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For Immediate Release
July 18, 2018
ABA Media Contact: Ian McKendry
(202) 663-5473
Email:
imckendry@aba.com
Follow us on Twitter: @ABABankers

ABA Welcomes Fed Vice Chairman Quarles’ Remarks on Regulatory Tailoring

By Rob Nichols, ABA President and CEO

​“We welcome today’s remarks from Federal Reserve Vice Chairman Randal Quarles at ABA’s Summer Leadership Meeting on the opportunity for regulators to expand their use of tailoring as a supervisory tool. ABA strongly supports a tailored approach to regulation because it ensures that risk practices and business models – rather than arbitrary asset thresholds – will determine appropriate levels of supervision. We firmly believe regulatory tailoring is the most effective and efficient way to maintain safety and soundness while allowing banks to better serve their customers and the broader economy.
 
“The urgency Vice Chairman Quarles conveyed and his commitment to determining how regulators could apply tailoring on a broader scale represent a very positive step forward. We urge the Federal Reserve and other banking regulators to move quickly to develop this new framework.”
 
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans. Learn more at aba.com.