Amazon’s Finance Ambitions Are Drawing Attention From the Fed
- Fed’s Quarles said to monitor tech giants’ push into banking
- Google, Facebook have also attracted notice from regulators
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U.S. banks are keeping a watchful eye on the ambitions of Amazon.com Inc. and other technology giants to break into the world of finance. So is the Federal Reserve.
Fed Vice Chairman Randal Quarles, the U.S.’s most influential banking watchdog, is monitoring the potential for disruption to the industry and has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately. Quarles hasn’t yet made any moves to intervene and the Fed’s influence would be limited.