Training and other staffdevelopment tools are essential in this time of "war for compliance talent." The role of the regulators The business lines and activities of financial services firms can cross the jurisdictional boundaries of many legal entities, making it more difficult for a supervisory agency acting alone to determine what went wrong and what processes may need to be improved.
In these cases, the Federal Reserve, as the consolidated supervisor of the banking organization in question, works closely with the primary bank regulator and the Securities and Exchange Commission (SEC) to investigate control breakdowns. The agencies exchange information and compare their findings.