ALL BUSINESS: More Transparency Needed From Fed

The case of Extended Stay exemplifies what kind of junk could be littering the Fed's balance sheet outside of public view. There is plenty more that also hasn't been disclosed — like which banks are borrowing from the Fed or details surrounding the hiring and work of BlackRock, which is managing the distressed assets acquired by the Fed.

The central bank has been resistant to reveal too much granular information, which officials say is confidential. They also contend it could rattle investors or depositors of a particular bank seeking emergency funds if that information is made public.

But those excuses don't hold up.

"The Fed hasn't given a good rationale for why so much information has been kept secret," said Dean Baker, co-director for the Center for Economic Policy and Research, a liberal think tank. "I understand that it doesn't want to cause panic, but it still should have to disclose details after the fact."

All this may have to change before Congress grants new powers to the Fed. Under the regulatory overhaul proposal announced on Wednesday, the central bank would have broad oversight of the entire U.S. financial system. That would allow it to monitor risk by regulating some of the largest and most interconnected institutions in the financial world.