Randal Quarles

The central bank will hold an open meeting Oct. 31 to discuss changes to the enhanced supervisory regime as required by the regulatory relief bill passed in May.

The heavy workload is not limited to implementing the financial regulatory reform bill enacted last spring, as the agencies also work to craft reforms of the Community Reinvestment Act and adjust key capital measures for the biggest banks.

For more than a year, the central bank has been under pressure to speed the development of a real-time payment system. But it faces tough questions about what its own role should be.

Fed Vice Chairman of Supervision Randal Quarles said in written tstimony that the central bank plans to move quickly to determine how to regulate banks between $100 billion and $250 billion of assets, and that it may provide also relief for banks over the $250 billion threshold.

Republicans are calling on the central bank to relieve all banks with less than $250 billion of assets from enhanced supervision that was established after the crisis.