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Fed's Quarles: Regulators must watch for risks in growth of fintech, cyber
November 7, 2017 / 6:58 PM / in a month

Fed's Quarles: Regulators must watch for risks in growth of fintech, cyber

Nov 7 (Reuters) - The next financial crisis is likely to come not from past causes, but from from new risks, Federal Reserve Vice Chair for Supervision Randal Quarles said on Tuesday.

Quarles, making his first extensive public comments since taking up the job as the Fed’s bank regulation chief in November, said at a New York banking conference that regulators must watch the growth of financial technology and cybersecurity for potential risks to the financial system.

“History has shown that it’s not just a question of ‘where has the risk that we knew moved to’ but also what new risks are developing,” he said.

“Almost certainly the next time there is stress in the financial system...it won’t be from the risks we were expecting from last time.” (Reporting by Olivia Oran in New York)

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