Regulators Have Few Tools To Rein In Bank Consultants

By Evan Weinberger (June 25, 2013, 7:02 PM EDT) -- New York's top financial regulator on Monday pushed his federal counterparts to claw back compensation for bank consultants and limit their power to get new business if they perform shoddy work, but analysts say regulators may not have the necessary reach to crack down on the compliance consulting industry.

In a speech to the American Bar Association, New York Superintendent of Financial Services Benjamin Lawsky said federal regulators should take his lead and impose tough penalties when banking consultants fail to live up to their responsibilities to help financial institutions comply with regulations and enforcement actions.

Even if regulators are able...

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