Abstract
Abstract This chapter discusses oversight by the Office of the Comptroller of the Currency (OCC), Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC). In addition to instituting federal preemption and refusing to adopt binding rules that would have mandated safe underwriting practices, the OCC and OTS also failed to take formal enforcement actions against troubled banks and thrifts. The FDIC, however, did not preempt state anti-predatory lending laws for the community banks it regulated. While a few FDIC-regulated banks got into trouble with subprime loans, for the most part FDIC institutions steered clear of those products. Thus, FDIC-regulated banks only had a small role in the unfolding subprime crisis.
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