Federal Reserve Governor Bowman: Banks Need "Flexibility" to Compete with Non-Bank Institutions

"Non-bank financial institutions are continuously increasing their share in the total credit market, posing strong competition to regulated banks without having to face the same capital, liquidity, and other prudential standards," Bowman mentioned in her prepared remarks for the Senate Banking Committee hearing. Bowman stated that as officials repeal policies deemed to hinder innovation, the Federal Reserve is encouraging banks to improve their products. Expand