KBW Bank Index turns lower, erasing earlier gains of up to 1.6%
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Federal Reserve plans major reform of bank regulatory mechanisms; Vice Chair Bowman: restructure regional framework and adjust asset thresholds
Federal Reserve Vice Chair for Supervision Bowman stated that there are plans to comprehensively reform the way all U.S. banks are regulated, by consolidating the current regulatory functions of the 12 Federal Reserve district banks into five new geographic regions. Each region will have a dedicated "regional head," aiming to change the previous situation where responsibilities and powers were decentralized. The Federal Reserve will review updates later this year regarding the asset thresholds at which banks face stricter regulatory rules, potentially providing greater room for banks to expand.
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