US regulator slammed over Signature Bank loan sales - reports

Brookfield Property Group

Elliot Gulliver-Needham
clock • 2 min read

The US Federal Deposit Insurance Corporation has received a complaint over its auction of loans following the collapse of Signature Bank earlier this year, according to reports.

Investment group Brookfield Property Group has accused the FDIC of running a "secret" process to sell the failed bank's loans at cheap prices, in a letter seen by the FT. SVB's former owner sues US banking watchdog to recover $1.9bn In the letter, Brookfield said that it had heard from "numerous sources" that a winning bidder for the loans had been selected, and that the bid had been lower than that made by the firm. The firm then threatened to file a formal protest of the auction, which is expected to be completed this month. Signature Bank became one of several US regional ban...

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