Sherrod Brown

A mishmash of lawmakers from different parties and committees are wading into the aftermath of Equifax’s megabreach, with some using it to advance their policy agendas while others are calling for possible criminal prosecution.

Lawmakers signaled Monday that Congress will likely have a swift and powerful response to revelations that the credit reporting company Equifax was hacked, exposing 143 million people to identity theft.

In order to compensate victims of the breach, Equifax is offering free credit monitoring services that include a mandatory arbitration clause, a measure Democrats were highlighting to lobby support for the CFPB's rule banning such clauses.

Payday lenders and arbitration supporters are claiming the CFPB has met more often with consumer groups than industry, laying the groundwork for likely lawsuits on key rules.

Both parties appear interested in a deal on housing finance reform, but tough fights are ahead.

Federal regulators supported several changes the banking industry has been seeking in an appearance before the Senate Banking Committee on Thursday, acknowledging the need to limit the Volcker Rule and better define systemically important banks.

Senate Banking Committee Chairman Mike Crapo sounded optimistic Thursday about reaching a bipartisan deal for regulatory relief, but a hearing once again emphasized the gulf between what lawmakers are likely to pass and what the industry is seeking.

The Senate Banking Committee may pass a number of small legislative proposals to help banks and credit unions, but the panel is still figuring out what sort of package can ultimately be agreed upon, top Democrats said Tuesday.

FHFA Director Mel Watt warned Thursday that to prevent a potential draw on the Treasury Department by the government-sponsored enterprises, he is willing to act unilaterally to rebuild capital at Fannie and Freddie.

A Senate Republican effort to use an obscure process to restructure the CFPB could derail any bipartisan agreement on targeted changes to the Dodd-Frank Act.