Preheat your oven to 350°F (175°C). Lightly grease your 9x9 inch baking pan or line it with parchment paper for easy removal.
In a large bowl, combine the light brown sugar, granulated sugar, and very ripe mashed bananas. Stir in the canola oil, eggs, and vanilla extract until the mixture is smooth and well blended.
In a separate bowl, whisk together the all-purpose flour, baking powder, baking soda, cinnamon, nutmeg, and salt to evenly distribute the spices and leavening agents.
Gradually add the dry ingredients to the wet banana mixture, folding gently with a rubber spatula just until combined. Be careful not to overmix.
Pour the batter into your prepared pan and spread it out evenly. Bake for about 25-30 minutes, or until a toothpick inserted in the center comes out clean. Allow the bars to cool completely in the pan on a wire rack.
Using an electric mixer or whisk, beat the very soft cream cheese and unsalted butter together until creamy and smooth. Add the vanilla extract, then gradually mix in the sifted confectioners’ sugar until the frosting reaches a spreadable consistency.
Once the bars are fully cooled, spread the cream cheese frosting evenly over the top. Slice into squares and serve.