Claire Williams

A forthcoming bill from Sens. Jim Banks, R-Ind., and Catherine Cortez Masto, D-Nev., would allow the Federal Housing Finance Agency director to set limits on executive pay at the Federal Home Loan banks.

The Senate voted to confirm Federal Reserve Gov. Michelle Bowman's nomination to be the vice chair for supervision at the central bank in a 48-46 party-line vote.

Elon Musk, formerly head of the Department of Government Efficiency, said he will officially leave the federal government after a short but tumultuous tenure. DOGE's actions at the Consumer Financial Protection Bureau are being reviewed in federal court.

In a dramatic move, conservative hardliners blocked President Donald Trump's tax and spending bill, which would have included many measures favored by banks.

Banks scored well in the tax bill out of Ways and Means this week, with wins on S Corps and rural lending, but have so far lost out on credit union taxes and additional burdens on payments competitors.

The Trump administration says it will nominate Jonathan McKernan to serve as Treasury undersecretary for domestic finance. McKernan has already been nominated as the next director of the Consumer Financial Protection Bureau.

In a party-line vote, the committee sent the nomination of Michelle Bowman as the Federal Reserve's vice chair of supervision to the full Senate.

President Donald Trump's proposed budget would nix funding for Community Development Financial Institutions in minority-heavy areas while expanding it for rural areas.

Sen. Dick Durbin, the Senate's No. 2 Democrat, announced he will not seek reelection in 2026, concluding more than four decades in Congress. The Illinois lawmaker leaves behind a notable imprint on U.S. financial policy, particularly regarding swipe fees.

House Financial Services Committee ranking member Maxine Waters, D-Calif., led a group of Democrats in challenging Treasury Secretary Scott Bessent over the current state of the Community Development Financial Institutions Fund.