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James Moore: US regulators set to give banks another battering

James Moore
Tuesday 24 September 2013 20:03 EDT
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Outlook For a country that espouses free wheelin' capitalism, red in tooth and claw, the US has a surprisingly large number of regulators.

The latest to, if you'll excuse the American phrase, step up to the plate, is the National Credit Union Administration, over the sale of nearly $2.4bn in mortgage-backed securities to two credit unions which later failed.

Nine banks are in its crosshairs, including Barclays and Royal Bank of Scotland, as it tries to recover the unions' lost funds.

And we have yet to get the various civil actions being worked on in various law firms on both sides of the Atlantic.

Still think the Bank of England has been too conservative over the capital buffers it has demanded?

Have a care if you have shares in banks – it could be another five or ten years before the rubbish flushed out by the financial crisis has finally been cleaned up.

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