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The Fed made history and shut down a Colorado bank, a role normally reserved for state regulators.

The Fed made history and shut down a Colorado bank, a role normally reserved for state regulators.


This is going to raise many eyebrows…

American Banker-

The Federal Reserve Board made history Friday by invoking special powers to shut down a Colorado bank, stepping into a role normally reserved for state regulators.

The central bank appointed the Federal Deposit Insurance Corp. the receiver for the $1.38 billion-asset Community Banks of Colorado in Greenwood. The FDIC then sold the bank’s operations to Bank Midwest NA in Kansas City, Mo.

[American Banker]

 

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