An experimental New York Fed program could be the future for setting interest rates.
Stan Fischer, the former Bank of Israel governor, is a prominent figure in central bank circles.
The settlement would come on the heels of JPMorgan's record $13 billion settlement reached last month with the government.
The highly anticipated regulations are a cornerstone of the Dodd-Frank Wall Street reform law.
A summer meeting between President Obama, Treasury Secretary Jack Lew and financial regulators helped bolster the effort to push the "Volcker Rule" across the finish line.
The rule will impose new limits on the trading activities of Wall Street.
The Senate voted 57-41 to confirm Rep. Mel Watt (D-N.C.) as top housing regulator.
Obama hailed approval of final rules implementing core piece of Dodd-Frank reform law.
The Commodity Futures Trading Commission will vote on the rule behind closed doors.
Democratic Rep. Mel Watt is expected to win Senate confirmation for a top housing regulator slot on Tuesday and he won't even be in the country to see it.
Watt, who appears set to lead the Federal Housing Finance Agency, is headed to South Africa as part of a congressional delegation attending Nelson Mandela's funeral.