Issa Probes $394 million Broadway Bank Loss: Why did FDIC wait so long? |
Wednesday, 28 April 2010 12:11 |
The letter notes that the FDIC loss from Broadway Bank both is dollars and as a percentage of total deposits is “significantly higher than those figures for the six other Illinois banks closed on April 23, 2010.” While an Inspector General’s investigation into FDIC’s supervision of Broadway Bank should answer some questions within six months, Chairman Bair is asked in the letter to directly respond to the questions by May 3, 2010, to provide information prior to an expected Senate vote on financial reform legislation that would expand the authority of the FDIC. Click here to read Rep. Issa’s letter to Chairman Bair
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