WASHINGTON—Taking aim at deceptive lending, the Senate on Wednesday voted to ban mortgage brokers and loan officers from getting greater pay for offering higher interest rates on loans, and to require that borrowers prove they can repay their loans.

The Senate, however, rejected a measure that would have required homebuyers to make a minimum downpayment of 5 percent on their loans. The votes were part of the Senate's deliberations on a broad overhaul of financial regulations designed to avoid a repeat of the crisis that struck Wall Street in 2008.

Separately, the Senate overwhelmingly voted to let the Federal Reserve retain its supervision of smaller banks. The underlying regulation bill would have given the central bank oversight only over the largest financial institutions.

Regional Fed presidents have lobbied senators to allow them to continue watching over smaller bank holding companies and state-chartered community banks. Limiting the Fed's supervision only to bank holding companies with assets of more than $50 billion—as proposed by Senate Banking Chairman Christopher Dodd, D-Conn.—would have left most of the Fed's 12 regional banks without any institutions under their oversight.

The lending-related measures attempted to respond to one of the issues at the heart of the financial crisis—the abundance of bad mortgage-backed securities that nearly toppled Wall Street and knocked some of the nation's largest financial