A little-known bank regulator from a newly formed New York agency might just shame federal regulators into getting tougher with the banks. Or he should, anyway.

The Wall Street Journal reported on Thursday that federal regulators are in talks with the New York State Department of Financial Services about negotiating a deal with British bank Standard Chartered, which has been accused of letting Iranian interests launder $250 billion over a course of years, in violation of U.S. sanctions.

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