Monday, September 08, 2008

WaMu: Memorandum of Understanding with OTS

by Bill McBride on 9/08/2008 11:59:00 AM

Via MarketWatch:

WaMu also announced that it has entered into a Memorandum of Understanding (MOU) with the Office of Thrift Supervision (OTS) concerning aspects of the bank's operations, principally in several areas of its risk management and compliance functions, including its Bank Secrecy Act compliance program. In addition, WaMu has committed to provide the OTS an updated, multi-year business plan and forecast for its earnings, asset quality, capital and business segment performance. The business plan will not require the company to raise capital, increase liquidity or make changes to the products and services it provides to customers.
This might have contributed to the CEO's ouster.