Federal Reserve Vice Chair for Supervision Michelle Bowman has finalized a reorganization of the central bank's bank oversight division, aiming to refocus on material financial risks. Effective July 12, the Supervision and Regulation Division will be restructured into four groups: Supervision; Financial Research Risk & Applications; Regulation & Policy; and Business Enablement, according to a memo viewed by Bloomberg News. Bowman wrote that the reorganization represents a significant milestone in making the Fed's oversight more effective, efficient, fair, transparent, and publicly accountable. The memo did not refer to any staff reductions, though Bowman had previously outlined plans to cut supervision staff by about 30% to roughly 350 employees by the end of 2025. Bowman has been a vocal advocate for streamlining banking regulations and reducing capital requirements to boost lending.
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