US watchdog urges banks to uphold cross-border trust

Federal regulators assess financial spillover from Russian offensive as volatility surges and sanctions bite

Office of the Comptroller of the Currency
Photo: Radharc Images/Alamy Stock Photo

A top US regulator has warned that Russia’s invasion of Ukraine could put banks under pressure to de-globalise.

The acting comptroller of the Office of the Comptroller of the Currency (OCC) Mike Hsu called on the global banking community’s “collective effort” to maintain trust in cross-border banking.

“I fear the natural tendency going forward will be for that trust to retreat to national boundaries and steadily erode over time. Whether we like it or not, banking is on the frontlines now,” Hsu

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