Randal Quarles

The choice appears to reaffirm U.S. regulators' commitment to the international standards-setting body.

Federal Reserve Vice Chairman for Banking Supervision Randal Quarles is expected to succeed Bank of England Governor Mark Carney as chairman of the Financial Stability Board, a key global financial regulator, according to two people familiar with the matter.

Regulators have made progress on revising stress tests, the Volcker Rule and other post-crisis measures. But some worry examiners still have too much latitude to punish banks for trivial matters.

In his second straight day of congressional testimony, the central bank’s top regulatory official was put on the defensive about a pending proposal to relieve regional banks from the toughest supervisory requirements.

On the verge of controlling the Financial Services Committee, House Democrats criticized proposed changes to the Federal Reserve Board's post-crisis supervision program.

The National Credit Union Administration is expected to approve its proposed 2019-2020 budget this week, while Congress holds several hearings of interest to CUs.

The central bank's top regulator said public comments about the new tool, used to gauge capital strength during stress tests, will likely result in changes before it is adopted.

In a highly anticipated proposal, the central bank outlined a new approach for its post-crisis supervisory program that divides banks into different tiers based on size.

In a letter Monday to Federal Reserve Board Chairman Jerome Powell, the four House Democrats argued that the nation’s aging payments system is contributing to economic inequality.

The Federal Reserve Board’s meeting to discuss supervisory standards for midsize institutions will be closely watched by regulatory relief advocates and those who want the Fed to maintain its firm hand.

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."