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Watch the Fed's Randal Quarles testify live before the House on the state of banking

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Randal Quarles is the Federal Reserve's vice chairman for supervision and oversees the nation's banking industry. He is speaking to the House Financial Services Committee for an update on where the industry stands.

In recent weeks, the Fed has announced changes to the way it will classify banks and how capital ratios will apply. The Trump administration has sought to loosen some of the reforms enacted since the financial crisis, with an emphasis on community and regional banks.

Quarles said in prepared remarks that more changes likely are coming for the smallest institutions.

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