Fed's Quarles: There is 'quite an openness' within Fed to take fresh look at financial regulations

Randal Quarles, a Governor at the Federal Reserve and the Supervision Vice Chair, delivered his remarks at The Clearing House Annual Conference, in New York, with key headlines, via Reuters, found below.

Regulators must be careful in monitoring how financial-sector risk is developing.

Regulators must watch growth of fintech, cyber.

U.S. regulators should engage industry to increase understanding of potential cyber risks.

Aims to take 'fresh look at everything' related to bank regulation.

No problem with bank stress testing as a concept; can be much more transparent about process.

Sees 'simpler' approach to U.S. stress-testing, capital requirements.

'living will' requirement makes sense though likely unnecessary to be annual process.

Regulations should be tailored to firm's size as much as possible.

There is 'quite an openness' within fed to take fresh look at financial regulations.

Leverage ratio should remain primarily as 'backstop' to u.s. financial stability.

Expects fed to make request-for-input on new transparency proposal in very short period of time.