Calling all bankers: Your voice matters in regulatory proposals
Federal Reserve Governor Michelle Bowman recently urged bankers to actively participate in the regulatory process by providing feedback and comments on proposed regulations. Speaking at a conference, Bowman emphasized the importance of industry input in shaping effective policies that balance safety and soundness with innovation and economic growth.
Bowman highlighted that the regulatory process is not just an exercise in compliance but an opportunity for banks to share their expertise and insights. She encouraged bankers to engage constructively with regulators, offering specific suggestions and data-driven analysis to support their viewpoints. This engagement, according to Bowman, can help regulators better understand the potential impact of proposed rules on banks of different sizes and business models.
The governor also stressed the need for banks to be proactive in identifying potential regulatory challenges and proposing solutions. She emphasized that regulators value the industry’s perspective and rely on it to make informed decisions that foster a resilient and efficient financial system.
Bowman’s call to action comes at a time when the banking industry is facing a multitude of regulatory changes, including potential reforms to capital requirements, stress testing, and anti-money laundering rules. By actively participating in the rulemaking process, banks can help shape regulations that are both effective and tailored to their unique needs and circumstances.
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