FDIC Actions on the Bank of Wheeling, West Virginia
FOD-78-1: Published: Mar 6, 1978. Publicly Released: Nov 17, 1982.
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The Federal Deposit Insurance Corporation's (FDIC) procedures and actions in notifying the proper authorities of alleged violations of criminal law at a bank were evaluated. The FDIC had formal, required procedures for reporting suspected criminal violations, and optional followup and other legal or administrative procedures reinforced the required procedures. The bank's first FDIC examination showed that the bank was in good financial condition. The next examination, 7 months later, showed that the bank was near insolvency because it had granted several bad loans and that criminal law had probably been violated. The FDIC took required and administrative actions by preparing internal memoranda and by conducting a meeting on the bank's insurability. Two months after the second examination, the regional examiner sent a memorandum to headquarters stating: (1) because the FBI had been notified and was investigating the case, a report to the U.S. Attorney was not prepared; and (2) the bank's bonding company had been notified of possible criminal actions. Technically, the FDIC did not follow its reporting procedures because it did not send a letter to the U.S. Attorney stating that criminal laws might have been violated. However, while not completely in accordance with established procedures, the FDIC actions were effective because the proper authorities were notified.
Dec 16, 2020
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Financial Stability:
Agencies Have Not Found Leveraged Lending to Significantly Threaten Stability but Remain Cautious Amid PandemicGAO-21-167: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Dec 10, 2020
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Federal Reserve Lending Programs:
Use of CARES Act-Supported Programs Has Been Limited and Flow of Credit Has Generally ImprovedGAO-21-180: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020. -
Financial Assistance:
Lessons Learned from CARES Act Loan Program for Aviation and Other Eligible BusinessesGAO-21-198: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.
Sep 22, 2020
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Anti-Money Laundering:
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Sep 4, 2020
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Bank Supervision:
FDIC Could Better Address Regulatory Capture RisksGAO-20-519: Published: Sep 4, 2020. Publicly Released: Sep 4, 2020.
Jul 21, 2020
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Financial Company Bankruptcies:
Congress and Regulators Have Updated Resolution Planning RequirementsGAO-20-608R: Published: Jul 21, 2020. Publicly Released: Jul 21, 2020.
Jul 6, 2020
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Public Companies:
Disclosure of Environmental, Social, and Governance Factors and Options to Enhance ThemGAO-20-530: Published: Jul 2, 2020. Publicly Released: Jul 6, 2020.
Apr 30, 2020
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Priority Open Recommendations:
Department of the TreasuryGAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.
Apr 27, 2020
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Priority Open Recommendations:
Board of Governors of the Federal Reserve SystemGAO-20-499PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020. -
Priority Open Recommendations:
Federal Deposit Insurance CorporationGAO-20-498PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020.
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