Fed's Olson: Banking industry is sound

US - Federal Reserve governor Mark Olson on Tuesday said the U.S. banking system is sound, but cautioned that weaknesses could come to light now that the economy has pulled out of recession, the first in a decade.

"We have just concluded more than ten years of economic prosperity, followed by slightly more than one year of recession -- a recession that is now behind us," Olson said in prepared remarks before the Maryland Bankers Association's convention in Palm Beach, Florida.

"At this point