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January 16, 2013

Banks call watchdog's oversight slow, costly

  • One expert says the government can't afford bank-level salaries or complex risk management systems, creating a large “sophistication gap.”
    AP Business Writer

    WASHINGTON — Bankers and financial industry leaders are criticizing the early efforts of the government's new consumer finance watchdog, saying a slow and inefficient oversight process has slowed lending and made it more difficult for them to do business.

    The Consumer Financial Protection Bureau's team that examines banks is understaffed, inexperienced and takes months to tell banks how they scored on routine audits, Consumer Bankers Association CEO Richard Hunt said Tuesday. For some bank examiners, it is their first job out of college, he said.

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