Mayra Rodriguez Valladares, managing principal at MRV Associates in New York, a consultant to both regulators and banks, said she’s concerned that lending has been “moving to the shadows” in the U.S., Europe and China, and that regulators lack authority or have largely ignored the growing threat that might pose.
“Regulators need to write rules to regulate the shadows,” she said. “The focus has been too much on banks. Bear Stearns and AIG were not banks.”