Rep. Darrell Issa, the lead Republican on the House Oversight and Government Reform Committee, is asking the Federal Deposit Insurance Corp. to explain why it waited so long to close a bank owned by the family of a candidate for the U.S. Senate.

In a letter Wednesday to FDIC Chairman Sheila Bair, the California Republican called for closer scrutiny of Broadway Bank's closure last week, which cost the Deposit Insurance Fund $394.3 million; Issa said regulators knew months in advance of the bank's problems.

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