'Good enough' isn't good enough for big banks, regulator says
Tuesday, September 24, 2013 3:22 PM
Large national banks can no longer do the bare minimum to meet their regulatory responsibilities, a federal banking regulator said, American Banker reported.
That was the central message of a speech Monday from Comptroller of the Currency Thomas Curry, who said his agency is following up its flurry of recent high-profile enforcement actions with formal enhanced supervisory standards for large banks that suggest institutions will have to go the extra mile to satisfy examiners' criteria.
Curry, speaking at American Banker's Regulatory Symposium, said his office plans to issue new "heightened expectations" guidelines. Under the program, he said, just checking regulatory boxes is no longer good enough.
"As part of this 'heightened expectations' program, we are insisting that internal controls and audit be raised to the standard of 'strong' and we are making it clear that satisfactory ratings are not acceptable," Curry said. His agency has "refined the program" following the financial crisis, but will "formalize" the standards soon under new guidance, he said.