| 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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