Banks need to pay closer attention to anti-money-laundering controls in companies they’re acquiring to ensure the lenders don’t inherit Bank Secrecy Act risks, according to Comptroller of the Currency Thomas Curry.
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.
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.
The regulator of U.S. national banks is inviting overseas counterparts to find flaws in its practices that may have caused the agency to miss early signs of the coming financial crisis more than five years ago.
The fate of the Dodd-Frank Act’s ban on banks trading for their own accounts -- one of the final pieces of the U.S. effort to prevent a repeat of the 2008 financial crisis -- may rest with a cluster of economists at the Securities and Exchange Commission.
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.