FRB Vice Chair Randal Quarles Highlights Continuing Reforms On Regulatory Framework

Federal Reserve Board ("FRB") Vice Chair for Supervision Randal Quarles highlighted the agency's continuing efforts to tailor its post-crisis regulatory framework.

In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Mr. Quarles stated that current banking conditions have improved since the crisis. Citing an updated Supervision and Regulation Report, Mr. Quarles noted that the financial performance of the banking industry has been strong due to, in part, bank profitability and the fact that net interest margins have remained high. He said that capital levels "remain well above regulatory requirements" and nonperforming loan ratios are below their five-year averages.