New York State Department of Financial Services Suspends Promontory For Its Work on Standard Chartered and Promontory Disputes the Order

In August 3, 2015, the New York State Department of Financial Services (DFS) issued a report criticizing the work of Promontory Financial Group LLC as a monitor of Standard Chartered Bank and suspended Promontory from conducting most assignments for banks that are licensed in New York State and suspected of wrongdoing. However, Promontory has disputed the findings in the report and accused the DFS of “regulatory overreach” and conflicts of interest.