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Bank Giveaways 3 Regulators Dodge
on the Hill Claiming Transparency
Slow in FOIA
by
Matthew Russell Lee, Patreon Book
Substack
SDNY COURTHOUSE,
March 29 – For two days on
Capitol Hill three regulators
answered partisan questions
about two, or two and a half,
bank seizures and re-sales.
It was not
pretty.
Federal
Reserve Vice Chair for
Supervision Michael Barr, FDIC
Chair Martin Gruenberg and
Treasury Under Secretary for
Domestic Finance Nellie Liang
deferred many of their answers
until reports due on May
1.
Barr
insisted, We want to be
transparent. But the Federal
Reserve Board has delayed in
responding to FOIA requests,
for example Inner City Press'
FOIA request about its actions
on banks and crypto firms
including FTX.
Guenberg
told the House, in response to
questions, that Signature
Bank's Signet will be
returning digital assets by
April 5 - but said that the
Signet business is still for
sale.
There were no
questions about public
pre-disclosure and comment on
these acquisitions. Community
Benefits Agreements in
California and Massachusetts
were raised, with Gruenberg
calling these private
agreements but noting that the
banks are subject to CRA
evaluation.
But these
same regulators give 98% of
banks Satisfactory or
Outstanding CRA ratings.
Hence the
call by Fair Finance Watch and
then others that for example
Key Bank not be allowed to
make any midnight acquisitions
like New York Community Bank /
Flagstar or First Citizens -
see here, and more blow by
blow, member by member
reporting on Substack here
***
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