Regulator - 'I Deeply Regret We Did Not Act Sooner'

In a stately hearing room stuffed with senators and bankers, Thomas Curry began his apologies. His agency should have stopped a major bank from helping drug cartels launder cash. The violations went on for years while his agency was overly passive.

'I deeply regret we did not act sooner', he said.

Bloomberg reports that Curry had been on the job for just over three months on that day in July, so the mistakes hadn’t been made on his watch. His apologies were less a confession than a signal the new Comptroller of the Currency - long seen as the most bank- friendly of U.S. regulators - was changing course.

'I’m not interested in what people thought about in the past', Curry said in an interview. 'My focus is going forward'.

Since he took over in March, at least two key staff members closely associated with the agency’s pro-industry stance have departed, notably chief counsel Julie Williams. Williams, a 19- year OCC veteran, was known for helping nationally chartered banks resist state regulation by arguing they were preempted by often less-stringent federal rules.

Curry has also raised the profile of consumer protection and shifted focus toward 'operational risk' - the idea that bank practices and management can pose as much of a threat to safety and soundness as external forces.

Hit the link below to access the complete Bloomberg article:

Bank-Friendly U.S. Regulator Shifts Focus to Revamp Reputation