Regulator questions whether C Suisse has rule-breaking culture

Credit Suisse Still

U.S. pension regulators questioned on Thursday whether criminal violations in one unit of Credit Suisse reflect broader compliance problems at the bank, in an unusual public hearing to vet the bank's request to continue managing retirement plans.

Reuters reports that Thursday's hearing at the U.S. Department of Labour came at the request of critics, including Democratic lawmakers and consumer groups, who claim the government has a history of rubber-stamping waivers or other exemptions sought by banks that break the law so they can continue certain activities.

At issue is whether Credit Suisse should be granted permission to continue managing about $2bn in U.S. retirement money, even though one of its units pleaded guilty in May to conspiring to help Americans evade taxes.

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U.S. regulators question whether Credit Suisse has rule-breaking culture

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