“Three is really thin,” said Ian Katz, a financial policy analyst at Capital Alpha Partners, a research firm for investors.

Mr. Katz noted that the Fed under its new chairman, Jerome H. Powell, was conducting a wide-ranging review of regulations, part of the Trump administration’s effort to give greater leeway to financial institutions. It also must wrestle with the implications of recent financial market volatility.

“Fed governors have even more on their plates and minds than just a week ago,” he said.

“I really do expect them to be — in some way, shape or form — skeptical of the whole designations process,” Ian Katz, a financial policy analyst with Capital Alpha Partners, said of Trump administration officials. “I think they’re going to be skeptical of the way it was done in the past and I think they’re going to be skeptical of the necessity to use it in the future.”