Fed Aims Further Probe into Banks’ Books

Daniel Tarullo, governor on the Federal Reserve Board, testified before a US Senate committee that regulators should have access to higher quality data when monitoring financial institutions and systemic risks to the US economy.

Tarullo spoke before the Senate Committee on Banking, Housing and Urban Affairs. He said the Federal Reserve is collecting additional loan-level data on firms’ risk-management systems to give supervisors insight on the concentration of risk and the interconnectedness of the firms.