Speaking at a recent conference hosted by Banco Santander in Madrid, Michelle Bowman, Vice Chair for Supervision of the US Federal Reserve Board, argued that regulation is hindering banks from fully engaging with economic and technological innovations.
Bowman noted that while many rules established after 2008 were important, they have not evolved in line with the changing economy. “We’ve seen a number of different innovations and different engagements that I think our banks in particular would like to be a part of, but they’re inhibited from doing so because of the regulatory environment, and things that we created or calibrated during the post-financial crisis years may or may not still be fit for purpose,” she said.
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