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December 6, 2013

US regulator to take tougher stance on big banks

One of the most important US financial regulators is revamping the way it operates to demand higher standards from the biggest banks it supervises, including JPMorgan, Citibank and Bank of America.

At the same time, the Office of the Comptroller of the Currency is going through a self-examination period in which it is intensifying scrutiny of OCC staff, which is upsetting some employees, according to people familiar with the matter.

The changes are being driven by Thomas Curry, who has been head of the OCC since 2012. He said in an interview that he wants the agency to become more proactive at identifying emerging risks, but also be more transparent about how it supervises banks.

He took over an agency that was still in recovery mode after being accused of dropping the ball in the lead-up to the financial crisis in 2008. The OCC was later criticised for missing warning signs before JPMorgan reported a $6.2bn derivatives trading loss in 2012.”

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Read full Financial Times article here

 
 
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