It’s regulatory change from within!
The Office of the Comptroller of the Currency is undergoing its most significant overhaul in decades, The Post has learned.
The watchdog of banks like JPMorgan Chase is reviewing the way in which it oversees 19 of the nation’s biggest financial institutions in the wake of the credit crisis.
The changes are expected to sometime early next year compel the regulator — which garnered more powers in the wake of the 2008 financial collapse that brought many of the biggest financial firms to the brink of collapse — to roll out new ways to prevent the most significant institutions from imploding.
On the table are changes that could include the OCC, run by Thomas Curry, forming a team of bank examiners that move from bank to bank over periods of time rather than having regulators embedded within the banks as is customary now.
By having roving teams, one agency insider said, the OCC may be able to see risky developments with fresher eyes.
“Maybe we might see a build-up of risk more quickly,” the source said.
“We might say, hey [this bank’s] exposure to
The regulator, formed in 1863, serves as an independent arm of the US Treasury, supervising giant banks, including the likes of JPMorgan, Bank of America, Citigroup and Wells Fargo.
The OCC’s changes also come after the regulator slapped JPMorgan Chase with a roughly $1 billion fine in the wake of its London Whale trading scandal, which saw the bank lose more than $6 billion on a funky derivatives trade.