WASHINGTON (AP) — The panel created to prevent a repeat of the 2008 financial crisis says banks and other financial institutions are stronger now but regulators must remain alert to new risks including the danger posed from cyberattacks.
In its annual report to Congress, the Financial Stability Oversight Council says recent cyberattacks have heightened concerns about the potential of an even more destructive attack that could significantly disrupt the workings of the financial system. It says greater attention must be paid to developing ways to combat computer hackers.
Federal Reserve Chair Janet Yellen says the largest and most complex banking firms have made “great strides” in building up their capital cushions. But she says more work is needed to understand new threats posed by rapidly changing markets.
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