Two U.S. lawmakers have called on a top financial regulatory panel to consider d...
WASHINGTON - Two U.S. lawmakers have called on a top financial regulatory panel to consider direct oversight of the cloud services big tech companies provide to banks, saying they have become a critical component of the global financial system.
“Cloud services have become an essential element of our modern banking system and should be overseen commensurately,” the pair, who both sit on the House Financial Services Committee, wrote in the letter seen by Reuters. “Cloud services are not currently subject to an appropriate and enforced regulatory regime.”
Federal law allows FSOC to designate firms whose failure could result in significant liquidity or credit problems spreading among financial institutions. Currently, eight utilities are designated as systemically important, which carries strict risk management and governance requirements.
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