Banks Must Police Consultant Conflicts Under OCC Guides

Law360, New York (November 15, 2013, 7:41 PM EST) -- Banks will have to put compliance consultants under the microscope before hiring them to help comply with regulatory settlements under federal guidelines issued last week, a move regulators hope will reduce conflicts of interest in the multibillion-dollar compliance consulting industry.

The Office of the Comptroller of the Currency on Tuesday issued guidance to banks of all sizes reiterating the due diligence and conflict-of-interest checks they need to carry out when they hire consulting firms to help them comply with settlements of enforcement actions. Regulators have been...
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