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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.

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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."

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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?

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."