North Carolina’s top banking officials wary of industry’s underlying problems

CHARLOTTE — Top officials in North Carolina are dismissing claims of a crisis in the financial industry, but they say challenges must be addressed.

Katherine Bosken, North Carolina Commissioner of Banks, and state Treasurer Dale Folwell spoke Wednesday during the State Banking Commission meeting in Raleigh. They said that prior to the recent bank failures, the challenges in the industry were already numerous.

Bosken’s office has identified multiple risks and issues, from fintech competition to cryptocurrencies to a dearth of new banks. While those line items are still there, scrutiny of concentrations on both sides of the balance sheet is front and center, as are capital levels and “how to address modern bank runs,” she said.

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