The Federal Financial Forum

From: Bloomberg News via The Seattle Times

Fed Vice Chairman Randal Quarles, the U.S.’s most influential banking watchdog, has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately.

By Elizabeth Dexheimer and Jesse Hamilton

***

Fed Vice Chairman Randal Quarles, the most influential banking watchdog in the U.S., is monitoring the potential for disruption to the industry and has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately. Quarles hasn’t yet made any moves to intervene and the Fed’s influence would be limited.

From: Inside Cybersecurity

The massive Dodd-Frank rollback bill recently signed into law includes a provision requiring the Government Accountability Office to study “gaps” in the legal and regulatory structure overseeing consumer credit rating agencies like Equifax, a step short of legislation proposed in the House that would require designation of a federal agency to supervise such firms.

Read Complete Article [paywall]

From: Los Angeles Times

By JIM PUZZANGHERA

Read Complete Article

From: Financial Regulation News

BY DAVE KOVALESKI

***

“I have heard testimony from a variety of experts in the field of detecting and pursuing criminals in the financial system, and many agree that a critical component of success in these investigations is law enforcement’s timely access to beneficial ownership information,” Subcommittee Chairman Rep. Steve Pearce (R-NM) said. “However, there are legitimate concerns about the application of this rule and the impact it could have on banks already struggling with BSA compliance. Adding additional requirements will likely lead to the de-risking of legitimate business accounts because of increased regulatory burdens. It is important for our federal regulators to strike the appropriate balance between ensuring safety as well as access to the financial system.”

From: Board of Governors of the Federal Reserve System

Vice Chairman for Supervision Randal K. Quarles

At “Currencies, Capital, and Central Bank Balances: A Policy Conference,” a Hoover Institution Monetary Policy Conference, Stanford University, Stanford, California

Thank you very much to the Hoover Institution for hosting this important conference and to John Taylor for inviting me to participate.¹ In my capacity as both the Vice Chairman for Supervision at the Board of Governors and a member of the Federal Open Market Committee (FOMC), part of my job is to consider the intersection of regulatory and monetary policy issues, the subject of my discussion today. This topic is a very complex and dynamic nexus, especially as regulation and the implementation of monetary policy continue to evolve.