Local man to testify at hearing on FDIC loan sales

first_imgToday’s 11 a.m. hearing on the FDIC before the U.S. House Financial Oversight and Investigations Subcommittee can be watched live on the House Financial Services website.Click on the “Live Webcasts” icon.The U.S. House Financial Oversight and Investigations Subcommittee will hear testimony today from a Clark County business owner who had received loans from the now defunct Bank of Clark County.The hearing on the Federal Deposit Insurance Corp.’s sale of loans from failed banks to Miami-based Rialto Capital Management was requested in February by U.S. Rep. Jaime Herrera Beutler, R-Camas, and fellow Republican Rep. Lynn Westmoreland of Georgia.“We have to better understand how the FDIC’s practices allowed an out-of-state conglomerate like Rialto to profit at the expense of hardworking folks in communities like Clark County,” Herrera Beutler said in a statement released Monday. “If we find out that federal policies are unfairly leaving small business borrowers vulnerable to this kind of devastation, those policies will need to change.”The expected testimony of the Clark County business owner, Ed Fogg of Fogg Construction and the Fogg Mortgage Co., was made available online prior to today’s hearing.last_img read more