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Sept 24, 2013

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Amid Bank Meltdowns Yellen Says Bring on the Mergers But Silent on CRA and Public Input

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, March 14 – Alongside the flame-out of Silicon Valley Bank, New York-based Signature Bank too failed. On Signature Bank's board of directors were not only Barney Frank (who after leaving Congress undermine his own Dodd Frank Act) but also former New York State Superintendent of Banks Derrick D. Cephas.

  Now after the failure (and give-away to JPMorgan Chase) of First Republic, at the G7 Janet Yellen has said, "I anticipate regulators to be open to increased mergers among regional banks in current banking environment."

  It is not mere speculation - Yellen is the boss of the Treasury's Office of the Comptroller of the Currency, and of the Administration's appointees at the Fed and FDIC.  So, bringing on the mergers - with Community Reinvestment Act review and public input be damned!

  Former Federal Reserve Bank of Philadelphia and Cleveland bigwig Michael E. Collins is on the board of Comerica, the bank that abandoned Detroit for Dallas. The Administration is saying that people will be held accountable - but who?

On the board of First Republic was Tom Barrack, recently acquitted in EDNY of being an agent of the United Arab Emirates..

Inner City Press submitted to the Federal Reserve a Freedom of Information Act request including  about Signature Bank: "This is a FOIA request for all record regarding FTX... Also, for Silvergate with its FTX connections, record reflecting any review by the FRS of Silvergate's (and Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank, Customers Bancorp Inc.) of the banks' connections with crypto-currency firms... This is a request for expedited treatment."

The Federal Reserve acknowledged receipt and said it was granting expedited process. Then -- nothing.

Now, as the Fed belatedly backs up Signature Bank after Silicon Valley Bank, the Fed tries to paper its delay: Months after the Federal Reserve said it granted Inner City Press expedited processing of its FOIA request on the Fed's work / errors on crypto, and two months after Inner City Press answered a request for clarification, past 4 pm on Friday March 10, 2023, this: "Good afternoon Mr. Lee The second part of your request seems to concern other entities (Silvergate, Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank, Customers Bancorp Inc.).  Please confirm the scope of this part of your request, did you intend to seek applications related information for these entities?"

 Inner City Press again immediately responded and clarified. Still withholding and cover-up.

Next up: PacWest and Western Alliance, Intrust, UMB and Zions. Yellen says, Bring on the mergers! Watch this site.


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