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In one of the first comprehensive analyses of how the banking industry was affected by the onset of the coronavirus pandemic, the agency said quarterly income fell by nearly 70% from a year earlier.

Kyle Hauptman, an aide to Sen. Tom Cotton, R-Ark., also served on the president's 2016 transition team. He would replace board member Mark McWatters, whose term expired last year.

In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients.

Fed Chair Jerome Powell will address lawmakers twice this week while the Supreme Court could come out with a long-awaited ruling on the Consumer Financial Protection Bureau.

The lawmakers are attempting to block the regulation reforming the anti-redlining law under review powers granted to Congress, but the move is largely symbolic with the Senate and White House controlled by the GOP.

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.

The central bank is only now nearing the launch of the credit facilities after the effort was announced in April. But Chairman Jerome Powell said loans have been available through other means.

Members of the Small Business Committee signaled backing for broadening Paycheck Protection Program access for the smallest companies, encouraging participation by nonbank lenders and other improvements.

Some lawmakers fear that when forbearance plans and enhanced unemployment coverage expire, the consequences for mortgage borrowers still affected by the pandemic will be severe.

The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive.