US regulators scorned over "prescriptive" proposal

Regulatory Update

The proposed policy statement, issued by the Securities and Exchange Commission, the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision, landed on desks in mid-May. It "describes the types of internal controls and risk management procedures that should help financial institutions effectively manage and address the reputational, legal and other risks associated with their complex structured finance act

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