Financial institutions should be braced for an overhaul of federal regulations that will mean tougher rules for banks and self-regulated financial industries, according to Micah Green, a lawyer with Patton Boggs LLP, in Washington D.C., one of the nation's top government relations law firms. While the shape of the future regulatory landscape remains unclear-including whether the Federal Reserve Board will take on more responsibility-one thing is certain: implementing some big changes will be easier said than done, according to Green. Lawmakers are already considering the role of self-regulatory agencies, he said. Green, a former president with the Securities Industry and...
Financial institutions can expect prosecutions, litigation and a changed regulatory regime in the wake of the economic crisis that pushed Congress to pass the Emergency Economic Stabilization Act of 2008, according to consultants.
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