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Bank Supervision: OCC's Supervision of the Bank of New England Was Not Timely or Forceful

GGD-91-128 Published: Sep 16, 1991. Publicly Released: Sep 16, 1991.
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Highlights

Pursuant to a congressional request, GAO reviewed a major bank's failure, focusing on the: (1) causes of the failure; (2) extent to which insider activity may have contributed to the failures; and (3) Office of the Comptroller of the Currency (OCC) efforts to adequately assess safety and soundness deficiencies at the banks.

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Bank examinationBank failuresBank holding companiesBank managementBanking regulationInsured commercial banksLaw enforcementLending institutionsRegulatory agenciesRisk management