Bank examiners to undergo rigorous reviews
Bank examiners are about to spend some time of their own in the examining chair with the Office of the Currency of the Comptroller rolling out a program that will keep examiners accountable. Per The Wall Street Journal:
The effort comes as the OCC, stung by criticism over its lax oversight leading into the financial crisis and subsequent blunders such as missing J.P. Morgan Chase & Co.'s "London whale" trading losses, tries to turn itself into a tougher, more muscular regulator. The new program will be paired with a separate initiative allowing regulators from Canada, Singapore and Australia—all of which weathered the financial crisis—to perform their own independent evaluations of the OCC.