FDIC clarifies approach to use of credit ratings
In the summer 2013 edition of the Federal Deposit Insurance Corporation's (FDIC) Supervisory Insights, the regulator seeks to clarify how credit ratings should be used when making investment decisions.
US authorities were told to strike all mention of external credit ratings from banking regulations as part of the Dodd-Frank Act, and the FDIC says banks subsequently asked for clarification as to how the new rules will be interpreted by regulators.
The FDIC explained that due diligence
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