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Washington
Inside Washington (10/25/2011)
  • WASHINGTON (10/26/11)--Colorado's state banking commissioner Fred Joseph said he disagreed with federal regulators' decision to shut down $1.38 billion-asset Community Banks of Colorado. The Federal Reserve Board Friday for the first time used special powers in shutting down the Colorado bank. The central bank appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the state-chartered bank. The Fed had never before used its authority to close a state-chartered bank, a role normally reserved for state-regulators. Joseph said he would have allowed the bank to sell branches and provided it with more time to solve its capitalization problems. Community Banks had agreed to sell 16 of its 40 branches to Boston-based NBH Holdings Corp. The FDIC opposed the sale. Joseph said. V. Gerard Comizio, a partner at Paul, Hastings, Janofsky & Walker, LLP, described the situation as an instance in which a state regulator sought to prevent a bank under his jurisdiction from failing …


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