English, Article, Journal or magazine article edition: Will Legislated Early Intervention Prevent the Next Banking Crisis? Joe Peek; Eric S. Rosengren

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Will Legislated Early Intervention Prevent the Next Banking Crisis?
Author
  • Joe Peek
  • Eric S. Rosengren
Physical Description
  • preprint
Notes
  • A key provision of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) was prompt corrective action (PCA). PCA emphasized early intervention by bank supervisors and was intended to limit forbearance by making supervisory intervention more timely and less discretionary. However, PCA legislation appears to have been oversold. Had PCA been in place during the recent banking crisis in New England, it would have had little, if any, effect. Relative to actions taken by supervisors, PCA provisions would not have imposed more severe restrictions on banks, intervened earlier, or intervened in problem banks that would otherwise have been missed.
  • Banks and banking ; Federal Deposit Insurance Corporation Improvement Act of 1991 ; Financial crises - Asia
  • RePEc:fip:fedbwp:96-5
  • A key provision of the Federal Deposit Insurance Corporation Improvement Act of 1991 was prompt corrective action (PCA). PCA emphasized early intervention by bank supervisors and was intended to limit forbearance by making supervisory intervention more timely and less discretionary. However, PCA, as implemented, appears to have been oversold. Had PCA been in place during the recent banking crisis in New England, it would have had little, if any, effect. Since it imposes an essentially nonbinding constraint on bank supervisors, PCA is not likely to play a major role in preventing the next banking crisis.
  • RePEc:boc:bocoec:359
Language
  • English
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