Shadow banks: the biggest threat to US financial stability?

Non-bank risks may be the greatest problem facing the Fed’s incoming vice-chair for supervision

US Federal Reserve, Washington, DC

The pandemic and the global financial crisis produced a generation expectant of economic turmoil. While regulators have strengthened the banking system, vulnerabilities in other parts of the financial system remain.

Many experts point to shadow banks as a large and unregulated threat to the financial sector, particularly in the US, where such firms play a growing, and systemically important, role.

Shadow banks – or non-bank financial companies – are an assortment of financial intermediaries

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