Credit Suisse Faces No ‘Rubber Stamp’ in Pension Review

The U.S. Labor Department is one regulator that hasn’t immediately fallen into line to give Credit Suisse Group AG a pass following its May 19 guilty plea for helping Americans evade taxes.

Now Credit Suisse needs a waiver from the Labor Department to retain its status as a qualified professional asset manager, or QPAM, a key designation for institutions overseeing pension assets. Otherwise, it will automatically lose that privilege after its Aug. 12 sentencing. Under pressure from prosecutors, the Federal Reserve Bank of New York and the Securities and Exchange Commission have already shown the bank some leniency.