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.
Powell will appear by himself before the committee on Jan. 11 at 10 a.m. in Washington, the committee said in a notice on its website Tuesday. Brainard, currently a Fed governor, will testify two days later alongside Sandra Thompson, the White House nominee to head the Federal Housing Finance Agency.
President Biden has three more seats to fill on the board, including a new vice chair for supervision. Those picks, along with Powell and Brainard’s four-year terms for their slots, are all subject to approval by the full Senate.
Bloomberg News reported Monday that the White House is likely to nominate the economist Philip Jefferson for a seat on the Fed’s Board of Governors, according to people familiar with the matter, an appointment that would make him just the fourth Black man to hold the position in the central bank’s more than 100-year history.
The payday loan industry is looking to extend its years-long legal fight with the Consumer Financial Protection Bureau. It's planning to ask a federal appeals court to revisit a ruling that upheld a proposed limit on how often payday lenders can try to pull money from their customers' accounts.
A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.
Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.
Pima Federal Credit Union in Tucson plans to buy Republic Bank of Arizona in a cash transaction slated to close in the second half of this year. It's the ninth deal in 2024 in which a whole bank would sell itself to a credit union.