In some of the mutual fund cases, the Federal Reserve, as the consolidated supervisor of the relevant banking organization, worked closely with the primary bank regulator and the Securities and Exchange Commission (SEC) to investigate control breakdowns. The agencies exchanged information in order to compare their findings.
Findings from SEC examinations of the broker-dealers, investment advisers, and mutual fund distributors were analyzed together with findings from targeted joint reviews of the bank holding companies and the banks conducted by the Federal Reserve and the primary bank regulators. The banking agency reviews were focused on corporatewide compliance practices and bank lending practices.