Congress is out this week and Washington will be quieter for it. But the Federal Deposit Insurance Corp. will hold a board meeting on Thursday to discuss rules for investing in or buying failed banks. The outcome could be big news for private equity hopefuls and non-bank lenders looking for more than just a charter.

Meanwhile, the Treasury Department is expected to release legislative language for the creation of a new consumer protection regulator, giving lawmakers something to read over their July 4 holidays. And the Supreme Court will rule Monday on the preemption case it heard in April, Cuomo v. Clearing House Association LLC, which looked at whether states can enforce applicable state laws against nationally chartered banks.