Compensation policies – The banks have framed and placed in public domain their compensation policies for customers for any lapses or loss that may be caused by a mistake on the bank’s part. The question that arises is, in how many cases have the banks paid such compensation on realizing their mistake and without the customer begging for it?
With the benefit of hindsight and with the bulk of our work behind us, now is a natural and expected time to evaluate the effectiveness of that regime. Our efforts toward implementing those principles are underway. Federal Reserve Board staff members continue the review that I have previously outlined.