Alaska, FED, OCC discussed on Bloomberg Markets

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Outlook question of length the length of time and whether or not this is a temporary disruption yes thank you the gentleman from New York ms Velasquez is recognized for five minutes thank you chairwoman New York Democrat media Alaska's beginning federal reserve chairman drum the house financial services committee what I'm listening to Bloomberg radio changes to the sea at a do you find most troubling so again I what I what I'd like to do if I may is is is not so much comment directly on the other proposal to talk about how we are looking at this and again we we think of and I will mention the areas in which twenty in which we have differences okay here that I hear you and I respect that but I just would like to ask you if the fed is unable to reach an agreement with the OCC on the FDIC on a joint rule do you expect the fed to issue its own proposal we we haven't made a decision on that yet right now our focus is on our focus has been on trying to get on the same page we haven't been able to do that our focus is going to be on learning from the process I think will learn a lot are you meeting regularly with the overseas OCC an FDIC on this issue so we did for a long time or not currently meeting with them on this so would you agree with governor Brainerd Coleman that is more important to get the rules right down to do it quickly yes I mean I think that's been our approach and will continue to be thank you chairman follow us you know read percent of the border and I have been concerned by banks growing reliance on cloud based service providers for data data storage needs does the fed have all the axis of already it needs or are there any contractual or legal limitations restricting the fed's ability to obtain the data hill by third parties that it needs to properly understand and manage these growing reliance I I think we do have the legal authority that we need we are able to look into third party service providers and we're doing that more and more because of the as you mentioned the prominence and size of these these growing importance of these cloud service providers thank you are you back the gentlewoman from Missouri ms Wagner is.

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