Treasury OIG: Material Loss Review of BankUnited, FSB

Office of Inspector General Department of the Treasury – OIG-10-042 Safety and Soundess: Material Loss Review of BankUnited, FSB, June 22, 2010

  • “This report presents the results of our material loss review of the failure of BankUnited, FSB (BankUnited), of Coral Gables, Florida, and of the Office of Thrift Supervision’s (OTS) supervision of the institution. OTS closed BankUnited and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver on May 21, 2009. Section 38(k) of the Federal Deposit Insurance Act mandated this review because of the magnitude of BankUnited’s estimated loss to the Deposit Insurance Fund.1 As of March 8, 2010, FDIC estimated that the loss would be $4.9 billion. FDIC also estimated that BankUnited’s failure resulted in a loss of $25.7 million to its Transaction Account Guarantee Program.”
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