FDIC Ombuds Issues Biannual Report

Cottrell L. Webster, the Ombudsman for the Federal Deposit Insurance Corp., has issued a report to the financial services industry for July 1 through December 31, 2007. During the six-month period, 448 bankers contacted the FDIC Ombuds requesting assistance. In addition, Ombuds Office staff spoke with 160 financial industry representatives through outreach visits, telephone calls and industry-sponsored conferences. Two of the most significant concerns regarded the subprime mortgage crisis (and the government's responses) and the costs of complying with the Bank Secrecy Act/Anti-Money Laundering rules. (FDIC Ombuds Report.)