US banks review legal options against operational risk charge

"There’s still a lot to play for in terms of US law and the fact that the proposals must be reviewed by Congress," said Karen Petrou, who heads the Washington-based Financial Guardian Group (FGG), a coalition of US banks opposed to op risk charges.

Petrou was commenting on the July 10 agreement by the Basel Committee on Banking Supervision on most of the outstanding issues that had held up progress with the committee’s complex Basel II bank capital accord.

The committee, which in effect regulates

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