The Federal Reserve announces major changes to bank supervision
Jinse Finance reported that the Federal Reserve has detailed its anticipated “major adjustment” in the way regulators supervise banks, marking the latest significant move by Federal Reserve Governor Bowman to relax and optimize bank supervision. On Tuesday, the Federal Reserve released a three-page memorandum outlining new expectations for its bank examiners, broadly instructing staff to focus primarily on significant financial risks faced by banks and imposing restrictions on the supervision of other matters. The memorandum details several adjustments that could substantially narrow the scope of work for the Federal Reserve’s examiners responsible for ensuring the safety and soundness of banks. Meanwhile, Bowman has initiated plans to reduce the number of Federal Reserve supervisory personnel by 30% over the next year. These adjustments are expected to impact the Federal Reserve’s approach to overall stability in bank supervision but will not change its limited regulatory efforts regarding consumer protection and fair lending laws at small banks.
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