The U.S. Federal Deposit Insurance Corporation believes it is catching and punishing the majority of institutions and individuals under its authority that are involved in unsafe and unsound banking practices, according to a senior FDIC official. Giving evidence to the British Parliamentary Commission on Banking Standards, the agency's acting general counsel, Richard Osterman, said the FDIC, which supervises around 4,500 state-chartered banks in the United States, is bringing actions against 95 failed institutions, and more than 788 directors and officers. Andrew Tyrie MP, who chairs the cross-party commission, asked Osterman if he believed the lion's share of individuals regulated by the FDIC who had engaged in unsafe and unsound banking practices had been caught and appropriately punished. Joking that because of the time difference, no-one in the U.S. would be listening, Tyrie said: "We'd like to have a rough idea whether you think that most of the people who ought to be caught
This article is only available in full to Compliance Complete
UK and Europe North America Subscribers who are logged in.
Please log in to see if you can view this content.