“It’s about getting everyone together to support a bill,” the source said of the meeting scheduled for 11 a.m. ET.
A package of sweeping financial reform is among the Obama administration's top priorities and Congress has been working on legislation since late last spring.
The Senate Banking Committee is still struggling to draft a package that will appeal to both Democrats and Republicans, even though the House passed its version of the multi-part legislation by a modest margin late last year.
Senate negotiators are stuck on the issue of creating a new consumer watchdog, known as the Consumer Financial Protection Agency, which has the strong support of President Obama.
The GOP opposes a new stand-alone agency, which would have both rulemaking and enforcement power, although it acknowledges the need for some new measures. Democrats are said to be flexible on the structure and identity of the agency just as long as its powers are both sizable and significant.
Senate Banking Committee Chairman Christopher Dodd (D-Tenn.) and Sen. Bob Corker (R-Tenn.) have been working closely on crafting a bipartisan bill for the past three weeks and say they are making progress.
Dodd said two weeks ago he hoped to have a bill by the end of the month, but that now appears unlikely.
Wall Street and the banking industry generally oppose the creation of a powerful agency, but are otherwise generally supportive of financial reform, whose proponents say is critical to averting another economic crisis.