The rules to comply with the Community Reinvestment Act have become "formulaic and ossified" and must be changed to encourage lending practices the law originally intended to foster, the Fed's top regulator said.
House Speaker Paul Ryan's decision not to seek re-election is another sign of the difficulties Republicans will likely face holding the chamber in November, heightening pressure to move a pending regulatory relief bill as soon as possible.
Rep. Maxine Waters, D-Calif., questioned Bank of America's decision to discontinue free online checking accounts used by many low-income consumers in light of the bank's recent profits and corporate tax cuts.
The House Financial Services Committee chairman is calling out Fannie Mae and Freddie Mac's regulator for authorizing payments to two housing trust funds while the mortgage giants have their own financial struggles.
The legislation, a similar version of which passed in the last Congress, would give favorable regulatory treatment to certain loans even if real estate-related fees were paid to an affiliate of the lender.