After Deloitte Case, Fed Asked To Boost Consulting Oversight

Law360, New York (June 21, 2013, 5:32 PM EDT) -- Senate Finance Committee member Sherrod Brown, D-Ohio, urged the Federal Reserve on Friday to increase oversight of consultants advising large financial institutions, just days after Deloitte LLP settled a New York state regulator's allegations over its compliance advisory work for Standard Chartered PLC.

In a letter to Fed Chairman Ben S. Bernanke, Brown said the Fed and the Office of the Comptroller on Currency should establish concrete standards and regulations to ensure that independent consultants are properly overseeing the regulatory compliance of the banks they advise....
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