The Federal Reserve Board approved UBS Group AG's application to acquire the U.S. subsidiaries of Credit Suisse Group AG.
News & Insights
Federal Reserve Board Governor Michelle W. Bowman addressed the need for a “transparent regulatory posture” in order to foster innovation in the banking system and address concurrent risk.
FRB Governor Michelle W. Bowman said that increasing delays in the review and processing of bank merger applications may result in increased operational risk, employee retention issues, reputational risk, and the additional costs associated with running two institutions in parallel over an extended period of time.
Federal Reserve Board Governor Michelle W. Bowman outlined her perspective on supervision and regulation of the banking industry and highlighted the costs of over-regulation.
Federal Reserve Board Governor Michelle W. Bowman urged the FRB to update its framework for evaluating competition within the banking industry.