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KPMG Piggybacks on Dodd-Frank, Hires ex-Fed Official

KPMG Piggybacks on Dodd-Frank, Hires ex-Fed Official

Chris Nelson, Big4.com
16 August 2010

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") is expected to help lawyers, lobbyists, lawmakers….now Big Four firms.

Yes, Big Four firms are looking at streams of consulting revenue as clients try to understand and make sense of this sprawling act with many procedures which are unclear now and are left to further study .

KPMG’s recent hiring of Jon D. Greenlee, 47, formerly with the Board of Governors of the Federal Reserve System’s Division of Banking Supervision and Regulation, and bringing him into the Financial Services Regulatory practice is a classic outcome of the uncertainty associated with the Act and the need for knowledgeable professionals who can provide advice and direction to generally distraught clients.

Greenlee was most recently the associate director of risk management with the Board of Governors of the Federal Reserve Systems Division of Banking Supervision and Regulation, where he supervised credit, market and liquidity, operational, and compliance risks and ensured the Federal Reserve had appropriate guidance and policies in place to address them. Not only did he have this great background (in addition to tons of experience in other Fed positions), he was also part of creating new regulatory standards such as updated guidance on commercial real estate lending, revised liquidity standards, and interest rate risk.

According to KPMG, Greenlee will provide regulatory and compliance advisory services for financial services clients to meet their various regulatory requirements and guide institutions in becoming more proactive in identifying, measuring, monitoring, and managing regulatory risk.

There is sure to be a good match between clients clamoring for clarity and KPMG’s ability to deliver solid advice on this front (and of course, to make good money along the way).

We think this is going to be a trend (albeit a small one) as experienced policy makers are wooed to Big Four firms and using some of their valuable backrounds in increasing the bottom lines of these partnerships.
 

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