Senate Banking Committee

The midterm elections virtually eliminate the chance that progress will be made on financial services legislation.

Several Senate, House and gubernatorial battles are of interest to financial firms. Here is a spotlight on specific contests, with updates as they become available.

The battle gaining the most attention Tuesday night will be which party controls the House next year. But other key races will help determine the makeup of the Senate Banking Committee.

The housing finance agency, which is increasingly at the forefront of reform discussions, has been without a permanent chief for almost two years.

The result could play a big role in whether banks see more regulatory relief next year or policymakers can coalesce around a housing finance reform plan.

The central bank, which received broad authority after the crisis to supervise big banks, is expected to get more attention from lawmakers over its discretion to ease banks’ burden.

The committee approved the nomination of Kathy Kraninger to head the Consumer Financial Protection Bureau, despite strong Democratic opposition, as well as President Trump's picks for Ginnie Mae, the Export-Import Bank and several other positions.

Sen. Heidi Heitkamp, D-N.D., has compromised with Republicans on key issues and supported other Trump nominees, but she said Kathy Kraninger lacks enough experience to run the consumer bureau.

The Banking Committee had delayed a vote on Kathy Kraninger’s confirmation after the Senate announced a short summer recess.

Sen. Brian Schatz, D-Hawaii, said it is hard to imagine how Wells Fargo's $8 million remediation plan would correct a mistake that led to 400 wrongful foreclosures.