The Future of Banking Supervision
I believe that in the years to come, bank auditors will be playing an ever increasing role in the regulatory system and in ensuring the well-being of banks and the financial system. This will happen not because of new legislation or regulations, but because market participants and banking officials need information about financial institutions that is accurate, timely, and comprehensive. In my remarks, I will elaborate on how market forces have affected the evolution of the financial services industry, paying particular attention to the roles of information and auditing.
The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.