Combine the oats and the boiling water and let stand for at least 20 minutes.
Preheat the oven to 350 degrees F.
Grease a 13x9-inch baking pan.
Whisk together in a large bowl the flour, baking soda and salt. Set aside.
In a medium bowl, beat the butter and the sugars together at high speed for 3 minutes.
Add in the mashed bananas and beat for 2 minutes more.
Add in the eggs, one at a time beating after each addition.
Mix in the vanilla extract.
Beat in the oat mixture, then the flour mixture. Spoon the batter into the prepared pan and spread evenly.
Bake until a toothpick inserted in the center comes out clean, about 30 minutes.
Let cool.
To Make The Peanut Butter Frosting
In a medium bowl, beat the peanut butter, cream cheese, butter, vanilla and milk together until blended.
Add in 1/3 cup of the powdered sugar and mix. Continue to add in the powdered sugar 1/3 cup at a time until it is all added mix until the frosting is smooth.
If the frosting is too stiff, add additional milk or cream.