Banks Want More Regulation (Really)
You know there’s a gapping disconnect when bankers say they want more regulation.
But that’s essentially the result of a study by the Professional Risk Managers’ International Association, a group of risk management professionals, many of whom are bankers.
The PRMIA study this month found that the overwhelming majority of its polled members believe much, much needs to be done to analyze and quantify systemic risk. Put another way, the PRMIA members want the proposed Office of Financial Research, which would be tasked, through the proposed financial reform legislation, with aggregating and analyzing system-wide financial data.
Specifically, 82% of financial risk experts who participated in the survey said that current systemic risk monitoring resources are “inadequate,” while 72% consider that system-wide data is “critical to monitoring systemic risk.” And here’s the clincher: 63% “recognize that government efforts to collect system-wide data would be a major undertaking but doable and worth the effort.” If bankers want it, then it must be radically needed.
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