LETTER TO THE HONORABLE SHEILA C. BAIR, FDIC
The Honorable Sheila C. Bair
Federal Deposit Insurance Corporation
550 17th Street, N.W.
Washington, DC 20429-9990
Dear Chairman Bair:
We are writing in regard to the FDIC’s recently expressed policy that bank directors have no right to possess bank documents relevant to their defense of a potential suit by the FDIC as receiver. The FDIC has aggressively sought to enforce this previously undisclosed policy by filing a lawsuit against lawyers representing bank directors in the defense of proceedings by the FDIC aimed at recovering losses from their clients. This policy is shortsighted and counterproductive. It will deter qualified persons from accepting positions as bank directors and will motivate currently serving directors to resign. The American Association of Bank Directors is receiving calls from all over the U.S. from bank directors expressing concerns about this issue. Your agency should immediately clarify that the FDIC supports the right of bank directors to the bank records they need to defend themselves against suits by the FDIC and others.
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