NYT: Regulators Are Divided Regarding Consultants
The New York Times reported that regulators took divergent stances toward the consulting industry this week noting that while federal authorities seemed to reinforce the industry’s power, a state agency tried to undercut it.
The Times said as part of a an anti-money-laundering enforcement action, the Fed recently ordered a large regional bank to hire a consulting firm to comb through its “high-risk customer accounts.”
In contrast, the Times notes that New York State’s top regulator seized upon an obscure state banking law and used it to impose a $10 million fine and a one-year ban on Deloitte, accusing it of “misconduct.”
To read the entire New York Times article, click here.