Deloitte US has appointed three former
regulators to its banking division as clients continue to grapple
with an increasingly arduous regulatory environment.
Deborah Bailey, who led the first round of
stress tests in 2009 as the deputy director of the US Federal
Reserve Board’s supervision and regulation division, has been named
banking and securities regulatory practice managing director.
In her new role, Bailey, who has more than 35
years experience as a regulator, will serve as the leader of the
practice’s strategy, development and delivery of regulatory and
related consulting services to Deloitte’s banking and securities
clients nationally. She will also work with the regulatory
practices at other Deloitte member firms globally.
Christopher Spoth and John Corston, who were
previously senior regulators at the Federal Deposit Insurance
Corporation (FDIC), have been appointed directors in the Big Four
firms banking and securities team.
Spoth and Corston’s regulatory experience
spans five decades between them. In their new roles they will work
with Deloitte’s US banking and securities clients advising on a
wide range of issues including regulatory, compliance, mortgage,
merger and acquisition and resolution issues.
Spoth was previously a senior FDIC executive
responsible for risk management supervision programme overseeing
the agency’s efforts around examinations, enforcement actions,
applications, consumer protection and anti-money laundering
programmes at more than 4,600 banks across the US.
Corston served as the associate director of
the FDIC’s complex financial institutions office where he was
responsible for overseeing bank holding companies with more than
$100bn in total assets, as well as financial institutions
identified as systemically important.
He was also a member of the Financial
Stability Oversight Council steering committee and served as the
agency’s liaison with the Office of the Comptroller of the Currency
and the Federal Reserve Board regarding risk-related matters at
large complex financial institutions and holding companies.
Deloitte’s financial services industry group
leader Bob Contri said the strategic moves are to help the firm’s
clients grappling with bank regulation in a “new era of regulatory
“We see this as a particularly important year
with a number of rules from the Dodd-Frank Act likely to come on
line, along with a number of other significant rules from around
the world that will affect our client base,” Contri explained.