With big banks largely shunning the program, small banks see an opening to grab more market share in commercial lending.

The bank has begun briefing regulators about how it mistakenly sent payments to creditors of Revlon, the financially strapped cosmetics company. Citi has also filed a lawsuit against Brigade Capital Management seeking to recoup $175 million it sent to Brigade on Revlon's behalf.

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated.

The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order.

Appearing to support decentralized systems, the acting comptroller of the currency said on a podcast that "the ultimate public ownership of the payment rails is when you have a network, like the internet, of interconnected institutions and computers."

The head of the Federal Reserve Bank of Boston said the central bank had acquired stakes in 32 business loans as of Monday, four times the amount from two weeks earlier.

Under a rule issued in March, banks will build an additional capital cushion that is determined by their performance in the annual tests.

At its inaugural hearing, the committee appointed by lawmakers to oversee CARES Act implementation pressed for answers about why the Main Street Lending Program is off to such a slow start.

Whoever wins the White House in November may have immediate agency openings to fill, while a key decision looms about who will run the Federal Reserve after Jerome Powell’s term expires in 2022.

Just eight loans had been made as of late July, six of them through a single community bank in Florida, according to new data on the federal rescue program for small and midsize companies hurt by the pandemic.