Federal bank regulations needs a bit of tightening up

The pandemic changed federal banking regulations. Mainly because auditors could not go to banks in person to check the books and the procedures. Regulators figured out a way to do remote bank supervision, but they all did not update their risk profiles, according to the Government Accountability Office. To find out more about what GAO uncovered, Federal Drive host Tom Temin spoke with Michael Clements, GAO’s director of financial markets and community investment.