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20K views40 pagesRevealed: Federal Reserve Asking CIT Group About Inner City Press FOIA Request: Now Goldman Sachs?
Federal Reserve Let CIT Run Clock, Docs, Like Goldman Now to Oct 30
By Matthew R. Lee
NEW YORK, October 13 -- The lack of seriousness in US bank regulation grows from the relatively smaller to the largest banks, with CIT and OneWest a major, and Goldman Sachs the most recent, example. Goldman is trying to speed through Federal Reserve approval to buy $16 billion in insured deposits from GE Capital, and the Fed so far seems bent on helping. It began by withholding basic parts of Goldman's application, click here to view.
Inner City Press still has a pending Freedom of Information Act request; Fair Finance Watch and others, including NCRC, asked the Fed to extend its comment period, which has now been done, until October 30, with the Fed's FOIA response to Inner City Press due on October 16.
In the interim, Inner City Press is today publishing the Federal Reserve's communications with the CIT Group's outside counsel, which shows how the release of public documents is allowed by the Fed to be delayed. CIT made disingenuous requests for confidential treatment of information that could not be withheld, without any repercussion. They were rewarded with FOIA appeal denials by Fed Governor Jay Powell; now Goldman is trying to withhold information that should be public. Will there be any repercussion or accountability? Watch this site.
responded to today:
"The Federal Reserve Board on Monday announced that the public comment period has been extended through October 30, 2015, on the application by Goldman Sachs Bank USA, New York, New York, to assume certain liabilities and acquire certain assets of GE Capital Bank, Holladay, Utah, under section 18(c) of the Federal Deposit Insurance Act... The original comment period, which closed on September 19, 2015, is being extended to allow interested persons more time to review the proposal and to provide comments... Comments regarding this application must be received at the Federal Reserve Bank of New York (Attention: Bank Applications Officer, 33 Liberty Street, New York, New York 10045; [email protected]) or the Office of the Secretary of the Board (20th Street and Constitution Avenue, NW, Washington, D.C. 20551) on or before October 30, 2015."
Just last week, the Fed told Inner City Press a comment it submitted on Goldman Sachs, with new Home Mortgage Disclosure Act data, was "untimely" --
"Dear Mr. Matthew Lee, Executive Director Inner City Press/Fair Finance Watch
We acknowledge receipt on September 22, 2015 of your email dated September 22, 2015 ("Comment Letter"), commenting on the application filed by Goldman Sachs Bank USA... The public comment period for this application ended on September 19, 2015. Since your Comment Letter was received after the end of the public comment period, it will not be made a part of the record of this application unless the Board in its sole discretion determines to consider your late comments. However, you previously submitted timely comments that have been made part of the application record that the Board will consider."
Now it must be considered. reviously, the Federal Reserve wrote to Inner City Press, extending its own time to respond under FOIA until October 16 -- all while maintaining that the comment period closed on September 19:
"Dear Mr. Lee, On September 2, 2015, the Board of Governors ('Board') received your electronic message dated September 2, pursuant to the Freedom of Information Act (“FOIA”), 5 U.S.C. § 552, for the entirely of the “Application by Goldman Sachs Bank USA for the Acquisition by Purchase and Assumption of Certain Deposit Liabilities and Certain Very Limited Non-Financial Assets of GE Capital Bank,” and for all records.... Pursuant to section (a)(6)(B)(i) of the FOIA, we are extending the period for our response until October 16, 2015, in order to consult with two or more components of the Board having a substantial interest in the determination of the request.
"If
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0% found this document useful (0 votes)
20K views40 pagesRevealed: Federal Reserve Asking CIT Group About Inner City Press FOIA Request: Now Goldman Sachs?
Federal Reserve Let CIT Run Clock, Docs, Like Goldman Now to Oct 30
By Matthew R. Lee
NEW YORK, October 13 -- The lack of seriousness in US bank regulation grows from the relatively smaller to the largest banks, with CIT and OneWest a major, and Goldman Sachs the most recent, example. Goldman is trying to speed through Federal Reserve approval to buy $16 billion in insured deposits from GE Capital, and the Fed so far seems bent on helping. It began by withholding basic parts of Goldman's application, click here to view.
Inner City Press still has a pending Freedom of Information Act request; Fair Finance Watch and others, including NCRC, asked the Fed to extend its comment period, which has now been done, until October 30, with the Fed's FOIA response to Inner City Press due on October 16.
In the interim, Inner City Press is today publishing the Federal Reserve's communications with the CIT Group's outside counsel, which shows how the release of public documents is allowed by the Fed to be delayed. CIT made disingenuous requests for confidential treatment of information that could not be withheld, without any repercussion. They were rewarded with FOIA appeal denials by Fed Governor Jay Powell; now Goldman is trying to withhold information that should be public. Will there be any repercussion or accountability? Watch this site.
responded to today:
"The Federal Reserve Board on Monday announced that the public comment period has been extended through October 30, 2015, on the application by Goldman Sachs Bank USA, New York, New York, to assume certain liabilities and acquire certain assets of GE Capital Bank, Holladay, Utah, under section 18(c) of the Federal Deposit Insurance Act... The original comment period, which closed on September 19, 2015, is being extended to allow interested persons more time to review the proposal and to provide comments... Comments regarding this application must be received at the Federal Reserve Bank of New York (Attention: Bank Applications Officer, 33 Liberty Street, New York, New York 10045; [email protected]) or the Office of the Secretary of the Board (20th Street and Constitution Avenue, NW, Washington, D.C. 20551) on or before October 30, 2015."
Just last week, the Fed told Inner City Press a comment it submitted on Goldman Sachs, with new Home Mortgage Disclosure Act data, was "untimely" --
"Dear Mr. Matthew Lee, Executive Director Inner City Press/Fair Finance Watch
We acknowledge receipt on September 22, 2015 of your email dated September 22, 2015 ("Comment Letter"), commenting on the application filed by Goldman Sachs Bank USA... The public comment period for this application ended on September 19, 2015. Since your Comment Letter was received after the end of the public comment period, it will not be made a part of the record of this application unless the Board in its sole discretion determines to consider your late comments. However, you previously submitted timely comments that have been made part of the application record that the Board will consider."
Now it must be considered. reviously, the Federal Reserve wrote to Inner City Press, extending its own time to respond under FOIA until October 16 -- all while maintaining that the comment period closed on September 19:
"Dear Mr. Lee, On September 2, 2015, the Board of Governors ('Board') received your electronic message dated September 2, pursuant to the Freedom of Information Act (“FOIA”), 5 U.S.C. § 552, for the entirely of the “Application by Goldman Sachs Bank USA for the Acquisition by Purchase and Assumption of Certain Deposit Liabilities and Certain Very Limited Non-Financial Assets of GE Capital Bank,” and for all records.... Pursuant to section (a)(6)(B)(i) of the FOIA, we are extending the period for our response until October 16, 2015, in order to consult with two or more components of the Board having a substantial interest in the determination of the request.
"If
Uploaded by
Matthew Russell LeeCopyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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