The Federal Reserve will move to implement the provisions of S. 2155 -- the new regulatory reform law -- as quickly as possible, Federal Reserve Chairman Jerome Powell said in testimony before the Senate Banking Committee today.

The Federal Reserve today issued a report defending its long-standing practice of paying interest on banks’ excess reserves held at the Fed.

As the federal banking agencies weigh the implementation of Basel IV standards in the United States, ABA on Friday urged them not to implement haircut floors for securities financing transactions.

The U.S. financial system, including community banks, benefits from its regulators’ participation in the Financial Stability Board, Federal Reserve Vice Chairman for Supervision Randal Quarles told the Utah Bankers Association today.

The largest U.S. banks collectively showed that they can withstand a severe economic downturn and continued to improve their capital positions, according to the results of Dodd-Frank Act-mandated stress tests the Federal Reserve released yesterday. 

As economic conditions continue to improve -- with a robust labor market, inflation moving closer to the 2 percent target and growth exceeding most long-term estimates -- the Federal Reserve expects to continue pursuing its course of gradual increases to the federal funds rate, Chairman Jerome Powell said in a speech today. 

Ahead of the House vote today that will determine the fate of S. 2155 -- the bipartisan Senate regulatory reform package -- ABA President and CEO Rob Nichols said that the bill “is a huge, important step forward -- we hope the first of additional steps -- to modernize and appropriately tailor the supervisory framework.”

In remarks at a Harvard Law School event today, Federal Reserve Vice Chairman for Supervision Randal Quarles signaled that the Fed and the FDIC will revisit the capital and liquidity requirements in place for the largest U.S. and foreign firms and will seek public input on current “living will” guidance.

The Federal Reserve and the OCC today proposed a rule that would tailor the enhanced supplementary leverage ratio that applies to the largest U.S. banking organizations.