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Inside Washington (07/22/2010)
* WASHINGTON (7/23/10)--In a farewell speech Wednesday, Comptroller of the Currency John Dugan suggested that regulators re-examine the regulatory regime of prompt corrective action (PCA). PCA proved valuable during stable economic times, but its record was “far less positive” during the past three years. “During this period, declining capital levels of banks--on which the PCA regime is fundamentally premised--lagged far behind the relatively sudden and large problems caused by troubled construction and development loans that precipitated failure,” Dugan said, noting that 45 national banks have failed since early 2008. All had capital amounts exceeding PCA requirements. But commercial real estate and other loan charge-offs that troubled the firms didn’t spike until 2009, when the institutions were closed. By then, regulatory intervention authorized under PCA was too late to avoid failures and losses, he said. Dugan, whose term ends Aug. 14, had a five-year tenure as comptroller ...


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