“Deloitte LLP became the first consulting firm to be fined and suspended as New York State’s financial regulator tightens oversight of the companies that banks hire to help them comply with regulations.

Deloitte agreed to pay $10 million to the state’s Department of Financial Services and halt consulting services for state-regulated financial institutions for one year. The suspension affects Deloitte Financial Advisory Services LLP and not other parts of the company, New York-based Deloitte said.

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They will also have to maintain a record of all recommendations that banks failed to adopt, attend monthly meetings with the state regulator and have policies in place to protect confidential information, according to the statement.

‘It’s about time state regulators step in and use their authority to police financial services companies,’ said Dennis Kelleher, president and CEO of Better Markets, a Washington-based non-profit that promotes public interest in the financial markets. ‘Let’s hope other state regulators follow their lead.’”

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Read the full Bloomberg article here