Federal Reserve Board Vice Chair for Supervision Michael S. Barr promoted incorporating "exploratory scenarios" to address limitations in the FRB's current stress test program for the U.S. banking system.
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Former Federal Reserve Board Vice Chair for Supervision Randal Quarles argued that the regime currently used by the FRB to conduct stress tests is “illegal.”
Based on the most recent stress tests, the Federal Reserve Board concluded that large banks had enough capital to continue to lend to households and businesses, even if they were required to absorb more than $540 billion in losses.
President Joseph R. Biden urged banking regulators to adopt tougher capital rules to prevent the risk of future banking crises following the failure of Signature Bank and Silicon Valley Bank.
Comments on a CFPB proposal to establish a public registry of terms and conditions on form contracts that waive or limit consumer rights and protections are due by April 3, 2023.