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FDIC's 20% Shorter 'Merit' Reviews Preceded Banking Failures

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At least three U.S. banks failed in the past year after the Federal Deposit Insurance Corp. deemed them healthy enough to qualify for a program that reduced the time examiners spent on reviews by at least 20 percent, according to Bloomberg.  “The program was misconceived from the beginning,” said Colleen Kelley, president of the National Treasury Employees Union, which represents the examiners. “Employees believed the procedures were directed more at reducing examination hours than at ensuring proper supervision.”
SOURCE:   Bloomberg

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