Banking expert Keith Geary testified in Oklahoma City that Frontier State Bank should not change its
policies and should continue to fight the FDIC in court. FSB says it has been profitable in every quarter since 2002 and
has not violated any regulation or law while the FDIC said FSB's policies should change because the bank is exposed to rate swings. EarthTimesOnline reports:
The FDIC started an exam in April 2008, and filed a complaint in October. The rare administrative hearing started last Monday. The administrative law judge, an FDIC employee, has 45 days from the hearing’s conclusion to issue a decision to a three-person FDIC panel. The panel then has 45 days to uphold or overturn the judge’s decision. The losing side has 30 days to reply, followed by a 15-day window for the prevailing party to respond.
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