You don’t often see Washington regulators publicly raising alarms about banks’ accounting practices. That’s why a speech this week by the comptroller of the currency, Thomas Curry, deserves more attention.
As paychecks for consultants hired to review faulty foreclosures threatened to exceed compensation to the homeowners harmed by the flaws, the U.S. Comptroller of the Currency says he decided to end the reviews.
U.S. regulators will ratchet up enforcement penalties if banks keep making compliance mistakes that have cost them more than $100 billion in legal bills in recent years, said Comptroller of the Currency Thomas Curry.
President Barack Obama has decided to nominate Thomas Curry as comptroller of the currency and Mary Miller to serve as undersecretary of domestic finance at the Treasury Department, according to a White House statement.
Wall Street faces more intensive government scrutiny of trading after U.S. regulators issued what they billed as a strict Volcker rule today, imposing new curbs designed to prevent financial blowups while leaving many details to be worked out later.