| Need To
Crackdown On US Bank Mergers Sidestepped
By Fed & Tarulo, Missing on CRA
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC-Guardian
UK - Honduras
- ESPN
NY
Mag
SOUTH BRONX /
SDNY, April 11 –
With the mega-merger horse
largely out of the barn in the
US, Citibank too big to
question for its business in
Russia even as JPMorgan Chase
admits gambling a billion
dollars they while closing
branches in NYC, the smallest
of regulators had started a
review. But where is the
Community Reinvestment Act in
mergers?
The
Federal Deposit Insurance
Corporation, with jurisdiction
mostly over small banks not
members of the Federal Reserve
System with the exception of
the ironically named Truist,
has a public comment period on
mergers.
Now with
the FDIC's request for
information comment period set
until May 31, here,
former Federal Reserve
government has chimed in for /
on Brookings
- mentioning Truist and Morgan
Stanley, but not even once the
CRA. Fair Finance Watch says
by contrast, CRA must be at
the center, it is communities
loses to the mergers.
Ohio Senator Sherrod Brown has
written to the Fed's Jay
Powell and to national bank
overseer Michael Hsu, the
Comptroller of the Currency
who himself came from the Fed,
to ask them to get
involved.
They have
much more to answer for.
The FDIC
in the face of a Community
Reinvestment Act challenge to
Investors Bank by Fair Finance
Watch imposed conditions on
the bank.
But
the Fed, with Investors being
gobbled up by Citizens Bank,
refused to review Investors
compliance with even those
tame conditions. Inner City
Press' FOIA requests languish
for months at the
Fed.
The OCC,
despite the issue being raised
to Hsu, has yet to implement
even back transparency
measures in its merger
reviews, such as sending
copies of its questions, and
the banks' answers, to public
commenters.
So things are
worse, it seems, than Senator
Brown and his colleagues know.
The public,
particularly affected
communities, much comments and
comment now. Watch this site.
***
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