Kevin J. Bailey is making sure that national banks avoid the mistakes that caused the Daiwa and Barings bank calamities.

As deputy comptroller for core policy, Mr. Bailey is updating the way national bank examiners scrutinize internal controls, a project he expects to complete by yearend. An important new component: The Office of the Comptroller of the Currency will mandate strict separation of duties at national banks' trading desks to prevent rogue traders from causing huge losses.

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