In a semiannual review of its regulatory policy initiatives, the Federal Reserve Board said that it was taking steps "to enhance the speed, force, and agility of its supervision to reflect lessons learned from the recent U.S. bank failures and its supervision of Silicon Valley Bank."
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Federal Reserve Board Governor Michelle W. Bowman advocated for a balanced approach of prudent supervision and international collaboration to address financial stability risks.
In a new report, the Basel Committee on Banking Supervision assessed "the causes of the banking turmoil [that started in March 2023], the regulatory and supervisory responses, and the initial lessons learnt."
Federal Reserve Board Governor Michelle W. Bowman recommended steps to ensure that banking reforms focus on "remediating identified issues" and that supervisory priorities are "aligned with the most pressing needs demonstrated by recent events."
The Federal Reserve Board provided guidance to banking organizations on (i) supervision over "novel activities" and (ii) the process for state member banks to follow before engaging with dollar token or stablecoin activity.