Fed hiring more staff to examine cloud providers
Regulator wants to put more “boots on the ground” at firms such as Amazon, Google and Microsoft
The US Federal Reserve is hiring more staff to perform on-the-ground examinations of software giants that provide cloud services to the banking system.
Bank regulators visited the offices of Amazon Web Services in 2019 to conduct the first formal examination of a cloud service provider. Arthur Lindo, deputy director for policy at the Federal Reserve Board’s division of supervision and regulation, said more such examinations were on the way.
“We’re increasing our workforce just to do that,”
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