I was dumbfounded by this when I was consulting prior and worked with some banks on mortgage compliance. Almost everything about banking is self assessments an

I was dumbfounded by this when I was consulting prior and worked with some banks on mortgage compliance. Almost everything about banking is self assessments and reporting. It is similar to the idea of Boeing doing self testing for the FAA and reporting all is fine. Regulation doesn't bring safety or security, it brings reporting that rarely gets analyzed and even if it is there is no way it will show anything but the most blatant of fraud etc. It is akin to closing the barn doors after the horses have all left, at least the banks can say hey 10 horses left, but nothing was done to prevent it and they won't get in trouble cause they reported on it. At least that was kinda my takeaway from those jobs. I could just have a skewed version based on the stuff I worked on.