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Article: Fed's inspector general flunks examiners on commercial realty rules. (Federal Reserve; bank examiners)
- Article from:
- American Banker
- Article date:
- July 6, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Federal Reserve examiners need additional training so they can properly apply commercial real estate lending rules, the central bank's inspector general found in one of six audits recently sent to Congress.
Other reviews examined the failure of California's Pioneer Bank, and the finances of the central bank and the Federal Financial Institutions Examination Council.
In the commercial real estate audit, the office of Inspector General Brent Bowen reviewed how three examination teams implemented Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. That provision requires banks to obtain written appraisals by competent ...