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Report: New Frontier had warnings before collapse

posted: 30 DAYS 7 HOURS AGO

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FORT COLLINS, Colo. -A report by a federal inspector general says federal regulators repeatedly warned New Frontier Bank beginning in 2004 that it was taking financial risks it could not cover, according to the Coloradoan newspaper.

The newspaper obtained the report on Monday.

The report said the collapsed Greeley bank received multiple warnings that it lacked the systems to ensure loan officers made good decisions.

The report for the Federal Deposit Insurance Corporation says regulators should have moved more aggressively to protect the bank, which the state banking commissioner closed in April.

—

Information from: Fort Collins Coloradoan, http://www.coloradoan.com

2009-10-26 22:38:20

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