> The OCC is notoriously a tool of the big banks. As egregious as the > SEC and the Fed are as regulators, the OCC makes them look very good. > Here's Yves Smith's take: > http://www.nakedcapitalism.com/2011/12/is-the-occ-the-most-corrupt-us-bank-regulator.html
The OCC could be even worse! from the Wikipedia: >>The Office of Thrift Supervision (OTS) was a United States federal agency >>under the Department of the Treasury that chartered, supervised, and >>regulated all federally chartered and state-chartered savings banks and >>savings and loans associations. It was created in 1989 as a renamed version >>of another federal agency ([the Federal Home Loan Bank Board] that was >>faulted for its role in the savings and loan crisis). Like other US federal >>bank regulators, it was paid by the banks it regulates [almost guaranteeing >>that it will be "captured" by them]. The OTS was initially seen as an >>aggressive regulator, but was later lax. Declining revenues and staff led the >>OTS to market itself to companies as a lax regulator in order to get revenue. >> The OTS also expanded its oversight to companies that were not banks. Some >> of the companies that failed under OTS supervision during the financial >> crisis of 2007–2010 include American International Group (AIG), Washington >> Mutual, and IndyMac. >> The OTS was implicated in a backdating scandal regarding the balance sheet >> of IndyMac. Reform proposals from Henry Paulson, President Barack Obama, and >> the U.S. Congress proposed to merge the OTS with the Office of the >> Comptroller of the Currency. Section 312 of the Dodd-Frank Wall Street >> Reform and Consumer Protection Act mandated merger of OTS with the Office of >> the Comptroller of the Currency (OCC), the Federal Deposit Insurance >> Corporation (FDIC), the Federal Reserve Board of Governors, and the Consumer >> Financial Protection Bureau (CFPB) as of July 21, 2011. The OTS ceased to >> exist on October 19, 2011.<< -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
