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Bennet, Udall, Markey urge Department of Justice to investigate failure of New Frontier Bank
Colorado U.S. Sens. Michael Bennet (D-CO ) and Mark Udall (D-CO) and Congresswoman Betsy Markey (D-CO) urged the U.S. Department of Justice to investigate serious allegations of fraud in the collapse of the Greeley, Colo.-based New Frontier Bank. Over the past several months, Senators Bennet, Udall and Congresswoman Markey have made several efforts to assist farmers and local businesses to work through the challenges posed by the bank's closure. This recent effort seeks to hold accountable those responsible for potentially fraudulent actions. In a letter to U.S. Attorney General Eric Holder, the lawmakers wrote, "The bank's failure has devastated numerous family farms and small businesses that form the foundation of the economy in northern Colorado. As a result of the failure, too many productive farms are facing foreclosure and many small businesses are laying off employees or closing their doors." The Denver Post chronicled numerous allegations indicating that the bank may have been committing fraud. The Greeley Tribune documented other irregularities. In April of 2009, the Colorado Division of Banking closed New Frontier because it had engaged in unsafe practices and lacked adequate capital. The bank's failure has had strong negative implications on the economy of northern Colorado and cost the FDIC's deposit insurance fund hundreds of millions of dollars.
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