Yet, in my opinion, the most poignant example of the Kafkaesque quality of banking regulation that Calomiris refers to is a 2013 enforcement action filed by the Federal Reserve against M&T Bank ( MTB -1.84% ), a $123 billion bank based in Buffalo, New York. The action was based on deficiencies in M&T's compliance system and specifically with respect to the adequacy of controls around tracking and identifying customers who may be using the bank to illicitly launder money.