In a speech delivered this past weekend, Michelle W. Bowman, a Governor on the US Federal Reserve Board, discussed the changing economic and banking environment, arguing that attention to the culture of both firms and regulators will be essential to navigating it.
"We must not lose sight of the lesson that cultural problems at both banks and regulators can compound cyclical downturns in the banking environment and pose more serious risks to the banking system," Bowman said. “Cultivating a positive culture, one that values accountability and the contributions of both management and staff to an organization's mission, can serve as a buffer against future stresses.”
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