Fed Faults Its New York Office's Oversight of Big Banks

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BY JON HILSENRATH AND FAWN JOHNSON

The Federal Reserve Bank of New York has come under pressure from Fed officials in Washington to improve the performance of its supervisors overseeing the nation's biggest banks, new documents show.

In the past year, the New York Fed hasn't been rigorous enough in making sure big banks were living up to commitments to improve credit and risk-management systems and make other improvements, according to a review of the New York Fed's supervision office by the Federal Reserve Board in Washington. The review was performed late last year.

"Our review found some examples where supervisory products are not fully completed, ...

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