The FDIC failed to provide its employees a workplace safe from sexual harassment, discrimination and other misconduct, an independent investigation of the agency concluded. In a report released today, the law firm Cleary Gottlieb said its investigation found that the FDIC nurtured “a patriarchal, insular and risk-averse culture” that contributed to the conditions that allowed for misconduct. It also found that widespread fear of retaliation prevented agency employees from speaking out, and that the response by the agency’s management to reports of misconduct “have been insufficient and ineffective.” The investigation, which included interviews with more than 500 individuals, was commissioned by the FDIC following media reports of widespread misconduct at the agency.
Treasury proposes rule to bar large institutional investment in single-family homes
A large institutional investor is defined as an investor that has direct or indirect control over at least 350 homes. Penalties for violating the law can range from $1 million to three times the purchase price of the...
