Liang is currently a senior fellow at the Brookings Institution in Washington and previously led a Fed board division in charge of financial stability policy and research.
The changes mandated by the recent regulatory relief law would narrow the definition of "high-volatility commercial real estate" exposures that get a higher risk weight.
The Office of the Comptroller of the Currency has been taking the lead on a federal license for fintech firms, but the central bank will decide if such companies can access the payments system and other benefits.
The surge in populist politics that helped fuel President Donald Trump's victory and the rise of progressives on the left wasn't triggered by U.S. policy makers response to the 2008 financial crisis, said former Federal Reserve Chairman Ben Bernanke.
The interagency council voted in favor of the bank's application to remove its designation, though the practical effect of the decision is muted by the regulatory relief law passed this spring.
Regulators will continue to issue guidance to articulate general views on appropriate practices, but they will not issue enforcement actions based on violations.
The central bank, which received broad authority after the crisis to supervise big banks, is expected to get more attention from lawmakers over its discretion to ease banks’ burden.
