Summary
In a 3-to-2 vote, backup oversight authority was approved by the FDIC board of directors. The action gives the FDIC chairman the authority to approve participation of FDIC personnel in examinations, visitations, data analysis, and other activities involving FDIC-insured institutions in certain circumstances when there is concern about the calculation of regulatory capital. Chairman Don Powell, Vice Chairman John Reich, and Director Tom Curry, the former Massachusetts commissioner of banks, provided assurances that the FDIC's authority would not be abused, would not impose undue burden on the banks and could be revoked by a vote of the FDIC board. Voting against the action was Acting Comptroller of the Currency Julie Williams and Office of Thrift Supervision Director James Gilleran.
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Extract
Fdic Board Approves Oversight Authority
Backup oversight authority was approved by the FDIC Board of Directors in a 3-2 vote. The action gives the FDIC chairman the authority to approve participation of FDIC personnel in examinations, visitations, data analysis and other activities involving FDIC-insured institutions in certain circumstances when there is c...
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