Top Bank Regulator Takes on ‘Drive Fast, Crash’ Risk Culture
Live MintBanking tumult featured prominently in 2023. The Wall Street Journal’s Risk and Compliance Journal spoke with Acting Comptroller of the Currency Michael Hsu—one of the nation’s top banking regulators and a leading voice on risk and on banks being “too big to manage"—about the past year and the challenges looming for the industry. Hsu: If you go through the post mortems of risk management failures—Credit Suisse with Archegos, JPMorgan Chase with the London Whale, the ’08 crisis—if you really dig into those reports, somebody in the institution knew. We’ve put a lot of attention on this to make sure banks generate the cash necessary to survive faster bank runs. Hsu: What I’m optimistic about is if we can get these things right, then it really enables the financial system to just go.
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