The National Association of Industrial Bankers (NAIB) has issued a letter and other materials in response to communications by various trade associations led by the Bank Policy Institute (BPI). In their emails and letters, these organizations made numerous allegations, without documentation, to develop support for H.R.5912 “Close the ILC Loophole Act” introduced by Representative Chuy Garcia (D-IL).

The Honorable Rohit Chopra, Director of the Consumer Financial Protection Bureau, was busy this week. On Monday, the CFPB announced that it would invoke “a largely unused” provision of the Dodd-Frank Act to examine nonbanks that the Bureau “has reasonable cause to determine pose risks to consumers.”

The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), a 13-agency initiative to fight bias in home appraisals, published a 21-point Action Plan this week.

Sarah Bloom Raskin, President Biden’s nominee to be Vice Chair of the Federal Reserve Board for Supervision, asked the President to withdraw her nomination on Tuesday after it became clear that confirmation would be impossible.

In Washington, D.C., the business of government continues, and it was an exceptionally busy week.

Last night the Senate voted 65-27 to extend funding for the federal government another three weeks, preventing a shutdown. Work continues on an omnibus funding bill.

The House of Representatives approved HR 3076, the bipartisan Postal Service Reform Act, by a vote of 342-92 on Tuesday.

We can’t publish this week without noting the passing of Meat Loaf, best known for his operatic rock album Bat out of Hell but immortal in our memories as Eddie in The Rocky Horror Picture Show. Tonight we’ll gather our lighters, rice, newspapers, and squirt guns, and do the Time Warp in his honor.

The Biden administration’s picks to fill out the remainder of the Federal Reserve Board are a high-water mark for racial and gender diversity on the central bank’s governing body, but it remains to be seen how the nominees will be received by the Senate.

Or maybe, Happy New Year? Washington got back to work slowly this week after a sudden, massive snowstorm on Monday.

Federal Deposit Insurance Corp. Chair Jelena McWilliams announced she will resign early next year, a decision that comes just weeks after a partisan struggle on the agency's board threatened her leadership.

The year is drawing to a close, and Washington is settling down for a short winter’s nap. The House of Representatives has left town for the holidays. The Senate is still in session, voting on nominations, but has pushed consideration of the President’s Build Back Better Act to 2022. It’s eerily warm out, but we’re hanging our stockings anyway, and wishing all of you a safe and happy holiday season.

The House and Senate agreed yesterday to a continuing resolution that should keep the government running until February 18, but the government may default on its obligations sometime before the year end anyway, unless Congress raises the debt ceiling.