Victoria Finkle

The House passed the Swaps Regulatory Improvement Act that would reduce the restrictions under section 716 of the reform law, which required banks to spin off risky swaps out of depository institutions to subsidiaries and affiliates. The measure passed the chamber by a bipartisan vote of 292-122, including 70 Democrats.

Rep. Mel Watt, D-N.C., faces an uphill confirmation battle this week to head the Federal Housing Finance Agency, but it's unlikely to be the end of that war.

A bipartisan coalition of lawmakers in the House and Senate has forged a deal to delay flood insurance premium increases that went into effect earlier this month.

The Treasury Department's Michael Stegman further bolstered the Obama administration's support of Rep. Mel Watt, D-N.C., to head the Federal Housing Finance Agency on Tuesday, describing how the agency's policies must intersect with mortgage finance reform efforts in Congress.

WASHINGTON — Sen. Elizabeth Warren weighed in publicly for the first time on the substance of the housing finance reform debate on Tuesday, describing the elements she supports in a new system while stopping short of backing a specific plan.

Sen. Elizabeth Warren weighed in publicly for the first time on the substance of the housing finance reform debate on Tuesday, endorsing a limited but explicit government guarantee, strong underwriting rules and servicer oversight, and secondary market access for smaller institutions.

Senate Majority Leader Harry Reid has started the process to end debate on Rep. Mel Watt, D-N.C., President Obama's nominee to head the Federal Housing Finance Agency.

With Chairman Hensarling's plan to overhaul the mortgage finance market stuck in limbo, several Democrats have begun work on alternative proposals that could further divide support for the GOP bill.

Edward DeMarco, acting director of the Federal Housing Finance Agency, said Thursday that the agency has no immediate plans to lower the size of the loans the government-sponsored enterprises can buy, though he left the door open for future reductions.

Two senior House Democrats introduced legislation Thursday designed to give regulators additional authority to go after bank executives at institutions involved in money laundering scandals.

Sen. Elizabeth Warren is urging regulators to disclose the extent of their efforts to pursue cases against individuals and institutions, highlighting the work of the Special Inspector General of the Troubled Asset Relief Program.

In just under a year, Sen. Heidi Heitkamp has emerged as a key player on the Banking Committee, helping to work on a bipartisan housing finance reform bill and championing legislation to provide relief to small banks.

Treasury Secretary Jacob Lew and financial industry officials warned lawmakers on Thursday about the multitude of economic consequences that a default on government debt could bring, just days before the country reaches its borrowing limit.

Receiving Wide Coverage ...A Deal to Be Had? Finally? All eyes remain fixed on Washington this week, as patience wears thin and lawmakers try to come up with an agreement to end the government shutdown and avert the looming debt ceiling. Democrats and Republicans have so far refused to negotiate with one another, but signs of a deal may be starting to emerge. (The game of chicken can only go on so long before the cars actually crash.) GOP Rep. Paul Ryan of Wisconsin shared a plan with fellow conservatives on Wednesday that would raise the debt ceiling temporarily, buying lawmakers more time to come up with a comprehensive deficit-reduction agreement. House Republicans are set to meet with President Obama on Thursday for the first time since the shutdown began on Oct. 1. Wall Street Journal, New York Times, Financial Times

Bankers warn that a default on certain Treasuries could put market collateral at risk, harm overnight lending, drain key sources of liquidity from the market and shatter consumer confidence.

WASHINGTON — The Senate Banking Committee will hold a hearing next week examining the possibility of the U.S. defaulting on its debt.

Carol Galante, the Federal Housing Administration's commissioner, sought to clarify the agency's plans for a government shutdown on Tuesday, emphasizing that it will continue to endorse single-family loans during the shutdown in contrast to earlier reports.

Timothy Pawlenty, president and chief executive of the Financial Services Roundtable, said Tuesday that housing finance reform is unlikely to pass until after the 2014 mid-term elections.

Rep. Spencer Bachus, former chairman of the House Financial Services Committee, said Monday that he will not seek reelection in 2014.

The banking regulators will remain open in the event of a government shutdown, but the ongoing fiscal battle in Congress could still have significant implications for the financial services industry.