Communicate, says NY Fed

Regulatory update

Home regulators and foreign banks operating in the US must increase communication and collaboration in order to ensure smooth regulatory compliance, said the executive vice-president of the Federal Reserve Bank of New York, William Rutledge.

The Fed will share concerns of particular institutions with its home regulator, which may lead to "very explicit and public coordination of enforcement actions", said Rutledge. Consequently, foreign firms are encouraged to maintain communication with regu

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