Fed’s Randal Quarles to Resign at End of December

Randal Quarles, who served as the U.S. Federal Reserve’s Vice Chair for Supervision and the country’s most powerful bank regulator, announced Monday he will step down at the end of December, That’s ending a contentious four-year term during which critics say he was far too friendly towards Wall Street. The exit of Quarles will likely see the Fed reprise the tougher stance it took on the banking industry following the 2007-2009 financial crisis as it tackles thorny issues including climate change risks, bank capital requirements, and fair lending. He announced his plans to resign Monday. Appointed in 2017 by President…