Accession Number : ADA298996

Title :   Failed Bank: FDIC Documentation of Crossland Savings, FSB, Decision was Inadequate,

Corporate Author : GENERAL ACCOUNTING OFFICE WASHINGTON DC GENERAL GOVERNMENT DIV

PDF Url : ADA298996

Report Date : 07 JUL 1992

Pagination or Media Count : 24

Abstract : This report responds to your respective February 10,1992, and February 6, 1992, letters asking us to examine the Federal Deposit Insurance Corporation's (FDIC) resolution actions regarding the failed CrossLand Savings, FSB, of Brooklyn, NY. We are responding to both requests with this report because your separate requests concerned the same topic. On January 24,1992, the Office of Thrift Supervision (OTS) closed CrossLand and named FDiC receiver for the failed bank. The FDIC Board of Directors decided to delay the final resolution of CrossLand-because it found the bids it had received to be more costly than interim FDIC control-by arranging to operate it under a conservatorship for an interim period and then offer it again to the private sector. You asked if this decision met the requirements of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA),' which generally requires FDIC to resolve a failed bank in the manner that results in the least cost to the deposit insurance fund. (KAR) p. 2

Descriptors :   *BANKING, *RESOLUTION, *FAILURE, *PROBLEM SOLVING, *REGULATORS, *DEPOSITS, CLOSURES, UNITED STATES GOVERNMENT, CORPORATIONS, LOW COSTS, INSURANCE, SUPERVISION, NEW YORK(NEW YORK).

Subject Categories : Economics and Cost Analysis
      Government and Political Science

Distribution Statement : APPROVED FOR PUBLIC RELEASE