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The proposal builds on guidance the agency gave to Fannie Mae and Freddie Mac earlier this year.

His comments came a day after the Fed announced it had formally joined an international network of central bankers and regulators focused on mitigating climate risk to the financial sector.

The central bank is exploring how to improve the consistency and transparency of safety and soundness scores used to grade banks and their holding companies, the agency’s vice chairman of supervision said.

The president-elect’s plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set.

The head of the House Financial Services Committee is already exerting influence by handing the president-elect a laundry list of Trump regulatory policies that she wants the incoming administration to reverse.

Time and again, Janet Yellen has warned Wall Street is piling a dangerous amount of debt onto the balance sheets of risky U.S. businesses. But as she prepares to take over as Treasury secretary, she may find it difficult to do anything quickly to rein in these markets, experts say.

The Biden administration could curtail federal support for farmers, even with bankruptcies and requests for loan workouts on the rise. Banks are hoping that increases in crop prices and exports to China could help avert a credit crisis.

JPMorgan Chase's Jamie Dimon wants to remind the world that his bank is looking to make an acquisition. "If you've got brilliant ideas, give me a call," the CEO said.

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

Fudge, who has served in the House since 2008, represents most of the majority-Black areas of Cleveland as well as part of Akron.