Liz Hoffman
speaker
299 appearances
5 recordings
1 series
first heard Aug 2017
last heard Aug 2020
Liz Hoffman’s voice in public audio — every appearance, attributed to the second.
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Appearances
And so the Fed has been getting very curious about that.
Amazon is the biggest provider of cloud computing, which is basically on-demand data and storage and analytics that banks use.
Banks used to run, and some of them still do, but they had these huge data centers that they were running themselves and upgrading the servers and downloading the software.
And a lot of them have said, that's not what we do well.
That's not our core competency.
Let's outsource it to a tech company, Amazon, Microsoft, Google, that do this for a living.
And they handle things like credit card payments and all sorts of... Credit card payments, trading order flow, you know, when you want to log in and they have to send you a one-time password.
Odds are that probably comes from an application on a cloud that just, whoosh, sends that out.
So the legal authority here of the Fed to officially regulate, examine, demand things of a company that is in a bank is a little bit unclear.
Amazon, you know, from our reporting, is not against the idea, did not tell them to get lost, but had some questions about, well, what exactly do you want to see?
Where would you store the data we gave you?
Who would have access to it?
The kinds of questions that, frankly, you would expect from a pretty
tech savvy company.
The Fed is not used to being asked those questions.
When the Fed tells the companies it regulates that it wants something, it's on their desk by the time they get back to the office.
Exactly right.
That's right.
Our reporting shows that the Fed was not aware until shortly before the charges were made public this week.
Yeah, these were these were regulators from the Federal Reserve's branch bank in Richmond, which is the primary overseer for Capital One, which is also based in Virginia.
Showing 61–80 of 299 · page 4 of 15
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