The Federal Reserve said it’s setting tougher standards for examiners of large U.S. banks, following criticism by lawmakers that the agency has been captured by the lenders it supervises. A review initiated in November 2014 found "inconsistent practices" among Fed regional banks, the agency said in a statement Tuesday. In response, a centralized Fed committee called the Large Institution Supervision Coordinating Committee will oversee new minimum operating and documentation standards for all oversight activities. Quality of the Fed’s supervision was questioned by lawmakers in Senate hearings last year following allegations by former New York Fed bank examiner Carmen Segarra, who said her colleagues were too deferential to Goldman Sachs Group Inc. (NYSE: GS) and ignored her complaints. [Bloomberg]
Moving Forward, Goldman Sachs Will Address Employees By Their Actual Names Rather Than The Numerical Values They've Been Assigned
"Hey, 6, get over here" will be a thing of the past.