson was the Biden administration's pick for the Fed's number two position following the departure of Lael Brainard earlier this year. Two more Fed nominees are expected to get confirmation votes this week.

Banks have offered a more tepid critique of regulatory proposals to expand resolution planning and long-term debt for regional banks, suggesting the industry is intent on curbing July's Basel III capital proposal instead.

The Federal Reserve Board governors say they're worried about the added cost of the new requirement for non-systemically important banks as well as the implications for regulatory tailoring.