Fed's Cole says subprime actions too slow

The Federal Reserve could have acted faster to prevent a meltdown in the subprime-mortgage market by halting the lax lending standards that contributed to the crisis, the Fed's chief bank supervisor said Thursday 22 March.

``Given what we know now, yes, we could have done more sooner,'' Roger Cole, the Fed's director of banking supervision and regulation, told the Senate Banking Committee in Washington, as regulators testified for the first time before Congress on the market rout.

Cole said the