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Deloitte Pays New York $10 Million Penalty, Halts Service

“Deloitte LLP became the first consulting firm to be fined and suspended as New York State’s financial regulator tightens oversight of the companies that banks hire to help them comply with regulations.

Deloitte agreed to pay $10 million to the state’s Department of Financial Services and halt consulting services for state-regulated financial institutions for one year. The suspension affects Deloitte Financial Advisory Services LLP and not other parts of the company, New York-based Deloitte said.