| After Ex-Comptrollers Cashed Out CRA
Rule Reconsidered But Still Merger Rubber
Stamps?
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SOUTH BRONX,
SDNY, May 18 – In the midst of
the Coronavirus pandemic and
after the insurrection,
then-Comptroller of the
Currency Brian Brooks on
January 13 gave another quid
pro quo gift, a bank charter
to Anchorage, even as he quit
with a week left in the
Administration. Inner City
Press asked, Where might he
land and get rewarded for all
this?
In March we
learned: Brooks "joined
blockchain credit startup
Spring Labs as its first
independent director, the
Marina Del Rey,
California-based fintech
bragged." Revolting revolving
door.
Now on May
18, this: "The Office of the
Comptroller of the Currency
(OCC) published in the Federal
Register on June 5, 2020, a
final rule (June 2020 rule) to
modernize the agency’s
regulations under the
Community Reinvestment Act
(CRA). The OCC has determined
that it will reconsider the
June 2020 rule. While this
reconsideration is ongoing,
the OCC will not object to the
suspension of the development
of systems for, or other
implementation of, provisions
with a compliance date of
January 1, 2023, or January 1,
2024, under the 2020 CRA rule.
At this time, the OCC also
does not plan to finalize the
December 4, 2020, proposed
rule that requested comment on
an approach to determine the
CRA evaluation measure
benchmarks, retail lending
distribution test thresholds,
and community development
minimums under the June 2020
rule. In addition, the OCC is
discontinuing the CRA
information collection
pursuant to the Paperwork
Reduction Act (PRA) notice
published in the Federal
Register in December 2020."
But will
OCC merger rubber stamping
continue under ex-Fed Michael
Hsu? See here.
On May 11
in the Senate, the fake lender
rule was overruled under the
Congressional Review Act, by a
vote of 52 to 47, which ran
nearly to 7 pm.
See Fair Finance
Watch tweets here.
Watch this site.
Meanwhile
Inner City Press' requests
under the Freedom of
Information Act into Brooks'
conflicts of interest in the
fintech and crypto-currency
world have yet to be fully
answered. Will Brooks be
taking "his" documents with
him?
Brooks
went whole hog with Anchorage,
the so-called first crypto
bank. It should be reversed -
but will it be? Anchorage was
represented by Dana Syracuse
through the revolving door
from the NYS Department of
Financial Services.
Fair Finance
Watch and others opposed and
requested extensions on
Figure, for which OCC has yet
to answer Inner City Press'
FOIA request, here
***
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