Yellen: Fed Taking Comprehensive Look at Biggest Banks

The transcript discusses the challenges of holding large financial organizations to high standards of risk management and consumer protection. It highlights issues like systemic risk and the creation of phony accounts, particularly in the context of Wells Fargo. The conversation touches on the difficulties of regulating 'too big to fail' institutions and the need for comprehensive reviews of compliance regimes across major banks. It also addresses the cross-polonization of practices among banks and the widespread nature of violations in areas such as mortgages, foreign exchange, and Libor.

What are the high standards of risk management and internal controls that organizations are expected to meet?

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What is the significance of the phrase 'too big to fail' in the context of financial institutions?

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How might legislation be used to prevent the recurrence of issues like the creation of phony accounts?

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What actions have been taken by the Comptroller of the Currency and the CFPB regarding banking organizations?

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What patterns of violations have been observed in the banking sector, according to the text?

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