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ARTICLE · 23 OCTOBER 2020

FRB Vice Chair For Supervision Describes NBFI Vulnerabilities

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Federal Reserve Board Vice Chair for Supervision Randal Quarles described the vulnerabilities of nonbank financial intermediation, revealed by COVID-19 related shocks to the financial markets.

United StatesFinance and Banking
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Federal Reserve Board ("FRB") Vice Chair for Supervision and Financial Stability Board ("FSB") Chair Randal Quarles described vulnerabilities of nonbank financial intermediation ("NBFI"), revealed by COVID-19 related shocks to the financial markets.

In his speech at the SIFMA annual conference, Mr. Quarles stated that there has been substantial growth in NBFI resulting from the increased use of U.S. dollar funding by nonbank institutions, such as insurers, pension funds and central counterparties (or "CCPs"). These institutions lack access to funding backstops "in times of stress." Mr. Quarles explained that approximately 50 percent of total global financial intermediation is made up of NBFI, citing the Financial Stability Board's Annual NBFI Global Monitoring Report.

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