FDIC takes a step toward replacing the use of credit rating agencies

08/11/2010 | National Public Radio (text and audio)

Major credit rating agencies granted risky mortgage-backed securities high ratings before the housing meltdown, hurting the agencies' reputation in the process. The Federal Deposit Insurance Corp. has taken the first step away from using private credit rating agencies in assessing whether financial institutions have adequate capital. The FDIC is seeking public comment on a better way to determine banks' risk-taking.

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