With federal regulators set to pound nails into the know-your-customer coffin today, many observers are still trying to figure out what went wrong.

Less than four months after proposing the anti-money laundering rule, the Federal Deposit Insurance Corp. and the Federal Reserve Board are holding public meetings this morning to decide its fate. Both agencies are expected to withdraw the proposal, as are the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

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