Fed, OCC need guidelines for bank consultants, Sen. Brown says

06/24/2013 | AmericanBanker.com (free registration)

Sen. Sherrod Brown, D-Ohio, sent a letter Friday to Federal Reserve Board Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry exhorting federal regulators to adopt guidelines similar to those New York is developing for oversight of bank consultants. "I urge the OCC and the Federal Reserve to act immediately to create a similar set of written standards for independent consultants," Brown wrote. His letter comes after action against Deloitte Financial Advisory Services by the New York Department of Financial Services.

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