The Fed said Wednesday that the system paid roughly $80.2 billion to the Treasury in 2017, a 13% drop from a year earlier because of an increase in interest payments to member banks for reserve balances.
Despite concerns from Democrats about the bank regulatory views of Federal Reserve Board officials who will lead the central bank going forward, the current Fed chair said she is not worried.
Many industry observers believe Federal Reserve Board Janet Yellen will retire from the central bank once her term as chair expires in February. But there are reasons she might stay.
Quarterly earnings at big five banks could have been worse; Chase to buy WePay, which helps online marketplaces and crowdfunding websites process payments.
The president of the St. Louis Fed said that regulators should go back to the pre-Dodd Frank framework for small banks, while warning about changes to the system as fintechs expand their presence.