The NYDFS Case Against Promontory and the Bigger Problem of Big Four Bank Consulting

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The NYDFS Case Against Promontory and the Bigger Problem of Big Four Bank Consulting

The NYDFS Case Against Promontory and the Bigger Problem of Big Four Bank Consulting

re: The Auditors-

The New York Department of Financial Services (NYDFS) says, in the investigative report on Promontory Financial Group that led to its recent sanctions against the bank consulting firm for work at Standard Chartered, that the agency “was created in 2011 to help ensure the safety and soundness of New York’s banking, insurance and financial services industries, to help ensure prudent conduct by providers of financial products and services, and to promote the reduction and elimination of unethical conduct by and with respect to banking, insurance and other financial services institutions.”

The New York State Banking Department and the New York State Insurance Department were abolished in 2011 and the functions and authority of both former agencies were transferred to the New York State Department of Financial Services as of October 3, 2011.

That was too late, unfortunately, for the NYDFS to have any influence on limiting or eliminating the independence conflicts that existed when the same three firms NYDFS has sanctioned for losing their independence and objectivity while working on behalf of the regulator at Standard Chartered and Bank of Tokyo-Mitsubishi then went to work on behalf of the OCC and the Fed during the 2011-2013 mortgage foreclosure reviews.

What prompted the foreclosure reviews…

[RE: THE AUDITORS]

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