Regulators have closed 124 banks this year, the most since 1992, amid loan losses stemming from the worst financial crisis since the Great Depression. The failures pushed the Federal Deposit Insurance Corp.’s insurance fund, used to pay customers for deposits of up to $250,000 when a bank fails, into an $8.2 billion deficit as of Sept. 30.
Inspectors general at the Fed and Treasury are required to release autopsies for some failed banks to explain collapses and assess oversight.
“We agree with the IG that in several cases we should have acted more quickly, and we have taken steps to ensure more appropriate responses,’’ OCC spokesman Robert Garsson said.
Read more from the Boston Globe
{ 1 comment… read it below or add one }
I hope that by next year, recession problems will be solve and the world economy will recover again. Thanks for sharing the news.