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

(Reuters) – The next financial crisis is likely to come not from past causes, but 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.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.