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Federal Reserve releases new guidance for bank oversight in move praised by industry
The Fed narrows bank oversight to material risks, permits some self-certification, cuts regulatory staff by 30%, and aligns supervision with other regulators, officials said.
- The Federal Reserve released new guidelines for bank oversight that focus on material financial risks and have been praised by industry trade groups.
- Michelle Bowman stated the principles will 'sharpen' the Fed's focus and create 'a more effective supervisory framework.'
- Greg Baer remarked that banks are more resilient when examiners prioritize material financial risks instead of compliance checks.
- Critics argue that the staff cuts will reduce supervisors' effectiveness and slow responses to risks facing banks and the financial system.
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Fed Issues New Guidance For Bank Oversight
The Federal Reserve’s lead banking regulator issued new guidelines publicized Nov. 18 for financial sector oversight by the agency, a move that has received praise from many within the banking industry. The changes advise bank examiners to focus on significant financial risks and “not become distracted from this priority by devoting excessive attention to processes, procedures, and documentation.” The new directives were released in a memorandum…
·New York, United States
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Associated Press News+66 Reposted by 66 other sources
Federal Reserve releases new guidance for bank oversight in move praised by industry
The Federal Reserve’s top banking regulator on Tuesday released new guidelines for the agency’s supervision of the financial system, earning praise from industry trade groups and criticism from her predecessor.
·United States
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Total News Sources68
Leaning Left7Leaning Right8Center43Last UpdatedBias Distribution74% Center
Bias Distribution
- 74% of the sources are Center
74% Center
12%
C 74%
14%
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