The Federal Reserve found wide-ranging problems with M&T Bank Corp.’s (MTB) efforts to combat money laundering, a compliance issue that had caused regulators to put a hold on MTB’s $3.7 billion bid to buy Hudson City Bancorp. Artikel

The Fed is requiring M&T to hire an independent consultant to review all accounts and transactions tied to high-risk customers during the last six months of 2012. The consultant should determine whether there was any suspicious activity in those accounts and whether the bank identified any problems. TB has Warren Buffett’s Berkshire Hathaway Inc as a major shareholder. Report FED