Federal Reserve Governor Michael Barr issued a warning against the deregulation of U.S. banks during periods of high profitability and financial boom. He emphasized the importance of maintaining robust regulatory standards to ensure long-term stability. Meanwhile, South Korea's Financial Supervisory Service (FSS) has launched a probe into the philanthropic activities of major institutions, including Woori Financial Group and KB Financial Group.
The FSS is investigating philanthropic spending at Woori and KB Financial groups, drawing criticism over potential regulatory overreach in the banking sector.
Read the full storyFed Governor Michael Barr cautions that high bank profitability during financial booms should not lead to weakened regulatory oversight.
Federal Reserve Governor Michael Barr emphasizes the need for robust oversight to counter risks as the banking sector experiences high profitability.