The Comptroller of the Currency's office and the Securities and Exchange Commission announced last month that they would soon start working together on examinations of bank mutual fund operations. This innovative joint exam agreement was in large part the work of SEC Commissioner Steven Wallman. Mr. Wallman, a former partner at the Washington law firm of Covington & Burling, was appointed to the SEC in 1994 by President Clinton. In a recent interview at his Washington office with American Banker staff writer Justin Fox, Mr. Wallman said joint examinations with the Comptroller's office are just the beginning as the financial services industry and its regulators change with the times.
Q.: What was the genesis of the joint exam idea?