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Remarks By Assistant Secretary for Financial Institutions Graham Steele at the Americans for Financial Reform Education Fund

What is stress testing? Definition and meaning

Stress testing involves simulated scenarios to determine how well banks, investment portfolios, and whole economies fare under adverse conditions.

After SVB Collapse, Fed and Lawmakers Eye Bank Rules

The stunning demise of Silicon Valley Bank has spurred soul-searching about how large and regional banks are overseen.

Between The Hither And The Farther Shore: Thoughts On Unfinished Business - Federal Reserve Governor Randal K. Quarles, At The American Enterprise Institute, Washington, D.C.

<p><span>When I joined the Board of Governors as Vice Chair for Supervision in the fall of 2017, the Federal Reserve was in the latter stages of a decade-long effort to build a new financial regulatory framework, responding to the financial crisis of 2008. Yet, although the mortar was not yet dry on that construction project&mdash;based on the blueprint created by Congress, central banks, and supervisors around the world&mdash;there was already broad recognition across the political spectrum that the framework could be improved upon, based on the experience of how it had worked over the decade of its implementation. That was the judgement of the authors of the post-crisis blueprint, former Senator Chris Dodd and former Congressman Barney Frank.</span><span>&nbsp;It was also the recommendation of one of my predecessors at the Fed, Dan Tarullo&mdash;a principal architect of this framework&mdash;who, in his final speech as a Fed governor, proposed several significant changes.</span></p>

Putting bank regulations on non-bank lenders will stifle innovation

© Getty According to a Wall Street Journal report, when Federal Reserve Chairman Powell recently spoke at a National Community Reinvestment Coalition event, he telegraphed his view saying, “like activities should have like regulation.” Powell’s speech argues that Community Reinvestment Act (CRA) reforms are needed to ensure that “everyone can contribute to, and share in, the benefits of prosperity.” Perhaps, but the Fed’s push to expand CRA regulation is likely just the first step toward expanding federal regulatory powers over non-bank lenders. To date, the Fed, the Office of the Comptroller of Currency and the Federal Deposit Insurance Corporation have been unable to agree on a set of common revisions to CRA bank regulations. Notwithstanding chairman Powell’s stated concern for equity and inclusion, CRA regulatory reform is more likely to be catalyzed by an unholy alliance between Congress, bankers and federal regulators that targets growing competition from non-bank financial institutions.