Tue May 3, 2011
Mo. auditor Schweich issuing subpoena over financial records
Missouri Auditor Tom Schweich says he’s issuing a subpoena to the Finance Division of the State Department of Insurance, in order to force them to release records on banks, savings and loans, and other financial institutions across the state.
Finance Division officials have so far refused to release documents on their reviews of financial institutions, saying that state law bars them from doing so. But Schweich says the records are needed to see if banking regulators are doing their jobs properly.
“They are not immune from oversight, no one is immune from oversight," Schweich said."The idea that they don’t have to provide any examination records because they’re simply not subject to oversight is preposterous.”
Schweich says the documents in question will enable his office to do a complete audit. In a statement, the Department of Insurance says it will seek a judge’s opinion on whether it has to obey the State Auditor’s subpoena.