News

U.S. financial services regulators must better coordinate and consolidate their efforts to help keep U.S. financial institutions competitive in the global market, an industry lobbying group says. A study released this morning at a breakfast in Washington, D.C., hosted by the Financial Services Roundtable says U.S. financial institutions are being hobbled by a number anti-money laundering laws passed in the wake of Sept. 11, 2001, and corporate governance rules enacted since 2002. Various guidelines issued by regulators "have not always been consistent," said the study, which has forced financial services companies to develop complicated best practices that satisfy all regulators....