Gary Cohn | An American business leader and the former Director of the U.S. National Economic Council

Banks have enjoyed something of an unlooked-for reprieve during the COVID-19 crisis. Over the last decade, the industry was subject to increased regulatory scrutiny and public scorn triggered by misconduct scandals. During the coronavirus shutdown, however, banks have been critical partners to policymakers struggling to prevent a full-blown depression. Amidst such efforts, regulatory supervision has been partly suspended, to allow the industry to focus on the provision of economic relief. But lighter supervision might result in a heightened conduct risk: It is highly likely that increases in opportunistic crime will be spurred by economic anxiety.

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