In Optimizing Your Use of Banking and Financial Institution Experts, banking expert witness Michael F. Richards writes:
The past year and a half I have been working as a Banking Expert Witness and have notices some areas where banking experts are not optimized. Since my expertise is in banking, I will limit my discussion to that area. Banking and Financial Institution are a heavily regulated industry with many different regulatory agencies overseeing the day-to-day operations. Some of these regulators, depending on the type of bank charter, include but are not limited to the following:
FDIC (Federal Deposit Insurance Corporation)
Federal Reserve System OCC (Office of Comptroller of Currency)
State Departments of Financial Institutions Office of Thrift Supervision US Department of the Treasury US Securities and Exchange Commission
In addition to the above, banks have external auditors, internal auditors, internal credit review, external credit review, compliance departments, and a host of other officer and board committees. The list of policies and procedures are staggering and are always being reviewed and updated to keep up with the current regulatory changes.