Hannah Lang

The Senate Banking Committee will hold two hearings at the end of March on Chairman Mike Crapo’s most recent framework for housing finance reform.

The House Financial Services Committee debated legislation Wednesday to reform and reauthorize the National Flood Insurance Program, but no clear solution emerged.

While the OCC has led the charge on modernizing the Community Reinvestment Act, Gov. Lael Brainard gave a rundown of new ideas under discussion — from updating assessment boundaries to a comprehensive community development test.

Wells Fargo CEO Tim Sloan said that the megabank has worked to address past issues and is equally committed to preventing new problems from arising, despite reports suggesting otherwise.

Mark Calabria, who could be confirmed as early as this month, is expected to focus on changes to Fannie Mae and Freddie Mac’s conservatorships to let the mortgage giants keep more of their profits.

Sen. Sherrod Brown, D-Ohio, said "the best place for me to continue fighting for Ohio and for the dignity of workers ... is to stay in the U.S. Senate."

The secretary of housing and urban development plans to "finish out this term" but wants to return to "the private sector because I think you have just as much influence, maybe more."

The Mortgage Bankers Association, National Association of Realtors and 26 other groups warned the agency not to pursue steps reducing the scope of Fannie Mae and Freddie Mac that could upset the mortgage market.

Community banks and credit unions fear a Senate plan and other legislative ideas will nullify steps taken by Fannie Mae and Freddie Mac that have made it easier for smaller institutions to compete.

The new regulation, codifying requirements already in practice, is meant to help the mortgage giants prepare for the adoption of a uniform security in June.