02.21.19
U.S. Regulators Lack Sufficient Data Standards Ahead of Next Financial Crisis: Ex-Treasury Official
by: Henry Engler
The U.S. financial system has failed since the 2008 financial crisis to sufficiently improve the standards and quality of data used by regulators and institutions to identify trouble spots, Richard Berner, former head of the Treasury's Office of Financial Research, said in a new study. In the study, Berner, along with Kathryn Judge of Columbia Law School, cite numerous reasons for the lack of progress made in improving data quality and standardization, not least the fragmented regulatory structure in the United States when compared to the European Union. Adding to the challenge, there is no single authority that can compel regulatory agencies to use a particular standard.
Read the full article on Reuters