He said that both sides had agreed to house a new consumer financial protection agency within the Federal Reserve, with a director appointed by the president and broad ability to write rules governing mortgages, credit cards and the so-called shadow banking system of payday lenders, debt collectors, and loan originators and servicers.

Whether that agency would have independent enforcement powers has been a major point of contention. Mr. Corker said Mr. Dodd had agreed that the agency would not be able to conduct its own compliance examinations, as consumer advocates have urged. Instead, other regulators, who are already charged with ensuring the soundness of banks, would take on the responsibility for protecting consumers, too.

The negotiators had also agreed, Mr. Corker said, to strip the Fed of its power to supervise bank holding companies except those with assets of $100 billion or more. Whether to remove from the central bank its oversight of state-chartered banks that are members of the Fed system, he said, was still to be determined.

“The Fed no doubt is going to have its wings clipped,” he said.

Consensus had also been reached on the creation of an interagency council, led by the Treasury, to detect and monitor systemic risk; the establishment of an Office of Research and Analysis that would give the council daily updates on the stability of individual firms and their trading partners; and the removal of credit rating agencies’ exemption from liability under securities laws.

Mr. Corker revealed several areas that remained in dispute at the point that Mr. Dodd announced that he would move ahead on his own.

One of them, he said, was the extent to which banks would be exempt from new requirements for greater transparency in the trading of derivatives. While standardized derivatives would have to be traded through clearinghouses, some banks have pushed to have transactions of some of their most complex derivatives — including the credit-default swaps that helped bring on the financial crisis — shielded from public view.

Gary G. Gensler, the chairman of the Commodity Futures Trading Commission, said on Thursday that the loophole some banks were seeking would exempt as much as 60 percent of derivatives. The banks have found allies in companies like Boeing and Caterpillar that use derivatives to hedge against risk, but such derivatives trades make up only 9 percent of the market, Mr. Gensler said.