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The heads of the six largest banks aimed to promote their COVID-19 relief in testimony to the Banking Committee. Democrats said their efforts were insufficient while Republicans criticized the executives for taking public stances on issues like climate change and voting rights.

The Federal Reserve's Randal Quarles, in testimony before the Senate Banking Committee, sought to fend off criticism from Sen. Elizabeth Warren that the central bank treated with kid gloves some foreign banks under its jurisdiction that later took heavy losses. The hearing also featured a discussion about a new framework for digital assets.

In an executive order signed Thursday, the president is asking the Financial Stability Oversight Council to create a strategy for quantify the risks global warming pose to financial stability.

While cryptocurrencies could have benefits, they have “not served as a convenient way to make payments, given, among other factors, their swings in value,” said the head of the Federal Reserve. He also detailed imminent Fed research on a central bank digital currency.

Morgan Stanley Chief Executive James Gorman unveiled his biggest leadership shake-up in more than a decade, positioning a small group of lieutenants — and two in particular — as his most likely successors.

During a House Financial Services Committee hearing, Democrats largely praised the policy decisions of acting regulators named by the Biden administration and knocked their predecessors. But Republicans warned that moves to reverse Trump-era policies would leave financial institutions without a clear road map.

Federal Reserve Vice Chair Randal Quarles has made it clear that banks failing to make the transition away from the benchmark rate could face supervisory consequences.

Mortgage lenders have much riding on a yearslong effort to overhaul a program that requires homeowners to hold policies in flood-prone areas. A congressional panel meeting to discuss the issue was once again split between lawmakers from storm-threatened states and those concerned about government costs.

The agency issued a request for information to gather feedback about how institutions facilitate use of cryptocurrencies and other kinds of assets, and what factors regulators should weigh as they develop supervisory policies.

The legislation, which the chamber passed Thursday, would ban collectors from making threatening statements to military service members and prevent credit bureaus from including debt arising from certain medical procedures.