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July 3, 2014

The next financial crisis is brewing right now, and regulators are missing it

You may not see it on the front pages of your newspaper, but close examination will reveal an extreme unease from banking regulators about the current trajectory on Wall Street.

The Office of the Comptroller of the Currency (OCC), not typically seen as a strident regulator, is warning about risky lending as low interest rates drive a reach for higher yields. Both the OCC and the Federal Reserve have decried the slippage in underwriting standards on particular loan products. Fed Chair Janet Yellen cited “pockets of increased risk-taking” in a speech yesterday. And the Bank for International Settlements (BIS), a consortium of the world’s central banks, cautioned this week about asset bubbles forming throughout the global economy.

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