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OCC to Rotate On-Site Examiners at Biggest U.S. Banks

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.