Promontory Financial Group, LLC won't be able to enter into new contractual relationships with troubled New York-regulated banks until further notice, the state's financial regulator said Monday. After a 2-year investigation, the New York State Department of Financial Services (NYSDFS) said it will deny indefinitely the Washington, D.C.-based consultancy's requests for confidential supervisory information pursuant to New York State Banking Law 36(10). The regulatory agency, which did not issue a fine with the ban, said the company "exhibited a lack of independent judgment" by whitewashing reports at the request of its client, Standard Chartered Bank. Promontory, which was founded in...
In the sometimes complex arrangements between financial institutions and their hired compliance advisors, one ambiguity consistently eludes the legalese of contracts: what can be said in e-mails without landing the firms in hot water?
Promontory Financial Group on Tuesday agreed to pay New York regulators $15 million and forego entering into certain consulting arrangements for the next six months with state-chartered financial institutions.
PricewaterhouseCoopers will pay $25 million and revise its consulting practices after removing incriminating findings from a 2008 report drafted for Japan's largest bank, a New York State regulator said.
Deloitte Financial Advisory Services must pay New York $10 million and refrain from consulting additional state-regulated banks for one year after improperly sharing client data with Standard Chartered.