| Toronto Dominion for
Money Laundering Pays $3B
First Horizon Denied Why Not
Capital One
by
Matthew R. Lee
SOUTH
BRONX, Oct
10 – Toronto Dominion had to
walk away from its planned
merger with First Horizon, due
to then unspecified regulatory
issues. Now on October 10, the
Federal Reserve has announced
it had "fined Toronto-Dominion
Bank $123.5 million for
violations related to
anti-money laundering laws.
This action is being taken in
conjunction with criminal and
regulatory actions that are
being taken by the U.S.
Department of Justice, the
U.S. Attorney's Office for the
District of New Jersey, the
Department of the Treasury's
Financial Crimes Enforcement
Network, and the Office of the
Comptroller of the Currency.
The penalties announced by the
agencies total approximately
$3.09 billion." Ah.
Meanwhile Capital
One has applied to buy
Discover, in an
anticompetitive deal that
should be rejected by
regulators if they mean what
they have been saying. After
they applied late March
20, Inner City Press
submitted a second Freedom of
Information Act request to the
Office of the Comptroller of
the Currency (and to the
Federal Reserve).
On July 26, after
a FOIA appeal - and after
closing the public comment
period - the OCC belatedly
gave Inner City Press
documents showing Capital One
briefed the OCC on a "big"
deal in November 2023; it was
code named "Project Sirius."
Then overly
chummy texts from Andy
Navarrete, who testified at
the public meeting, and Pient
Tran to the OCC's Marci
Heppner and others.
For example, Andy
to Marci, sorry for the late
ping, if Richard wanted to
call, could you do a 1:1 Zoom
at 7:30 [pm]. But of course.
That and more now on Inner
City Press' DocumentCloud here
Inner City
Press continues to dig through
the records - and to prepare
another FOIA appeal.
Back on June 25
the OCC belatedly responded to
Inner City Press' FOIA request
- by withholding in full 185
pages. OCC FOIA production on
DocumentCloud here.
Inner City Press appealed.
On July
24, the very day on which the
OCC and Fed said they were
closing the written comment
period, the OCC upheld in full
its FOIA denials,
determination letter on Inner
City Press' Document Cloud here.
Inner City Press has requested
an extension of the comment
periods - the Fed hasn't even
responded. When did the Fed
start secret talks with
Capital One?
***
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