Bank Regulators Say New Ombudsman Would Harm Exams

Law360, New York (February 1, 2012, 6:08 PM EST) -- Federal banking regulators on Wednesday told lawmakers that a bill that would set up an independent ombudsman for bank examinations would undermine their ability to properly examine banks and add an unnecessary layer of bureaucracy to the banking regulatory system.

Representatives of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Office of the Comptroller of the Currency told members of the House subcommittee on Financial Institutions and Consumer Credit that their agencies already had systems in place where...
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