Various legislation has been introduced by Republicans in an attempt to reduce the power of the Consumer Financial Protection Bureau in the last year, but there has not been any law proposed to completely eliminate the Bureau – until now. U.S. Representative John Ratcliffe and U.S. Senator Ted Cruz, both Republicans from Texas, have combined to sponsor a bill that would completely abolish the CFPB, according to announcements on both lawmakers' websites.

Nationwide lender for single-family rental (SFR) property investors B2R Finance announced this week that Darren Thompson has been hired as CFO and EVP of strategy. Thompson brings more than 30 years of experience in the real estate and mortgage industries to B2R Finance. His previous positions include executive leadership roles with American Express, Fannie Mae, Morgan Stanley, and Goldman Sachs. Most recently, he was a founding member of Railfield Partners, a real estate and financial services advisory and asset management boutique.

Federal Reserve Chair Janet Yellen had a busy week, making semi-annual appearances before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. In both hearings, Yellen addressed the subject of the much-anticipated federal funds range increase.

Steven L. Antonakes, the Consumer Financial Protection Bureau (CFPB)'s second-in-command official, announced Thursday in a memo to employees that he is stepping down from his position with the CFPB. Before being appointed as the CFPB's Deputy Director, Antonakes served as the Bureau's Assistant Director of Large Bank Supervision.

The Consumer Financial Protection Bureau on Thursday published the first in a new series of monthly reports that highlight key trends found in the complaints the consumers submit to the Bureau. The monthly reports will provide the public and the marketplace with insight into the hundreds of thousands of complaints the CFPB receives from consumers on financial products and services.

The director of the controversial Consumer Financial Protection Bureau (CFPB) testified before the Senate Banking Committee on the Bureau's perceived lack of oversight and accountability in a full committee hearing titled "The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress" on Tuesday.

Bank of America reported a net income of $5.3 billion for Q2, more than twice the bank's net income from the same quarter in 2014, according to the bank's Q2 2015 earning statement released Tuesday. U.S. Bancorp and PNC also posted solid growth in Q2 with net incomes of $1.48 billion and $1.0 billion, respectively, Tuesday in their earnings statements.

Both JPMorgan Chase and Wells Fargo posted strong financial results in the second quarter, with Chase experiencing a 5 percent jump in net income, according to earnings statements released by both banks on Tuesday. Chase's Q2 net income of $6.29 billion represented an increase of 5 percent from the same quarter a year ago, while the New York-based bank's period-end balance sheet was down $123 billion in the second quarter.

More millennials are valuing homeownership these days and trying harder to gather the funds to buy a home of their own, as a recent survey conducted by Washington, D.C.-based business advisory firm the Collingwood Group indicated. The survey, released Tuesday, showed that 65 percent of people polled between the ages of 24 and 34 were willing to forego modern conveniences in order to save for a down payment to purchase a home.

Two hearings examining the activities of government agencies and two hearings covering the nation's monetary policy and economy will take place in Congress this week. Federal Reserve Chair Janet Yellen will be the lone witness in the two hearings on monetary policy.