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Federal Reserve Governor Michelle Bowman said she is concerned that federal regulators respond to financial industry risks by focusing too much on regulated banks.
Details: Speaking in Hawaii, Bowman said focusing on regulated banks, including by monitoring risk and holding banks accountable, risks pushing financial activity to nonbanks. Ramping up oversight of third-party service providers under the Bank Service Company Act could help align supervisory attention with the sources of risk and more efficiently address risks on the “borders of the regulatory perimeter,” she said.