Top US bank regulator placed on leave pending review
A top bank regulator has been placed on leave pending a Treasury Department investigation into regulators' approval of backdated cash infusions for troubled thrifts.
By Agencies |
WASHINGTON: A top bank regulator has been placed on leave pending a Treasury Department investigation into regulators' approval of backdated cash infusions for troubled thrifts.
The Office of Thrift Supervision said Thursday its acting director, Scott Polakoff, was placed on leave. He is being replaced by OTS Chief Counsel John Bowman.
Polakoff, who is the agency's chief operating officer, had held the acting-director position only since last month following the resignation of OTS Director John Reich. The OTS gave no further details and agency spokesmen and Polakoff could not be reached for comment late Thursday.
Late last year it was revealed the OTS had approved in May a backdated infusion of $18 million for IndyMac Bancorp. The move enabled the thrift to maintain its ``well capitalized'' rating. It failed in July.
The Office of Thrift Supervision said Thursday its acting director, Scott Polakoff, was placed on leave. He is being replaced by OTS Chief Counsel John Bowman.
Polakoff, who is the agency's chief operating officer, had held the acting-director position only since last month following the resignation of OTS Director John Reich. The OTS gave no further details and agency spokesmen and Polakoff could not be reached for comment late Thursday.
Late last year it was revealed the OTS had approved in May a backdated infusion of $18 million for IndyMac Bancorp. The move enabled the thrift to maintain its ``well capitalized'' rating. It failed in July.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
