From: Bloomberg News via The Seattle Times
Fed Vice Chairman Randal Quarles, the U.S.’s most influential banking watchdog, has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately.
Elizabeth DexheimerJesse Hamilton
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Fed Vice Chairman Randal Quarles, the most influential banking watchdog in the U.S., is monitoring the potential for disruption to the industry and has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately. Quarles hasn’t yet made any moves to intervene and the Fed’s influence would be limited.