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SEC-regulated firms generally are not subject to capital and liquidity standards or to regular safety and soundness examinations. (12) And aside from a general prohibition on accepting federally insured consumer deposits, securities firms generally are not subject to activity restrictions, as are banks.
This information is used primarily to conduct community and midsize bank safety and soundness examinations.
Interagency Policy Statement on Coordination and Communication Between External Auditors and Examiners details information that depository institutions should provide to their auditors, as well as meetings that should be held between auditors and examiners in connection with safety and soundness examinations.
"The Washington Division of Credit Unions already has been examining for federal consumer protection and regulatory compliance as part of its safety and soundness examinations" said Jekel, who sits on the NASCUS board.