N.Y. Regulator to Suspend Promontory Financial Group From Some Consulting Work

New York’s top banking regulator on Monday indefinitely suspended Promontory Financial Group from some consulting work, saying the firm had watered down and compromised its compliance efforts for U.K. bank Standard Chartered PLC.

Promontory said it plans to take the New York Department of Financial Services to court to fight the suspension, which would be a rare legal challenge to the authority of the New York banking regulator. The department has been aggressive over the last two years in combating what it sees as conflicts of interest at consulting firms like Promontory that work for New York-regulated banks.

Read on.

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