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Federal Reserve Board Vice Chairman Stanley Fischer submitted his resignation Wednesday to be effective on or around Oct. 13. He has served on the board since May 28, 2014, and his term expires Jan. 31, 2020.

His term as vice chair expires on June 12, 2018. Fischer's departure would leave the board with only three governors, though the Senate Banking Committee today will vote on the nomination of Randal Quarles to serve on the board.

The Federal Reserve on Wednesday also released its Beige Book, which showed that economic activity in July and August expanded at a modest to moderate pace across all 12 districts.

"The Fed's latest report characterizes growth as slow but steady, but notes the potential for a hiccup or two in the coming months," NAFCU Chief Economist and Vice President of Research Curt Long said. "Among the headwinds are slowing auto production, stagnant wage growth, and fallout from Hurricanes Harvey and Irma."

Long added that the Federal Open Market Committee is expected to begin tapering its balance sheet at its next meeting on Sept. 19-20, but that the next rate hike is not expected until 2018.

Also of note in the Beige Book:

• Consumer spending increased in most districts, especially in the areas of non-auto retail sales and tourism. However, many districts shared concerns about an extended slowdown in the auto industry.
• Across most districts, business and consumer loan demand grew as a number of banks reported more competition from both bank and nonbank lenders.
• Most districts reported tight labor markets and that businesses were having a tough time filling openings at all skill levels. Despite this, most districts reported modest to moderate wage growth.