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.
The Federal Reserve Board announced the six major U.S. commercial banks that will participate in a pilot climate scenario analysis exercise designed to improve their ability to identify and mitigate climate-related risk.
Former Vice Chair for Supervision Randal K. Quarles covered a broad range of topics in his farewell remarks. He celebrated the overall strength of the banking system and suggested areas where there is latitude for regulatory change or recalibration.
The Federal Reserve Board reported the results of the Dodd-Frank Act Stress Test 2021. The FRB concluded that the 23 participating firms "have sufficient capital levels to absorb losses during stressful conditions."