16:40
The Fed announced a "major adjustment" to its banking regulatory approach.
The Fed released a new memorandum, expecting significant adjustments to the way banks are regulated, emphasizing the need to follow major financial risks, and limiting other supervisory matters. At the same time, Bowman plans to reduce regulatory personnel by 30% over the next year. These changes will affect overall stability regulation but will not impact consumer protection and fair lending regulation for small banks.

