Federal Reserve Board Vice Chair for Supervision Michael S. Barr argued that good cyber defense is "not sufficient" to address cyberattacks; he emphasized that banks must focus on operational resilience and improved risk management to confront the threat.
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In remarks before the U.S. Treasury Market Conference, Federal Reserve Board Vice Chair for Supervision Michael S. Barr identified and responded to challenges facing the Treasury market.
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.
The Federal Reserve Board reported to Congress on cybersecurity risk management practices at financial institutions and efforts to address emerging risk.
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.”