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Randal Quarles, who in the past has indicated support for making "refinements" to the Dodd-Frank Act, was sworn in Friday as the Federal Reserve's vice chairman for supervision.

Quarles will fill out the remainder of a 14-year Fed Board term expiring Jan. 31, 2018, followed by an additional 14-year term that expires Jan. 31, 2032; and to serve a four-year stint as the Fed's vice chairman for supervision. He was confirmed to the positions by the Senate on Oct. 5.

The Fed only has four governors on its seven-seat board.

In testimony before the Senate Banking Committee in July, Quarles told members of the panel that he favors ideas floated by former Fed Gov. Daniel Tarullo, whom he is succeeding, to simplify the Volcker rule (barring banks' speculative trading on their own account); ease certain community bank capital requirements; and revise big-bank stress test requirements.

During discussion with panel members, Quarles said he supports greater transparency in the Fed's regulatory activities.