Regulator Concedes Oversight Lapse in JPMorgan Loss

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Regulator Concedes Oversight Lapse in JPMorgan Loss

The New York Times – The front-line regulator charged with overseeing JPMorgan Chaseconceded on Wednesday that his agency stumbled when it overlooked a multibillion-dollar trading loss that has damaged the bank’s image and stock price.

At a Senate Banking Committee hearing, the comptroller of the currency, Thomas J. Curry, faced the brunt of the scrutiny, including a fiery round of questions from Senator Sherrod Brown. The Ohio Democrat asked whether the agency met a broad “standard that it set for itself.” Mr. Curry replied, “No, not in this particular case.”

“We would expect to be aware of significant risks,” he said in his first Congressional testimony since taking the helm of the comptroller’s office in April. Mr. Curry disclosed that the agency was conducting “a critical self-review,” which he said he hoped would be completed in the next several weeks.

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