RALs had been, and stay, appropriate tasks, but finally had been seen by the FDIC as high-risk towards the banks and possibly bad for customers.
3 As talked about within our report, the FDIC’s articulated rationale for needing banking institutions to leave RALs morphed as time passes. The choice to cause banks that are FDIC-supervised leave RALs was implemented by specific Division Directors, the Chicago Regional Director, and their subordinates, and sustained by all the FDIC’s Inside Directors. Continue reading “Footnote 2: The Chairman’s concern grew up into the context of a incoming letter from a quantity of customer advocacy teams. This page, as well as comparable communication last year, indicated concern that RALs harmed consumers. End of footnote”