Senate Republicans are scheduled to meet behind closed doors Wednesday afternoon to discuss the progress of financial regulatory reform negotiations, according to a GOP aide.

The gathering, set for 4:30 p.m. in the Capitol, will include a broad discussion of the issues and an update from Sen. Richard Shelby (R-Ala.) on his talks with Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.). Shelby, the ranking member on Banking, is the lead Republican negotiator on the regulatory reform package.

Senate Minority Leader Mitch McConnell (R-Ky.) told reporters on Tuesday that his outlook on the prospects of reaching a bipartisan deal with the Democrats has brightened considerably since last week. McConnell said his viewpoint was based in particular on the update Shelby delivered to the caucus during its weekly luncheon.