Randal Quarles

The central bank will hold an open meeting Oct. 31 to discuss changes to the enhanced supervisory regime as required by the regulatory relief bill passed in May.

Banks technically relieved of the “systemically important” label in last spring’s legislative package are lobbying regulators hard over concerns that they could still face tough standards.

The heavy workload is not limited to implementing the financial regulatory reform bill enacted last spring, as the agencies also work to craft reforms of the Community Reinvestment Act and adjust key capital measures for the biggest banks.

The central bank’s top regulatory official discussed how the Fed is using listening sessions in isolated communities to understand the effect of losing the one bank in town.

For more than a year, the central bank has been under pressure to speed the development of a real-time payment system. But it faces tough questions about what its own role should be.

Financial regulators sought to walk a fine line Tuesday between reassuring Republican senators that they are quickly implementing regulatory relief and defending themselves against Democratic criticism that they are going too fast.

Fed Vice Chairman of Supervision Randal Quarles said in written testimony that the central bank plans to move quickly to determine how to regulate banks between $100 billion and $250 billion of assets, and that it may provide also relief for banks over the $250 billion threshold.

Seven Republican senators urged regulators on Monday to consider additional changes to the Volcker Rule's "covered funds" definition.

Republicans are calling on the central bank to relieve all banks with less than $250 billion of assets from enhanced supervision that was established after the crisis.

The Senate Banking Committee said it is postponing a hearing on the implementation of regulatory relief for "logistical reasons."