Federal Reserve Vice Chair Bowman Announces Major Supervision Revamp and Regulatory Tailoring Updates

Federal Reserve Vice Chair for Supervision Michelle Bowman unveiled a significant restructuring of the Fed's supervision function and previewed upcoming updates to the regulatory tailoring framework. Bowman stated the Fed is refocusing supervision on material risks to a bank's financial viability, moving away from a process-over-substance approach, and highlighted efforts to clarify supervisory expectations and address issues identified in reviews like the Silicon Valley Bank failure.