The central bank may need to rethink how it uses a tool meant to combat elevated risk in boom times, said Vice Chairman for Supervision Randal Quarles.
Competition from the public sector in payment services has benefited the public and should not be discounted in the development of a real-time system, said Kansas City Fed chief Esther George.
Although Libor will will not be phased out until at least 2021, Randal Quarles said making the switch early is "consistent with prudent risk management."
Former Federal Reserve Gov. Daniel Tarullo warned that a Fed proposal to weaken the stress capital buffer, among other things, could hurt safety and soundness.
The ranking Democrat on the Senate Banking Committee says he wants answers from the Financial Stability Oversight Council on efforts to address corporate debt risks.
As the central bank board proceeds with reforms easing the post-crisis regulatory regime, the Obama-appointed governor has not shied from opposing the agency’s course.
The Fed board unveiled a proposal Tuesday to standardize how investors owning less than one-quarter of a bank can determine who holds a "controlling" stake and therefore must register as a bank holding company.
