As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.
The CEO's tenure lasted just 18 months; the former FDIC chair says having Congress more involved in setting accounting standards "could well backfire on the banks."
The regulators have yet to complete rules on regional bank supervision, community bank capital and other provisions meant to ease institutions' burden.
Expanding exemptions for initial margin requirements on swaps transactions “would harm financial stability and U.S. taxpayers,” said the top Democrats on the House and Senate banking panels.
“It wouldn't be unusual” for the Federal Reserve to work alongside private-sector operators in the creation of a U.S. real-time payments system, its chairman said.
Among other things, the letter asked the regulators to ease requirements for a new community bank leverage ratio and analyze the impact of the pending CECL accounting change.
The conglomerate run by Warren Buffett has tried in the past to keep its holdings below the 10% threshold in order to avoid heightened regulatory scrutiny.
Readers react to BofA defending reverse mortgage borrowers, support the Federal Reserve creating a real-time payments system, advocate for consolidating federal bank agencies and more.