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Sen. Sherrod Brown, D-Ohio, said elevating affordable housing issues, examining the financial system through a climate and racial justice "lens," and holding banks accountable for their impact on consumers will be among his priorities.

Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.

President-elect Joe Biden’s team has held preliminary talks on how it could oust Fannie Mae and Freddie Mac’s regulator, a move that would let the new administration fill a post that’s crucial to the mortgage market and its goal of boosting affordable housing.

The agency that supervises Fannie Mae and Freddie Mac has pushed for revising an agreement with the Treasury Department allowing the mortgage giants to retain their profits. A deal could be out of reach once Joe Biden takes office.

The organizations renewed pledges to work with the incoming Biden administration.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

The Consumer Financial Protection Bureau is headed for more disruption in the new year with a Democratic administration likely to reverse several GOP-backed policies. More aggressive relief for mortgage borrowers, a rollback of Trump-era rulemakings and yet another realignment of CFPB offices will all be on the table.

The Federal Reserve is credited with containing damage to the financial system from the coronavirus pandemic, but experts say the limits of the central bank’s power to prop up the economy will likely become more apparent in the new year.

The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy.