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As OCC Claims Transparency on Merger Review It Withholds US Bank Letter It Used

By Matthew Russell Lee, Patreon

SOUTH BRONX NYC, Jan 29  – How untransparent and pro-bank are today's regulators, including the Office of the Comptroller of the Currency?

  We ask as the OCC says it will on January 29, 2024 announce more transparency in merger reviews. The proposal, they say, "will detail the types of deals that would typically secure approval and the issues that could complicate or derail transactions," Michael Hsu, the acting comptroller, said. To some, this appears to be a sop to the banks, not communities or consumers. Consider:

Back on February 10, 2023 came the OCC's denial in full of Inner City Press' Freedom of Information Act request about its approval of U.S. Bank's application to acquire Union Bank, which Fair Finance Watch and others challenged under the Community Reinvestment Act. 

 Inner City Press submitted the request in November 2022, and immediately clarified and narrowed the request after an OCC inquiry.

On February 10, 2023, the OCC responded - and withheld 16 pages in full

On February 14, Inner City Press filed its appeal.

On March 16, 2023, OCC Deputy General Counsel Patricia S. Grady denied the appeal in full - the bank's commitment letter the OCC based its approval all it totally secret. Letter on Inner City Press' DocumentCloud here. This is unacceptable. Will it be addressed?

  Watch this site.


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