WASHINGTON (Reuters) - The Federal Reserve's top regulatory official announced Monday he plans to step down from that post effective February 28.

Fed Vice Chair for Supervision Michael Barr said in a statement he was stepping down from the role early, but planned to remain on the Fed board as a governor. The central bank said in a statement it would take up no major rulemakings until a successor to the regulatory role is confirmed.

Barr, a Democrat, was facing a potentially messy legal dispute with President-elect Donald Trump, who may have tried to remove him from the post before his term expired in July 2026.