March 26, 2009

Bank Regulators Relying on Ombuds to Ensure Consistency

At a House hearing, regulators sought to reassure legislators that they are adhering to the same underwriting standards as in the past. Office of the Comptroller of the Currency Senior Deputy Comptroller Timothy W. Long said that their Ombuds program provides important feedback on this issue. “We believe we are striking the right balance in encouraging bankers to make loans to creditworthy borrowers, but always consistent with safe and sound banking practices - and to the extent we're not, we are continually prodding bankers to let us know, both directly to our examiners and indirectly through our Ombudsman,” Long said in prepared remarks. (Wall Street Journal.)

Related posts:
FDIC Ombuds Issues Biannual Report; Mortgage Crisis Draws in Ombuds; Office of Thrift Supervision Ombuds Hiring Scores of Special Assistants; New Securities Industry Ombuds to Address Annual Policy Conference.

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