Having been in that system, the reality is so much more bizarre than that.
The actual reality I observed is that the government inspectors and regulators are lawyers and older industry people who simply don't understand technology. Since the US government has limited technical expertise they rely on FIs to adhere to standards and propose self-regulatory measures.
The actual reality I observed is that the government inspectors and regulators are lawyers and older industry people who simply don't understand technology. Since the US government has limited technical expertise they rely on FIs to adhere to standards and propose self-regulatory measures.