Examiners Saw New England Problems Coming: Federal...

Examiners Saw New England Problems Coming: Federal bank examiners raised “significant concern” about the condition of the Bank of New England two years before their superiors launched a sweeping review of the now-defunct institution, regulatory documents show. A summary of actions by the Office of the Comptroller of the Currency indicates that regulators had strong signals in late 1987 that the bank was in trouble. Two years later, the comptroller’s office ordered regulators to establish a continuous presence at the bank. The regulators subsequently forced a change in top bank management.