(The Epoch Times)—The Federal Reserve’s lead banking regulator issued new guidelines publicized Nov. 18 for financial sector oversight by the agency, a move that has received praise from many within the banking industry.
The changes advise bank examiners to focus on significant financial risks and “not become distracted from this priority by devoting excessive attention to processes, procedures, and documentation.”
The new directives were released in a memorandum shared with Fed personnel on Oct. 29, yet only publicized Tuesday.
Michelle Bowman, the Fed’s vice chair for supervision since Trump appointed her in March, said that the new guidelines would be more effective.
“By anchoring our work in material financial risks, we strengthen the banking system’s foundation while upholding transparency, accountability, and fairness,” Bowman said. “This is not about what we are leaving behind—it is about building a more effective supervisory framework that truly promotes safety and soundness across our financial system, which is the Federal Reserve’s core supervisory responsibility.”
On the same day as the new guidelines were released, Fed Governor Michael Barr, Bowman’s predecessor in the supervision role, criticized the changes to banking oversight at the Fed and elsewhere.
“We are now, I believe, at a moment of inflection in the regulatory and supervisory approaches that help keep banks healthy,” Barr said in a speech. “There are growing pressures to weaken supervision … in ways that will make it harder for examiners to act before it is too late to prevent a build-up of excessive risk.”
Federal banking authorities have been overhauling rules overseeing the country’s banks and financial firms since Trump took office. For instance, the Consumer Financial Protection Bureau, established following the 2008 financial crisis, has been largely curtailed.
The Fed’s newest decision is reminiscent of changes by the Office of the Comptroller of the Currency (OCC), which relaxed its risk assessment methods for supervised banks in March.
In June 2025, the Fed proposed easing capital requirements for major banks to support Treasury markets. Bowman also supported a rescinding of a climate-related risk management framework for big banks in October.
According to the Fed’s updated guidelines, institutions only face scrutiny for substantial threats to their operations or financial statements, such as problematic loans or imprudent business practices. Institutions will soon be able to self-verify on certain risk and oversight matters.
“Banks are most resilient when their examiners prioritize material financial risks, not check-the-box compliance exercises,” Greg Baer, president and CEO of the Bank Policy Institute, said of the changes.
The new priorities see the Fed yielding to fellow bank regulators, such as the OCC and regional state authorities. Bowman, meanwhile, has begun an approximately 30 percent reduction in the Fed’s regulatory workforce.
The Associated Press and Reuters contributed to this report
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