Fed’s Bowman Says Proposals To Improve Stress Testing For Lenders Coming Soon: Report

According to a Bloomberg report, Bowman added that the U.S. version of the Basel III norms is currently being negotiated with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

Federal Reserve’s Vice Chair for Supervision, Michelle Bowman, reportedly said on Tuesday that she plans to unveil new changes to the central bank’s stress testing process.

According to a Bloomberg report, Bowman added that the U.S. version of the Basel III norms is currently being negotiated with the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency.

“We’ve been in the process of introducing incremental proposals to improve the stress testing process and we’ll be in the next week or so introducing another iteration of that,” she said. Bowman was speaking at the Institute of International Finance’s annual gathering in Washington. 

Her comments come as big lenders kicked off the third-quarter earnings season in the U.S. on Tuesday. JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), Citigroup Inc. (C), and Goldman Sachs Group Inc. (GS) have announced their latest quarterly results.

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