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Banks

BRIEFLY

December 20, 1991|From Times Staff and Wire Reports

Comptroller of the Currency Criticized: A House Banking Committee report sharply criticized the comptroller of the currency for "failure to effectively supervise the Bank of New England," which collapsed in January in a massive failure that will cost the federal bank insurance fund $2.5 billion. The comptroller's bank examiners were aware for several years of severe problems in handling real estate loans, but failed to take any enforcement action until February, 1990, the staff report said. A spokeswoman for the comptroller's office said the agency previously admitted mistakes in supervising the Bank of New England.

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