There was a turf war going on here, it is obvious.
If we are responsible for it, if we made a mistake, we should be held accountable for it.
Subject to that risk, it is important, though, that we be clear and prescriptive?
OTS has principal responsibility. FDIC doesn't.
Well, that is exactly the kind of testimony which I think is going to be very helpful to us as we proceed with the legislative response.
But they are serious enough that enforcement action was needed because management was not addressing it. Is that a fair conclusion?
Which is kind of, is it fair to say, heading towards a 3? Is that a fair summary?
If an association has a high exposure to credit risk, it is not sufficient to demonstrate that the loans are profitable.
Your agency had primary responsibility, not FDIC.
And protects the economy.
In hindsight, I regret it.