Oct. 25 (Bloomberg) -- Martin J. Gruenberg, the Federal Deposit Insurance Corp.’s acting chairman, said regulators must work together closely to avoid the appearance that they are engaging in a game of regulatory one-upsmanship.
“The functions are actually relatively well-defined,” Gruenberg said today in response to a question about whether the FDIC, Federal Reserve and Office of the Comptroller of the Currency are playing “regulatory leapfrog” to get ahead of one another. “It is absolutely crucial that we work closely together and in coordination. It is not healthy, effective functioning of our supervisory responsibilities to be at cross purposes if we are not working together. We have joint responsibility.”
Gruenberg made the comments during a question-and-answer session at an American Bankers Association conference in San Antonio.
To contact the reporter on this story: Meera Louis in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Lawrence Roberts at email@example.com