Another improvement in our regulations is the ability of well-capitalized, wellrun companies to apply to acquire banks and nonbanks in a faster more streamlined fashion and to commence nonbanking activities approved by regulation without obtaining prior approval. To allow bank holding companies greater opportunities to innovate, the Board has also indicated that it will be pro-active in approving new activities.
I am thinking of accountability, clear lines of authority and responsibility, and - to avoid conflicts of interest - the crucial separation of business line management from risk management and internal control. As I noted earlier, the latter alone could have saved Barings.