Publisher's Synopsis
Over the past 6 months, my office focused almost exclusively on performing material loss reviews of failed banks and thrifts regulated by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). These reviews are mandated by the Federal Deposit Insurance Act whenever a failed Treasury-regulated financial institution causes a loss of $25 million or more to the Federal Deposit Insurance Corporation's Deposit Insurance Fund. During the current economic crisis through March 31st of this year, my office has completed and issued 17 such reviews and has another 32 underway. The failures of these 49 Treasury-regulated financial institutions have cost the Deposit Insurance Fund an estimated $34 billion
