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After Fed Disses Community Reinvestment Act Raskin Blocked By Manchin Cook 12-12 Tie

By Matthew Russell Lee, Patreon Maxwell Book
BBC - Guardian UK - Honduras - ESPN

SDNY COURT, March 16 – When the US bank regulators and Administration say they are taking the Community Reinvestment Act more seriously, it does not appear to be true.

Case in point: the Federal Reserve Bank of New York on February 28, on Berkshire Bank which got a rare Needs to Improve CRA rating in New York State, gave out an approval on a delegated basis. The FRBNY cannot, as a matter of law and as an entity owned by private banks, deny or even condition an approval. This is a new low.

  So to the blocking of Sarah Bloom Raskin, after which this: Jay Powell advanced through the Senate Banking Committee with Elizabeth Warren opposing. Lael Brainard was backed in a 16-8 vote for the Fed vice chair, Phil Jefferson won unanimous support and Lisa Cook moved forward to the full Senate on a 12-12 tie. But will the Fed just keep rubber-stamping?

 Fair Finance Watch, with Inner City Press on the FOIA, which commented to the Fed on January 8, has immediately filed a petition for review saying it should be reviewed by each current, and all Administration-nominated Governors:

Dear Chair Powell, Secretary Misback and others in the FRS:  This is a timely petition to review the decision today by the FRBNY to approve - on a delegated basis -- the Applications of TBB Investments LLC and TBB Intermediate LLC to become bank holding companies by acquiring Berkshire Bancorp, Inc and Berkshire Bank -- which got a rare Needs to Improve CRA rating in New York.

    Significantly - and we think, disposively and requiring review by the full Board and each member, and the nominated members - Berkshire Bank received a “Needs to Improve” rating in the New York state assessment area during its May 7, 2019, CRA Performance Evaluation.  

 How could the Reserve Bank, which has no authority to deny or even condition approval on applications, deign to rubber stamp this application? This is a new low, and shows the FRS is not complying with its and the Administration's public statements about CRA and fair lending...

See also: "Reclusive landlord Moses Marx resigns as Berkshire chairman, see here. 

 FFW and Inner City Press are now even more deeply concerned about the rush by the Federal Reserve's to rubber-stamp mergers by redliners and predatory lenders. This has been killing the Community Reinvestment Act.   This bogus delegated approval must be stayed and reviewed by each Governor and nominated Governor.

 Very Truly Yours,     Matthew Lee, Esq.   Executive Director  Inner City Press/Fair Finance Watch

This was sent to the FDIC (Frank Hughes), NYSDFS, and the bank lawyers at Stoock.

  In a letter dated March 9 emailed to Inner City Press / Fair Finance Watch on March 10, Federal Reserve Board Secretary Ann E. Misback wrote, "Your petition for review was presented to the Board, and no member of the Board requested review of the Reserve Bank’s action. Accordingly, your request that the Board review the Reserve Bank’s action on the Application is denied." These Governors are: Chair Jerome H. Powell, Michelle W. Bowman, Christopher J. Waller and, yes, Lael Brainard." They say that a privately owned Federal Reserve Bank, which has not authority to disapprove any application, can approve an application by a bank with a Needs to Improve CRA rating. We'll have more on this.

It is a litmus test. Failed by these Governors.


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