Offices of Inspector General, Department of the Treasury, Federal Deposit Insurance Corporation Evaluation of Federal Regulatory Oversight of Washington Mutual Bank, Report No. EVAL-10-002, Released April 16, 2010
“This report presents the results of our review of the failure of Washington Mutual Bank (WaMu), Seattle, Washington; the Office of Thrift Supervisions (OTS) supervision of the institution; and the Federal Deposit Insurance Corporations (FDIC) monitoring of WaMu for insurance assessment purposes. OTS was the primary federal regulator for WaMu and was statutorily responsible for conducting fullscope examinations to assess WaMus safety and soundness and compliance with consumer protection laws and regulations. FDIC was the deposit insurer for WaMu and was responsible for monitoring and assessing WaMus risk to the Deposit Insurance Fund (DIF). On September 25, 2008, FDIC facilitated the sale of WaMu to JPMorgan Chase & Co in a closed bank transaction that resulted in no loss to the DIF.”
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