The Senate Banking Committee will hold separate hearings next week for Jerome Powell on his nomination to a second term as Federal Reserve chair and for Lael Brainard’s elevation to vice chair.

The Secured Overnight Financing Rate has benefited — amid the phaseout of Libor — from positive comments by regulators. Is a multirate environment, which some banks would prefer, still possible?

Just three months ago, U.S. banks were still using the expiring benchmark rate for the vast majority of their new loans. But regulators said Friday the transition to alternative rates has accelerated ahead of a year-end cutoff.

Sandra Thompson has won praise from homeownership advocates for suspending a fee imposed on borrowers that was meant to recoup Fannie Mae and Freddie Mac's pandemic-related losses, among other actions she reversed. On Tuesday, President Biden said he will nominate her to be the permanent director of the Federal Housing Finance Agency.

Besides making the deduction permanent, the bill doubles the income threshold for those eligible to claim it.

Acting FHFA Director Sandra Thompson's decision to act immediately rather than taking the time to examine the impact likely harmed private-label securitizations in the short term, but issuance is still on course for a record year.

Trustmark Bank agreed to pay $9 million to resolve allegations that it discriminated against Black and Hispanic residents in Memphis, Tennessee. Attorney General Merrick Garland said the Department of Justice and other agencies will continue their crackdown.

Federal and state banking agencies released a joint statement calling on financial institutions to conduct the "due diligence necessary" to select a new reference rate benchmark that is suitable for their risk profile.

Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.

In its initial message to the new head of the Consumer Financial Protection Bureau, the Community Home Lenders Association reiterated its call to require depository loan officers to be licensed.