Inspector general says FDIC failed to enforce lending guidelines

10/19/2009 | Bloomberg

The Federal Deposit Insurance Corp.'s Office of Inspector General has analyzed the agency's bank takeovers between August 2008 and March, finding that the agency did not properly enforce its own guidelines, failed to identify issues or did not take strong enough supervisory action for 20 of the 23 failed banks. "It's often we'll see in our reports that the FDIC detected problems in the bank in a timely fashion, but in some cases forceful corrective action wasn't required by the FDIC to be taken quickly enough," said Jon Rymer, the FDIC's inspector general.

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