OpRisk North America: Banking industry failed to tackle parallel runs, says regulator
Failure is a "black eye" for US financial sector, according to Federal Reserve Bank of Richmond unit head
US banks' failure to exit their parallel run phase is a "black eye" for the US financial sector, delegates at Op Risk North America in New York heard this week. The fact that no financial institution in the US has exited its parallel run in order to become Basel II compliant reflects badly on both banks and regulators, according to Evan Sekeris, assistant vice president at the Federal Reserve Bank of Richmond.
"We don't have a single US institution out of parallel run," Sekeris said. "This is
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