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Review of EDC finds risks in lending
Political influence could impact decisions
Updated: Wednesday, 26 Dec 2012, 1:30 PM EST
Published : Wednesday, 26 Dec 2012, 1:10 PM EST
PROVIDENCE, R.I. (AP) -- An internal review of a financing program operated by the R.I. Economic Development Corp. shows flaws that can permit political influence to affect lending decisions.
The Providence Journal reports that the review conducted by a bank examiner at the Department of Business Regulation did not uncover problematic loans or instances of political meddling.
But the review recommended policies the EDC should put in place to limit the possibility of political influence in loan decisions.
The review was part of a look at the EDC ordered by Gov. Lincoln Chafee after the 38 Studios loan default.
Jeffrey Asermely, assistant supervisor of examination for the Department of Business Regulation, says he found a lack of written policies and procedures that could permit political influence to affect lending decisions. He called for written policies and procedures.
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