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June 2,
2023
Bowman
Watch II:
"This local
perspective is
one of the
great
advantages of
the Federal
Reserve
System's
regional
structure, and
of the Fed
Listens
initiative,
which
complements
the Board's
efforts to
understand
national
economic
conditions.
In 2019, the
Board launched
Fed Listens
with a year of
listening
sessions with
the public
focused on
monetary
policy"
May
29, 2029
Waller
watch: "There
is a little
over a month
between the
June and July
FOMC meetings,
and during
that time we
will learn
more about how
credit
conditions are
evolving. Over
four months
will have
passed between
the Silicon
Valley Bank
failure and
the July
meeting. By
then we will
have a much
clearer idea
about credit
conditions. If
banking
conditions do
not appear to
have tightened
excessively,
then hiking in
July could
well be the
appropriate
policy."
May 22, 2023
Bowman
watch: "I see
one of my many
functions and
roles as a
Member of the
Board of
Governors as
providing that
open door and
opportunity
for direct
engagement
with a
policymaker
for our
regional and
smaller banks,
as well. Your
Texas ABA
executive,
Chris Furlow,
who is a long
time friend
and colleague,
can put you
directly in
touch with me
should you
desire to do
so. "
May
15, 2023
Governor
Michelle W.
Bowman gave a
speech about
bank failures
- and nary a
word
about the exclusion
of the public
from any
review of those
being handed
the failed
banks, like JPM
Chase...
May
8, 2023
PacWest on the Ropes with Comerica to Follow Fed Collins on the Board as FRB Says All Good
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL
COURTHOUSE, May 4 – After the failures of
Silicon Valley Bank and Signature Bank in New
York, next was First Republic Bank.
On on May 3, PacWest Bank's shares tumbled, also
those of Western Alliance, Zions and Comerica --
which has former Federal Reserve big wig Michael
E. Collins cashing in on its board.
Meanwhile
the Federal Reserve Board in Washington assures
that all's well - as it denies FOIA requests
about its regulation, notably lax on fair
lending and the Community Reinvestment Act.
At 3 am Eastern time on May 1, the First
Republic (and $13 billion) was given to JPMorgan
Chase, which is already over the "maximum" 10%
of US deposits threshold - and whose CEO Jamie
Dimon has been ordered deposed about his
knowledge of, and link to, the pedophile
conspiracy of Jeffrey Epstein. It's come to
this.
The JPM Chase
complaint is on Patreon, here.
On March 20, 2023 U.S.
District Court for
the Southern District
of New York Judge
Jed S. Rakoff in a
bottom line order
dismissed some but
not all claims,
in the Epstein-related
cases against
JPMC and Deutsche
Bank.
***
May 1,
2023
FRB Downplays Its Failure on SVB As Claims No Review of Signature Crypto But FOIA Scam
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE, April 28 – Alongside the
larger flame-out of Silicon
Valley Bank, Signature Bank
too failed, FOIA
story below.
On SVB, the Federal Reserve on
April 28 issues a report
downplaying
it failure(s) and
notably not mentioning
the lack of any
public comment or
Community
Reinvestment Act /
CBA review as SVB
was
handed over to
First
Citizens, and
Signature
to NYCB.
The Federal
Reserve in belated response to
Inner City Press' FOIA request
says it has no record
of reviewing Signature and crypto, nor any "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."
Federal Reserve
letter
to Inner City
Press here
The
Fed did, however,
belatedly give Inner
City Press
the Farmington
State
Bank
application it
approved, with
100%
ownership by
Bahamas
based Jean
Chalopin. It's now on
Inner City
Press'
DocumentCloud
here.
We'll have
more on this.
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, about FTX. Now the response above. Watch this site."
***
April
24, 2023
Today's
Federal
Reserve
doesn't
believe that the
collapse of
banks and
crypto are
matters of
urgent public
concern -
they've written to
Inner City
Press: "In
support of
your request
for expedited
treatment, you
state that
“‘in light
of the
indictment of
FTX /
Alameda’s Sam
Bankman-Fried
and Caroline
Ellison
(cooperating),
and an
upcoming
January 3,
2023 hearing’
- case
proceeds.”
However, you
have not set
forth facts
demonstrating
an urgent need
to inform the
public about
an actual or
alleged
activity of
the Federal
Government.
Thus, I have
determined
that your
request does
not comply
with the
criteria for
expedited
processing." Really.
April
17, 2023
On April
14, the Fed
announced
"The Federal
Reserve Board
on Friday
announced its
approval for
UBS Group AG,
of Zürich,
Switzerland,
to acquire the
U.S.
subsidiaries
of Credit
Suisse Group
AG, of Zürich,
Switzerland.
The
application
was submitted
in connection
with UBS Group
AG's
acquisition of
Credit Suisse
Group AG. In
connection
with the
proposal, UBS
has committed
to provide the
Board with an
implementation
plan for
combining the
U.S. business
and operations
of UBS and
Credit Suisse,
which will be
updated
quarterly. The
implementation
plan will
address UBS's
obligations to
comply with
more stringent
enhanced
prudential
standards,
including
liquidity
standards." No such
announcement
with regard to
SVB -
First Citizens,
or Signature -
NYCB. So oversea
forced mergers
are "reviewed,"
but those in
the US are
not?
April
10, 2023
Fed-Speaks:
"The Federal
Reserve Board
on Thursday
announced that
it has fined
Wells Fargo
& Co., of
San Francisco,
California,
$67.8 million
for the firm's
unsafe or
unsound
practices
relating to
historical
inadequate
oversight of
sanctions
compliance
risks at its
subsidiary
bank, Wells
Fargo Bank,
N.A." Historical?
April
3, 2023
FRB Claims No Review of Signature Crypto But Here Is Farmington Application FRBSF OKed
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE, April 1 – Alongside the
larger flame-out of Silicon
Valley Bank, Signature Bank
too failed.
Now
the Federal Reserve in belated
response to Inner City Press'
FOIA request says it has no record
of reviewing Signature and crypto, nor any "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."
Federal Reserve
letter
to Inner City
Press here
March
27, 2023
Credit Suisse USB Merger amid Bank Meltdown Preapproved by Fed as Collins on Comerica
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE, March 19 – Alongside the
larger flame-out of Silicon
Valley Bank, Signature Bank
too failed. Now on March 19 in
Switzerland, the
forced and subsidized
marriage of USB and Credit
Suisse. Both have
US subsidiaries but from the
Fed, this pre-approval:
"The
following
statement was
released by
Secretary of
the Treasury
Janet L.
Yellen and
Federal
Reserve Board
Chair Jerome
H.
Powell:
'We welcome
the
announcements
by the Swiss
authorities
today to
support
financial
stability. The
capital and
liquidity
positions of
the U.S.
banking system
are strong,
and the U.S.
financial
system is
resilient. We
have been in
close contact
with our
international
counterparts
to support
their
implementation.'"
Preapproval,
like the entry
of Goldman
Sachs and
Morgan Stanley
into the
banking
system, with
no comment
period.
On Signature
Bank's board of directors is
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.
Among those being reviewed
by Moody, as
simply the first example,
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?
Next up: PacWest and Western Alliance, Intrust, UMB and Zions. Watch this site.
March 20,
2023
Amid Bank Meltdown Former Fed Collins on Comerica Board Like Signature Frank & Cephas
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE, March 14 – Alongside the
larger flame-out of Silicon
Valley Bank, over the weekend
Signature Bank too failed. On
Signature Bank's board of
directors is 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.
March
13, 2023
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
Staff is still
unclear about
the scope of
your
request.
Referring to
the initial
clarification
email below,
the second
part of your
request still
needs
clarification.
“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?
Clarifications
are needed in
order to
conduct a
search of
Board records
and process
this portion
of your
request.”
I realize from
your January
10 email
response that
you are
seeking
application
submissions,
Additional
Information
“AI”, and
approval
information.
However, it is
unclear what
application(s)
you seek this
information
concerning.
Did you intend
to seek
applications
for FTX to
acquire or
merge with
Silvergate,
FTX to acquire
or merge with
Provident
Bancorp, Inc.,
or FTX to
acquire or
merge with
Metropolitan
Commercial
Bank? It
is unclear the
connection you
intended for
these
institutions
(other than
media
mentions) and
as such
conducting a
search of
Board records
cannot be
completed.
Did you intend
to seek
records that
reference all
of these
institutions
together?
Did you intend
to seek
applications
records about
each
institution?
If this was
your intent,
we need a
target
institution
ABC Bank and
Provident,
Signature Bank
and XYZ Bank,
for
example.
From these
examples
alone, the
interpretations
are
many. It
would be
helpful if you
could include
the date the
application
was approved
or announced
in the
H.2.
Doing so would
allow us to
search and
review records
more quickly,
should they
exist.
I realize that
you responded
in a timely
manner to our
last
communication
about this
request, but
your comments
were not
specific
clarifications
with respect
to the named
institutions
in part 2 of
your request
that would
enable staff
to conduct a
reasonable
search.
If you have
additional
context,
please provide
it as soon as
possible.
After which,
staff may be
able to make
reasonable
interpretations
regarding the
information
you seek."
Inner City
Press again
immediately
responded and
clarified, about
FTX.
Watch this
site.
March
6, 2023
BMO Harris BNP Got Fed OK Despite Peters Case With Climate Dismissed Now French Suit
By
Matthew Russell Lee, Patreon Story
FED
COURT / S Bronx, Feb 27 – Whether or not the
U.S. Community Reinvestment Act will actually be
enforced under the Administration and its
regulators remains an open question, or one
answered in the negative, at least by the
Federal Reserve. Consider: Inner City Press
immediately reported that BMO Harris'
application to buy Bank of the West and its more
than 500 branches from BNP would be a litmus
test.
Fair
Finance Watch noted, from Day 1, that in 2020
BMO Harris denied many more mortgage
applications from African Americans than it
approved: 509 denied versus only 223 loans made
to African Americans, nationwide. BMO's numbers
for whites were the reverse: 9270 loans made,
versus less then six thousand denials. As noted,
there are also climate and secrecy issues. Fair
Finance Watch and other raised branch closings.
February
27, 2023
The
Federal
Reserve's FOIA
responses
have hit
a new low; this
appeal has
been filed:
This is
a FOIA appeal
of the FRB's
total denial
of Inner City
Press' FOIA
request
regarding MVB
Bank's
February 7
additional
information
response, in
which MVB
answered each
and every
question with
referring to a
withheld,
"Confidential"
Exhibit. The
letter was and
is subject to
the Fed's ex
parte rules -
withholding
the entire
response,
including
after an
immediate FOIA
request, makes
the Fed's ex
parte rules
meaningless.
One of the
withheld
answers is
about pro
forma
organizational
chart, another
concerns
crypto, a
matter of
public import
on which the
Fed's record,
after the SF
Reserve Bank's
Farmington
State Bank /
FTX - Alameda
approval, is
ever more
questionable.
In
signing in to
the Fed's FOIA
site to obtain
this FOIA
denial, I
noticed that
the Fed lists
Inner City
Press' earlier
FOIA request
about
Farmington and
other Fed
crypto
approvals
(2023-178) as
"On Hold -
Need
Info/Clarification."
But on January
10, 2023 I
immediately
answered the
request for
clarification
/ narrowing.
What is
happening with
the Fed's FOIA
compliance?
What is
happening with
the crypto
FOIA request,
on which the
Fed purported
to grant
expedited
treatment?
These should
be dealt with,
on or in
parallel with
this appeal.
Thank
you for your
prompt
attention,
February
20, 2023
With
Lael Brainard
leaving, even
before
the CRA reg is
out, who's
next? With Governor
Bowman beating
the
drum for even
faster
and more
automatic merger
approvals, the
next Governors
better
be one that
stands up to
that...
February
13, 2023
Lakeland Bank DOJ Deal Left Disparities in NY So Protest Now Fed Questions to Provident Here
By
Matthew Russell Lee, Patreon Maxwell
book
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