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During a live event hosted by the American Bankers Association, U.S. Treasury Secretary Janet Yellen addressed the challenges faced by banks regarding regulatory compliance. Yellen noted that many banks have reported that the burdens of regulatory compliance have become quite extraordinary. She expressed her predisposition towards maintaining robust capital and liquidity requirements to ensure the banking system can effectively support the economy. Yellen also highlighted the importance of a sound banking system in helping the U.S. weather financial turbulence during the COVID-19 pandemic. Furthermore, she indicated hopes that tailoring regulations could alleviate some compliance burdens for smaller banks, emphasizing the role of artificial intelligence in enhancing the ability to detect financial issues.
U.S. TREASURY'S YELLEN: PREDISPOSED TOWARDS ROBUST CAPITAL AND LIQUIDITY REQUIREMENTS TO ENSURE THAT BANKING SYSTEM CAN SUPPORT THE ECONOMY|| SAYS HOPES TAILORING OF REGULATIONS CAN HELP REDUCE COMPLIANCE BURDENS FOR SMALLER BANKS -AMERICAN BANKERS ASSOCIATION EVENT
U.S. TREASURY'S YELLEN: HAVE BEEN HEARING FROM BANKS THAT BURDENS OF REGULATORY COMPLIANCE HAVE BECOME QUITE EXTRAORDINARY || SAYS PREDISPOSED TOWARDS ROBUST CAPITAL AND LIQUIDITY REQUIREMENTS TO ENSURE THAT BANKING SYSTEM CAN SUPPORT THE ECONOMY -AMERICAN BANKERS ASSOCIATION…
⚠ U.S. TREASURY'S YELLEN: **SOUND BANKING SYSTEM HELPED U.S. TO WEATHER COVID-RELATED FINANCIAL TURBULENCE **HOPES TAILORING OF REGULATIONS CAN HELP REDUCE COMPLIANCE BURDENS FOR SMALLER BANKS **ARTIFICIAL INTELLIGENCE HAS MADE DRAMATIC DIFFERENCE IN ABILITY TO DETECT AND…