Randal Quarles, U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, provided brief remarks at the Financial Services Roundtable 2018 Spring Conference.  Vice Chairman Quarles noted the importance of reviewing the post-crisis regulatory regime to determine which regulations may not be functioning effectively or as intended, and make changes, as necessary.  He noted the importance of evaluating the costs and benefits of regulatory initiatives as well as evaluating their effect on both the resiliency of the financial system and on credit availability and growth.  He focused in particular on the topic of cybersecurity, which he remarked is a high priority for the Federal Reserve Board.  Given the dynamic and highly sophisticated nature of cyber attacks, Vice Chairman Quarles emphasized the need for collaboration in this area, both among private sector stakeholders and between the private sector and federal financial regulators.  He noted that the Federal Reserve Board is continuing to work with other financial regulatory agencies to harmonize cyber risk-management standards and supervisory expectations to align them with existing best practices such as the National Institution of Standards and Technology’s Cybersecurity Framework.

View full text of Vice Chairman Quarles's remarks.