This week is going to be another tough one for the Federal Reserve’s relations with Congress, as a second hearing in the House Financial Services Committee potentially gives air to members’ trepidation over more Fed power. Elsewhere, the Office of the Comptroller of the Currency is expected to release new mortgage metrics. Home Mortgage Disclosure Act data, delayed these past two weeks, could finally emerge as well.

Tuesday

The Federal Deposit Insurance Corp. is holding a board meeting to discuss ways to boost the Deposit Insurance Fund’s reserves.

The Senate Banking Committee will pick up where it left off on Aug. 4 with the second panel of a hearing on streamlining prudential bank supervision. Panelists include Martin Bailey, a Brookings scholar, Fordham University Law Professor Rick Carnell, former Comptroller of the Currency Eugene Ludwig and Government Accountability Office Managing Director Richard Hillman.

Wednesday

The Treasury Department is set to release two reports today. The first, coordinated with the Fed and outside consultants, looks at ways to improve the Fed's structure and governance so that they're more in line with its authorities and responsibilities. The second, also coordinated with other regulators and consultants, looks at ways to improve supervision of banks and bank holding companies. The deadline for these reports was set by the Treasury's regulatory reform white paper, released earlier this year. Whether Treasury will meet its own deadline remains to be seen.

House Financial Services is holding a 10am hearing on the proposed consumer financial products agency, one of the most contentious parts of the Obama administration’s regulatory restructuring plan. Later, the subcommittee on capital markets will look at regulating ratings agencies, in a hearing at 2pm. No witnesses have been announced for those hearings.

Fed Vice Chair Don Kohn will speak at the Cato Institute’s Shadow Open Market Committee lunch meeting at 12:30pm.

The Senate Banking Subcommittee on Security and International Trade and Finance will look at ways to foster international coordination of regulatory restructuring efforts. The hearing is set for 2:30pm. Witnesses include Securities and Exchange Commissioner Kathleen Casey, Acting Assistant Treasury Secretary Mark Sobel and Fed Governor Daniel Tarullo.

Thursday

Fed Chairman Ben Bernanke will testify before House Financial Services today to offer the Fed’s perspectives on Obama’s reg restructuring plan. The hearing begins at 9am.