Government

Joseph Otting, nominated to be the Comptroller of the Currency, and Randal Quarles, nominated to the Board of Governors of the Federal Reserve, was confirmed by the Senate Committee on Banking, Housing, and Urban Affairs. A full Senate vote will be needed to finalize the two men’s nominations.

Fed Vice Chair Stanley Fischer announced his resignation in a letter to President Donald Trump.

Homeowners may soon be unable to get a mortgage if the National Flood Insurance Program expires, according to the National Association of Realtors. See what NAR President William E. Brown proposes Congress should do to keep the program from lapsing.

After the summer recess, Congress is back to work on an agenda that will impact the mortgage and banking industries, including confirmation votes for the Comptroller of the Currency, a key Federal Reserve position, and Harvey relief, which could potentially be tied to an increase in the debt ceiling.

Secretary of the Treasury Steve Mnuchin fears that if the debt ceiling isn't raised, the Treasury Department will be unable to borrow the money it needs to aid Hurricane Harvey affected areas in Texas and Louisiana.

While many enjoyed their Labor Day Monday, Consumer Financial Protection Bureau Director Richard Cordray attended the American Federation of Labor and Congress of Industrial Organizations Labor Day Picnic to discuss three forms of financial inequality deepening the divide between those trying to stretch their dollar and the wealthy.

This Wednesday, the Federal Reserve will release the Beige Book, determining whether the economy is overheating or experiencing inflationary pressures. Take a look at what was reported in the last Beige Book and more in The Week Ahead.

To help alleviate unwanted phone calls for consumers, the FCC is proposing a database of reassigned numbers for robocalling. Credit union associations believe it has potential, but it could be too cost prohibitive for small entities.

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, recently announced Jefferson L. Sherman of Ohio as its 2018 VP.

The House of Representatives will soon return from summer recess and vote on the first phase of emergency relief money for areas affected by Hurricane Harvey. Take a look at how they plan on keeping FEMA operating while still funding federal disaster relief.