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2.16 Inspector General Reviews

<< Title II Overview

2.16 Inspector General Reviews

 

 


2.16.     Inspector General Reviews.   Reviews of the failure of depository institutions by banking agency inspector generals have attracted a high level of attention and have put a great deal of focus on the effectiveness of agency supervision.  Similarly, the Act requires the FDIC's Inspector General to conduct audits and investigations of the liquidation of any covered financial company and to report on its findings.  The Inspector General of the Treasury is required to conduct audits and investigations of the conduct of the Treasury in regard to the appointment of a receiver for a covered financial institution and the Treasury's participation in the funding of the resolution.  Furthermore, the Inspector General of any Federal financial institution regulatory agency that supervised a covered financial company that is placed in receivership is required to prepare a report on the effectiveness of the agency's exercise of its supervisory responsibilities, to identify any actions or omissions of the agency that contributed to the company's condition, and any actions that could have been taken by the agency to prevent the company's failure. [§211]