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September
25, 2023
Fed wants to
hear more from
bankers: Governor
Michelle W.
Bowman to the
Independent
Community
Bankers of
Colorado: "I
strongly
encourage your
participation
to inform the
rulemaking
process. This
audience is
uniquely
positioned to
provide
real-world
feedback about
the intended
and unintended
consequences
of agency
rulemakings."
September
18, 2023
In
SDNY, Fed
trial moved:
"
Gardner-Alfred
et al v.
Federal
Reserve Bank
of New York
Case
Number:
1:22-cv-01585-LJL
Filer:
Document
Number:
187(No
document
attached)
Docket Text:
ORDER granting
[186] Letter
Motion to
Continue Trial
Date addressed
to Judge Lewis
J. Liman from
Alex Leonard
dated
September 14,
2023 filed by
Federal
Reserve Bank
of New York.
The Court
adjourns the
previously set
trial and
pretrial
deadlines and
adopts the
following
trial
schedule. The
joint pretrial
order,
requests to
charge,
proposed voir
dire, and in
limine motions
are due by
October 6,
2023.
Oppositions to
motions in
limine and
objections to
requests to
charge and
voir dire are
due by October
13, 2023. The
Final Pretrial
Conference is
rescheduled to
December 6,
2023 at 3:30PM
in Courtroom
15C at the 500
Pearl Street
Courthouse.
The Jury Trial
is rescheduled
to December
11, 2023 at
9:00AM in
Courtroom 15C
at the 500
Pearl Street
Courthouse"
September
11, 2023
Here's a strange headline from the Fed's website: "
September 05, 2023
2004??
September
4, 2023
What has the Fed done about JPM Chase's enabling of Jeffrey Epstein? Nothing. Even the NYSDFS acted on Deutsche Banks... In Epstein Case JPM Chase Says Congress Did Not Envision USVI Suit as Oct 23 Trial Looms In Epstein Case JPM Chase Says Congress Did Not Envision USVI Suit as Oct 23 Trial Looms
By Matthew
Russell Lee, Patreon Maxwell book
SDNY
COURTHOUSE, Aug 31 – J.P.
Morgan Chase and Deutsche Bank
were sued for their enabling
of Jeffrey Epstein, in
lawsuits filed on Thanksgiving
2022 in the U.S. District
Court for the Southern
District of New York, where
Inner City Press found them in
the docket. Then the US Virgin
Islands joined in against Chase
August
28, 2023
It's
on: "Banc of
California,
Inc., Santa
Ana,
California;
to acquire
PacWest
Bancorp, and
thereby
indirectly
acquire
Pacific
Western Bank,
both of
Beverly Hills,
California.
3
San
Francisco
09/29/2023" -
so how will
the Fed treat
this
application?
On greased
skids? And
mightn't JPM
Chase need to
apply? It's another
litmus
test...
August
21, 2023
Farmington Bank Belatedly Shut By Fed as SBF Jailed FOIA Appeal for Crypto Creeps Sequel
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE, Aug 17 – Alongside the
larger flame-out of Silicon
Valley Bank, Signature Bank
too failed.
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.
Now on August
17, after FTX's
Sam
Bankman-Fried
has been
remanded to
prison pending
trial (Inner
City Press
"Crypto
Creeps" book
here), the
Federal
Reserve has
belatedly
taken action
on Farmington,
the horse
decidedly out
of (and in the
case of SBF
back in) the
barn: "The
Federal
Reserve Board
on Thursday
announced an
enforcement
action against
Farmington
State Bank, of
Farmington,
Washington,
and its
holding
company, FBH
Corporation.
In 2022,
Farmington
improperly
changed its
business plan
without
notifying the
bank's
supervisors
and obtaining
prior approval
for those
changes.
Farmington has
previously
announced that
it will
voluntarily
sell its loans
and deposits
to the Bank of
Eastern
Oregon."
On
April 8, Inner
City Press filed a
FOIA appeal
with the Fed:
"This is an
appeal of the
FRB's denial
and delayed
and
untransparent
processing of
and
determinations
on Inner City
Press'
December 22,
2022 FOIA
request... After
more than
three months,
all the FRB
provided was
the public
portion of
Farmington
State Bank's
application -
this while FRB
Governor Barr
just told
Congress that
the Fed wants
to be
transparent,
including to
outside
reviews.
Most
cynically, the
Denial claims
that
"confidential
information is
not
responsive" -
basing that on
its
interpretation
of a first
request for
clarification,
a
misinterpretation
that all Inner
City Press was
request was
previously
public
information -
information
which even
then the Fed
did not
provide for
eleven
weeks.
We wanted and
want the
records
reflecting the
FRS' review of
Farmington
State Bank's
application,
and the
records about
the Fed's
review of
crypto and the
names firms:
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).
Does the Fed as Governor Barr said want to be transparent or not?
We'll have more on this.August
14, 2023
"The
Federal
Reserve Board
on Tuesday
provided
additional
information on
its program to
supervise
novel
activities in
the banks it
oversees.
Novel
activities
include
complex,
technology-driven
partnerships
with non-banks
to provide
banking
services to
customers; and
activities
that involve
crypto-assets
and
distributed
ledger or
"blockchain"
technology" -
let's see
what comes out
of the SBF trial,
now that he's
detained....
August
7, 2023
Link Bank Bid To Buy Partners Bancorp On the Ocean Rebound has Belated Fed CRA Questions
By
Matthew Russell Lee, Patreon Maxwell
Book
SOUTH
BRONX, Aug 1 – Pennsylvania, Delaware and
Virginia are portrayed as diverse and ever
progressive places. But their banks, not so
much.
Consider
for example the proposed merger on the rebound
between New York-based Link Bank and Partners
Bancorp, which recently broke off its proposed
deal with OceanFirst.
Inner
City Press and Fair Finance Watch have long
exposed redlining - and in this vein, on May 6
they filed a Community Reinvestment Act
challenge with the Federal Reserve.
On
August 1, the Fed belated asked: "ased on
staff’s review of Applicant’s letter to Mr.
William T. Wisser, dated July 24, 2023,
the following additional information is
requested. Supporting documentation should
be provided, as appropriate.
1.
Describe in detail how LinkBank will adjust its
fair lending program to accommodate the
expanded market area acquired from VPB,
particularly the
Washington-Arlington-Alexandria VA-MD
MMSA. 2. Clarify whether, and to what extent,
LinkBank intends to integrate the consumer
compliance and fair lending programs of TBOD and
VPB into the resultant institution’s
consumer compliance and fair lending programs.
3.
Provide a list of organizations and community
groups, if any, with which LinkBank has
engaged since 2021 to help reach African
American borrowers in Pennsylvania. In
your response, provide detailed
information about any partnerships that LinkBank
has engaged in with these organizations
and community groups since 2021. 4. Provide a
list of organizations and community groups, if
any, with which VPB has engaged since 2021
to help reach African American borrowers in the
Washington-ArlingtonAlexandria VA-MD MMSA. In
your response, provide detailed information
about any partnerships that VPB has
engaged in with these organizations and
community groups since 2021.
5.
Discuss in detail LinkBank’s and VPB’s efforts
to reach African American borrowers in any
area, including any specialized products and
marketing campaigns targeting such
borrowers, since 2021.6. Provide further
information on LinkBank’s recent CRA activities
since 2021, following the latest CRA
performance evaluation of The Gratz Bank on
March 22, 2021 (which preceded the
acquisition of LinkBank by The Gratz Bank and
the resulting institution’s name change to
“LinkBank”). In particular, provide further
information regarding LinkBank’s
activities to improve its geographical
distribution of loans throughout its assessment
areas since the March 22, 2021,
performance evaluation of The Gratz Bank. 7.
Provide further information on VPB’s CRA
activities since its October 2, 2017,
performance evaluation."
July 31, 2023
From
the Fed last
week: "The
Federal
Reserve Board
on Monday
announced a
consent order
and a $268.5
million fine
with UBS Group
AG, of Zurich,
Switzerland,
for misconduct
by Credit
Suisse, which
UBS
subsequently
acquired in
June 2023. The
misconduct
involved
Credit
Suisse's
unsafe and
unsound
counterparty
credit risk
management
practices with
its former
counterparty,
Archegos
Capital
Management LP"
- but what now
about the Hwang
subpoenas
reported in
this week's
Inner City
Press Bank
Beat report?
July
24, 2023
Bowman
watch, safe
harbor bid
edition: Fed
Governor
Michelle
Bowman says
the
Board
"should
improve its
approach to
processing
applications
in cases where
a member of
the public has
made an
adverse
comment,
particularly
when the
recent
supervisory
record
addresses the
concerns
raised and is
consistent
with
approval."
Vantage Bank
Texas
President and
CEO Jeff
Sinnott agrees
with Bowman -
not
surprising. But
what about
Quontic, which
the Reserve
Bank approved,
before the
enforcement
action?
July
17, 2023
Kids gloves,
from Link
Bank to BofA to...
"The Federal
Reserve Board
on Tuesday
announced the
termination of
the
enforcement
action listed
below: Capital
One Financial
Corporation,
McLean,
Virginia Cease
and Desist
Order dated
August 4,
2020"
July
10,
2023
Earlier
this year
Inner City
Press / Fair
Finance Watch
wrote to the
Federal Reserve
with
complaints
about Quontic Banks.
In a new low, after
the Board in
DC denied any
extension of
the comment
period, it was
the Federal
Reserve
Bank of
Philadelphia
which wrote
back and rubber-stamp
approved on a
delegated basis
- no HMDA
data, no
Board. Now
this: "Quontic
Bank
Acquisition
Corp.,
Astoria, New
York, and
Quontic Bank
Holdings
Corp.,
Astoria, New
York Written
Agreement
dated July 5,
2023." A
corrective
action
notice...
July
3, 2023
Stress
test shorts:
The decline in
Truist's and
U.S. Bancorp's
stressed CET1
ratio looks
rather poorly
compared to
the median
(-230 and -180
basis points,
respectively,
Figure 3), and
USB saw its
ratio drop to
the second
lowest in the
group,
surpassed only
by Citizens
Financial
Group (CFG)
with a
stressed CET1
ratio of 6.4%.
June
26,
2023
Since
Kugler has
pledged to
recuse herself
from
participating
in any matter
involving a
former
employer or
client for
four years —
beyond what’s
required under
the Biden
administration’s
ethics pledge
— and to
refrain from
signing on to
a financial
services firm
within four
years of
leaving
government -
why can't and
don't the
other Fed
governors?
June
19,
2023
Look who has
requested
access to
Reserve Bank
master
accounts and
financial
services
COMMERCIUM
FINANCIAL
CHEYENNE
WY
5/23/2022
Pending
Tier
3
Kansas
City
Not Federally
Insured
CUSTODIA BANK,
INC
CHEYENNE
WY
10/29/2020
Rejected
1/27/2023
Tier
3
Kansas
City
Not Federally
Insured KRAKEN
FINANCIAL
CHEYENNE
WY
10/6/2020
Pending
Tier
3
Kansas
City
Not Federally
Insured
MORNING STAR
FCU
LAME
DEER
MT
1/26/2023
Approved
4/28/2023
Tier
1
Minneapolis
NCUA NORTH
STAR COMMUNITY
CU
MADDOCK
ND
1/6/2023
Approved
5/10/2023
Tier
1
Minneapolis
NCUA GS&L
MUNICIPAL
BANK
GOUVERNEUR
NY
10/27/2022
Approved
2/28/2023
Tier
1
New
York
FDIC
FNALITY
LONDON
10/17/2022
Pending
TBD
New
York
Not Federally
Insured
June
12, 2023
Gov
Jefferson:
"the staffs of
the U.S.
federal
banking
agencies are
diligently
working on a
Basel III
endgame
proposal that
should be
issued for
public comment
soon. At the
same time, the
Federal
Reserve staff
is considering
ways to
enhance the
ability of
stress tests
to capture a
wider range of
risks and
identify
vulnerabilities
at the largest
banking
organizations."
June 5,
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