To sharpen oversight of the largest financial firms, the U.S. regulator of national banks said it will regularly rotate examiners working inside the companies and shift others to a program that identifies industry risks.
The Office of the Comptroller of the Currency, criticized for missing some high-profile problems such as JPMorgan Chase & Co.’s London Whale losses, will institute a five-year rotation schedule for in-bank examiners, the agency said today in response to a review of its practices by non-U.S. regulators. The agency also said transfers to the risk-analysis group would reduce the number of on-site examiners.
