Credit Suisse among banks in limbo as US watchdogs review waivers

New York

WALL Street has hit an unexpected stumbling block in its efforts to move beyond government enforcement actions.

Even after admitting to fraud or pleading guilty to a crime, banks have routinely been granted special exemptions by US regulators that allow them to keep managing billions of dollars in pension assets and issue securities. Now, the Labor Department and Securities and Exchange Commission (SEC) are re-evaluating their policies on waivers, leaving some of the world's biggest banks in limbo.