The central bank’s top regulatory official laid out a comprehensive set of proposals to update how the agency supervises banks — particularly large institutions — with an eye toward improving transparency.
The president tapped the pair in July for the two remaining vacancies, but the formal announcement of his intention to nominate them didn’t come until this week.
The central bank is aiming to finish a rule creating a streamlined capital buffer ahead of the upcoming round of stress testing, but industry experts say that timeline may be too ambitious.
As the regulatory agencies have struggled to reach a consensus, a proposal championed by Office of the Comptroller of the Currency has divided lawmakers and been assailed by community groups.
The Charlie Scharf era began with the company's lowest quarterly net income in more than nine years. Culprits included falling revenue, rising salaries and yet more financial fallout from the bank's sales scandal.
Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.
The prospects of a potential Democratic sweep of the 2020 elections could spur regulators to quickly finalize changes to the Community Reinvestment Act.
After declining to support the proposal drafted by the OCC and FDIC, the Federal Reserve could issue its own framework or just keep the current CRA regime.
