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The Fed chairman said he has not given up on the central bank agreeing with other regulatory agencies on a plan to modernize the Community Reinvestment Act, but admitted, "I don’t know whether that will be possible or not.”

Chairman Jelena McWilliams previewed a proposal to update the agency’s definition of brokered funds, but also suggested steps lawmakers could take to improve the rule’s underlying statute.

The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate.

The banking industry could finally have answers soon on the degree of agreement between regulators reforming the Community Reinvestment Act, how they envision CRA zones of the future and other key matters.

Citizens Bank's Bruce Van Saun is our Banker of the Year; shake-up continues at Wells Fargo with poaching of Santander's CEO; the Navy commander behind the credit union banks love to hate; and more from this week's most-read stories.

Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.

The two Democratic senators said the bureau's policy could allow companies to circumvent consumer finance laws.

The meeting scheduled for Dec. 12 will also include discussion of a proposal on the agency's definition of brokered deposits.

Thursday's hearing brought Brown and NCUA Chairman Rodney Hood face to face for the first time since an October letter in which the senator slammed some of Hood's political activities.

A day after House Democrats urged the banking agencies to unite behind a joint plan to update the Community Reinvestment Act, Senate Democrats worried that an impending proposal from the OCC and FDIC will reduce access to credit.