The chairman of the Federal Reserve told the House Financial Services Committee that no decisions have been made about regulatory changes, but whatever does come to pass will take time to implement.

Federal Reserve Vice Chair for Supervision Michael Barr said he is overseeing a six-month project to overall supervisory culture, practices, behavior and tools. He said regulatory changes will also be explored.

The Federal Reserve will now disclose all entities that have access to its payments system, as well as those that are seeking access. The move ends a yearlong standoff with Congress.

All 12 regional Federal Reserve banks released financial information from their presidents on Thursday, including new errors that Federal Reserve Bank of Atlanta President Rafael Bostic acknowledged. Such disclosures have taken on increased significance after a slew of scandals in recent years.

The Federal Reserve chair said that as the Treasury replenishes its general account at the Fed, it will lead to fewer reserves in the banking system.

Banks that haven't built a plan to implement the Federal Reserve's new real-time payments system still have time to make up lost ground.

Years of consolidation have damaged competition in the banking sector. Regulators should be more, not less, restrictive about approving mergers.

The interagency report recommends practices for financial institutions to manage relationships with fintechs and other third parties.

Widespread adoption of a central bank digital currency would utterly transform the financial services sector by reducing access to loans and raising prices for consumers.

Federal Reserve Board Gov. Philip Jefferson, who has been tapped to serve as vice chair of the central bank, said the new rules will standardize capital requirements and increase transparency.