Rodgin Cohen and Michael Wiseman Quoted in American Banker Article

February 15, 2017

On February 15, Rodgin Cohen and Michael Wiseman were quoted in an American Banker article titled “Reg relief may not mean lower compliance costs for banks.” Rodgin discussed the possibility that there may soon be an opportunity to rethink older supervisory regulations, such as those surrounding anti-money-laundering regulations, in order to increase efficiency with no cost to effectiveness. “There is not necessarily a tension between reducing regulatory burden and making the anti-money-laundering regime more effective,” he said. “Some may disagree on this, but if there were a single area of focus, that would be at the top of the list, or at least very close.”

Michael commented on how a more streamlined regulatory system would reduce the strain on banks' financial and time resources. “Anytime you change anything, I suppose there is a cost to it,” he said. “To the extent that the channel markers are easier to follow, I think that has both economic and noneconomic benefits.”