FDIC Decentralizes Some Decision-Making

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The Federal Deposit Insurance Corp. (FDIC) said its field offices will be given more decision- making power. Effective Jan. 1, field offices will be able to sign off on exam reports, approve branch-related applications, and fulfill other regulatory duties with respect to banks with supervisory ratings of 1 or 2, the agency said in letters it has mailed to the nation's banks. Regional offices will retain primary responsibility for complex banks.

EUREKA, Utah (01/08/03 - Mountain High CU has gotten the green light from NCUA to convert to a federal charter and spread its services into neighboring Juab County, where it will set up a branch in the same building being abandoned here by Wells Fargo Bank.

The nine-year-old credit union will set up shop in the same building that housed bank after bank, most recently First Security Bank, before its was acquired by Wells Fargo two years ago.

The San Francisco-based banking giant has been pulling its stage coach out of tiny Utah towns, like Eureka, with just 800 residents, and plans to flee others, leaving new opportunities for credit unions.

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