Tag Archives: Federal Regulators Unveil Rules On Their Sometime Proxies

DealBook – Federal Regulators Unveil Rules On Their Sometime Proxies, Bank Consultants – 13 November 2013

DealBook

By BEN PROTESS and JESSICA SILVER-GREENBERG

Private bank consultants, long known as Wall Street’s shadow regulators, are now facing some regulation of their own.

The Office of the Comptroller of the Currency, which oversees some of the nation’s biggest banks, announced on Tuesday that it had adopted some of the first federal standards governing the use of consultants. The standards, which outline how the agency will review consultants and monitor their work for banks, could curb the influence of a multibillion-dollar industry that faces questions about its perceived coziness with Wall Street.

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