Financial regulators sought to walk a fine line Tuesday between reassuring Republican senators that they are quickly implementing regulatory relief enacted by Congress and defending themselves against Democratic criticism that they are going too far, too fast.

Following enactment in May of the bipartisan bill unwinding certain provisions of the Dodd-Frank Act, some Senate Banking Committee members have been concerned about the pace of Federal Reserve Board actions to provide relief to regional and midsize banks.

"I encourage you to move quickly here,” Senate Banking Committee Chairman Mike Crapo, R-Idaho, the bill's chief author, told Fed Vice Chairman of Supervision Randal Quarles, at a hearing with the principals for the bank and credit union agencies.

The Fed rules for implementing sections of the bill known as SB 2155 was a key focus at the hearing, but the agency chiefs also got a mouthful on other topics at the hearing, including the status of a capital surcharge for the biggest banks and the agencies' progress in modernizing the Community Reinvestment Act. Besides Quarles, also testifying were the heads of the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and National Credit Union Administration.

Read more in American Banker.