Banking | Better Markets

The Federal Reserve’s Late-Friday Bank Merger Approvals Highlight the Need for More Transparency and Public Accountability

FOR IMMEDIATE RELEASE Monday, December 20, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Today, Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement on last Friday’s action by the Federal Reserve to approve three bank mergers: “The Federal Reserve’s late-day approval announcements of three bank mergers last Friday—as […]

Better Markets Applauds the OCC For Rescinding Unilateral, Fatally Flawed, and Grossly Deficient Rewrite of the Community Reinvestment Act

FOR IMMEDIATE RELEASE Tuesday December 14, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement on today’s action by the Office of the Comptroller of the Currency to rescind its rule to rewrite the Community Reinvestment Act: “We applaud […]

Given the Growing Number of Too-Big-To-Fail Banks, Better Markets Applauds FDIC For Soliciting the Public’s Input on Its Bank Merger Policies

FOR IMMEDIATE RELEASE Thursday, December 9, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Today, Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement on today’s action by the FDIC to issue a request for information from the public regarding its bank merger policies: “We applaud the FDIC […]

The Banking System Must Change to Address Racial Economic Inequality: New Better Markets Report

FOR IMMEDIATE RELEASE Thursday, December 2, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement on the release of Better Markets’ new report, Addressing Racial Economic Inequality through the Banking System: “Generations of discrimination and mistreatment informed by racist beliefs, narratives, laws, […]

Better Markets’ Phillip Basil discusses climate-related risk and the Fed on Yahoo! Finance LIVE

Climate change threatens to upend the global social and economic order and can impact virtually every aspect of the economy and financial system. The risks from climate change to the banking and financial system must be appropriately addressed now. The U.S. banking regulatory agencies remain woefully behind in addressing climate-related risks. Their counterparts at the […]

In a New Report, Better Markets Calls on Banking Regulators to Act ASAP to Address Material Risks to the Banking System from Climate Change

FOR IMMEDIATE RELEASE Tuesday, November 2, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Today, Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement regarding the publication of our new report, Climate Change and the Banking System: “As world governments debate national commitments to address the global climate change […]

Better Markets Applauds OCC Proposal to Rescind its Seriously Flawed 2020 CRA Rule

WASHINGTON, D.C.— Today, Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement regarding the comment letter it filed and two comment letters it signed onto regarding the Office of the Comptroller of the Currency’s proposal to rescind its 2020 Community Reinvestment Act rule: “Better Markets has submitted a comment letter in […]

Why Jay Powell has been a ‘dangerous man’ at the Fed

This Op-Ed was posted in the Financial Times In a recent hearing, Senator Elizabeth Warren told US Federal Reserve chairman Jay Powell that he is “a dangerous man” and that she would not support his renomination to head the central bank. Warren said deregulation supported by Powell over the past four years has undermined the […]

FDIC’s Marty Gruenberg Joined Fed Governor Brainard in Fighting Against the Dangerous Deregulation of the Banking Industry

Two courageous public servants fought against the dangerous deregulation of the banking industry during the Trump administration, which was led by Federal Reserve Vice Chair for Supervision Randy Quarles with the full support of Fed Chair Jay Powell. One was Fed Governor Lael Brainard (whose outstanding record is detailed here) and the other was FDIC […]

The Facts Show that Treasury Secretary Chair Janet Yellen Is Dead Wrong When She Defends Federal Reserve Chair Jay Powell’s Dangerous Deregulation

FOR IMMEDIATE RELEASE Sunday, October 24, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement in response to Treasury Secretary Janet Yellen’s defense of Federal Reserve Chair Jay Powell’s deregulation record: “Treasury Secretary Janet Yellen was dead wrong in […]

The Fed’s Announcement of New Trading Restrictions Are A Good Start, But They Have to Be Broader and Cannot Be Used to Whitewash The Prior Pandemic Trading; the Stonewalling Must Stop

WASHINGTON, D.C.— Today, Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement regarding the Federal Reserve’s announced new trading policies: “The changes announced today by the Federal Reserve are long overdue and a good start, but don’t go far enough. First, the policies must be broader and apply to […]

Statement on Revelations that Federal Reserve Chair Jay Powell Engaged in Personal Trading During the Pandemic in 2020

WASHINGTON, D.C.— Today, Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement regarding the revelations that Federal Reserve Chair Jay Powell traded during the pandemic in 2020: “It was reported yesterday that the most senior leader of the U.S. central bank, Federal Reserve Chair Jay Powell, had substantial personal […]

Better Markets Launches a Real Time “Fed Cover Up Clock”

The Fed Continues to Stonewall the American People by Refusing to Disclose the Extent of Trading During the Pandemic by Fed Leaders and Staff WASHINGTON, D.C.— Today, Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement announcing the launch of a real-time clock on its website www.bettermarkets.org that […]

The Agenda for the Next Fed Vice Chair for Supervision: Re-Regulate the Banks

FOR IMMEDIATE RELEASE Friday, October 8, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Better Markets Director of Banking Policy, released the following statement on a new report, The Agenda for the Fed’s Next Vice Chair for Supervision: “When the term of Federal Reserve Vice Chair for Supervision Randal Quarles expires on […]

Next Fed Supervision Vice Chair Must Restore Bank Oversight

By Phillip Basil, Better Markets Director of Banking Policy (Published in Law360, October 7, 2021) The last four years were bad for bank supervision and regulation. The priorities were to weaken regulations and to soften supervision to make it fairer and less assertive to banks. Indeed, as a Wall Street Journal headline put it in […]

Better Markets Welcomes SEC Investigation of Federal Reserve Pandemic Trading and Confirmation of Applicability of Insider Trading Laws

WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, released the following statement in response to the SEC investigation of Federal Reserve leaders’ trading during the pandemic and confirmation of applicability of insider trading laws to those in government: “As SEC Chairman Gensler testified at the House Financial Services Committee (quoted […]

Better Markets Welcomes Addition of Inspector General to Review of Senior Fed Officials’ Trading

The American People Deserve to Know if Laws Were Broken WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, released the following statement on reporting that the Fed is working with the Office of Inspector General in its review of trades made by senior central bank officials during the pandemic: “We welcome […]

The Fed Trading Scandal Cover Up Must End

The Pandemic Trading Violated Clear Fed Policies and the Fed Must Tell The American People Who Else Traded During the Pandemic WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a letter he sent to Federal Reserve Chairman Powell: “The Federal Reserve appears to […]

Contrary to His Testimony Before the Senate Banking Committee Today, Federal Reserve Chair Powell Has Dangerously Deregulated Banks,Making Crashes and Taxpayer Bailouts More Likely

WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to statements made by Chairman Jay Powell during testimony to the Senate today: “Federal Reserve Chair Powell’s responses and non-responses today to Senator Warren’s laudable line of questioning on his dangerous and irresponsible deregulations were misleading, […]

Boston Fed President Rosengren’s Early Retirement Is Too Little, Too Late

Chair Powell Must End the Cover Up and Come Clean With The American People: Disclose Everyone At The Fed Who Engaged in Pandemic Profiteering Trading WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with the announcement that Boston Fed President Eric Rosengren is retiring […]

Why is the Fed Not Taking Action Like the OCC To Sanction Wells Fargo’s Ongoing Egregious Deficiencies?

The recent public enforcement action taken by the OCC against Wells Fargo for its “unacceptable” inability to effectively run its operations yet again highlights substantial continuing problems at the bank that must be addressed immediately. This was a follow-on action from one in 2018 that identified material deficiencies with respect to basic processes needed to […]

Fed Chair Powell’s “See No Evil; Hear No Evil; Speak No Evil” Responses to Key Questions About Fed Leaders’ Pandemic Profiteering Trading Raises Serious Questions About His Leadership

FOR IMMEDIATE RELEASE Wednesday, September 22, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with the press conference today by the Chairman of the Federal Reserve: Chairman Powell’s answers and non-answers at today’s press conference regarding […]

Questions That Should Be Asked of Federal Reserve Chairman Powell About the Pandemic Profiteering Trading Scandal

FOR IMMEDIATE RELEASE Wednesday, September 22, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following questions that should be asked of the Chairman of the Federal Reserve, Jay Powell, regarding the trading scandal engulfing the central banks: Has the trading […]

The Fed Cannot Have a “Do As I Say, Not As I Do” Policy Regarding Legal and Ethical Compliance; It Has to Lead By Example and Terminate Any Fed President Who Engaged in Pandemic Profiteering

FOR IMMEDIATE RELEASE Tuesday, September 21, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a letter Better Markets sent to the Chairman of the Federal Reserve, Jay Powell, regarding the termination of Fed Presidents who […]

Fed Chair Powell Must Disclose All Pandemic Profiteering Trading By All Fed Officials and Seek Independent DOJ, SEC and IG Investigations

FOR IMMEDIATE RELEASE Monday, September 20, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a letter Better Markets sent to the Chairman of the Federal Reserve, Jay Powell, regarding the trading by senior Fed officials […]

The Federal Reserve’s FedNow Instant Payments Service Will Provide Great Benefits but Must Also Consider Enhanced Protections

FOR IMMEDIATE RELEASE Thursday, September 9, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement on a comment letter to the Federal Reserve Board led by the National Consumer Law Center: “Better Markets joined efforts led by the National Consumer Law […]

Better Markets Releases Report: “Should Federal Reserve Chairman Jay Powell Be Reappointed?”

FOR IMMEDIATE RELEASE Monday, August 23, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, made the following statement in connection the release of a new Report entitled “Should Federal Reserve Chairman Jay Powell Be Reappointed”: As President Biden considers who should lead the […]

Better Markets Supports the Fed’s Proposed Rulemaking on Debit Card Transactions to Promote Lower Fees

FOR IMMEDIATE RELEASE Wednesday, August 11, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement on the filing of a comment letter to the Federal Reserve Board on proposed clarifications to its debit card transaction policy, Regulation II: Today Better Markets filed […]

The Federal Reserve’s Latest Stress Capital Buffers Are Further Proof the Stress Tests Neither Stress Nor Test the Biggest Banks

FOR IMMEDIATE RELEASE Monday, August 9, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement in response to the Federal Reserve’s release of stress capital buffer requirements for the largest banks on August 5, 2021: “The Federal Reserve’s recently released stressed capital […]

Better Markets Urges the Fed to Rethink Payment Systems Proposal that Dangerously Expands Fed Lending Access to Undercapitalized and Poorly Run Banks

FOR IMMEDIATE RELEASE Monday, August 2, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy for Better Markets, released the following statement on the filing of a comment letter to the Federal Reserve Board on proposed changes to their Payment System Risk policy: “Today Better Markets filed a comment […]

Fed’s Creation of Standing Repo Facilities are a Dangerous Development

FOR IMMEDIATE RELEASE Wednesday, July 28, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to the Federal Reserve’s announcement that it is creating two standing repo facilities, one each for domestic and foreign firms: “By creating standing […]

Contrary to His Statements to the Senate Banking Committee Today, Federal Reserve Chair Powell Has Dangerously Deregulated Banks

FOR IMMEDIATE RELEASE Wednesday, July 15, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to the testimony today of the Chairman of the Federal Reserve, Jay Powell, before the Senate Banking Committee: “Federal Reserve Chairman Jay Powell’s […]

A Dangerous Trump-Era Banking Deregulation Becomes Effective Tomorrow

FOR IMMEDIATE RELEASE Tuesday, June 30, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in advance of the effectiveness of the net stable funding ratio (NSFR) liquidity rule tomorrow: “A lack of liquidity, meaning readily available cash to meet […]

The Fed’s Increasingly Toothless Stress Tests No Longer Stress or Test the Banks; Are Cover for Wall Street’s Biggest Banks Massive Stock Buybacks

FOR IMMEDIATE RELEASE Thursday, June 24, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to the Federal Reserve’s (Fed) announcement today of the results of the 2021 stress tests: “The Fed’s so-called stress tests no longer stress […]

House Killing OCC’s Pro-Predators Lending Rule Is a Huge Victory for Financial Consumers

FOR IMMEDIATE RELEASE Thursday, June 24, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on today’s House vote to nullify the so-called “true lender” rule issued last October by the Office of the Comptroller of the Currency (“OCC”): […]

Better Markets Applauds Ally Bank for Eliminating Overdraft Fees That Punish the Poorest and Most Vulnerable Americans

FOR IMMEDIATE RELEASE Tuesday, June 2, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, applauds Ally Bank’s action today to eliminate all overdraft fees: “We applaud Ally Bank for eliminating all overdraft fees on all accounts effective immediately without requirements or restrictions. We […]

Better Markets Applauds Ally Bank for Eliminating Overdraft Fees That Punish the Poorest and Most Vulnerable Americans

FOR IMMEDIATE RELEASE Tuesday, June 2, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, applauds Ally Bank’s action today to eliminate all overdraft fees: We applaud Ally Bank for eliminating all overdraft fees on all accounts effective immediately without requirements or restrictions. We […]

Op-Ed: It’s Time to Ramp Up Punishment for Wall Street Wrongdoers

While GameStop’s meteoric rise fueled by the Reddit Revolution and Robinhood’s retail army is capturing headlines, the biggest Wall Street banks get little attention as they continue a much more shocking, but less visible crime spree. This is the premise of an opinion piece by President and CEO Dennis Kelleher which recently ran in Law360 […]

Better Markets’ Letter to Senate Banking Committee on Key Financial Stability Issues for Tuesday’s Hearing with Federal Chairman Jay Powell

FOR IMMEDIATE RELEASE Monday, February 22, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Better Markets’ Letter to Senate Banking Committee on Key Financial Stability Issues for Tuesday’s Hearing with Federal Chairman Jay Powell Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with a […]

Modernizing Community Reinvestment Act Necessary to Meet Credit Needs of Underserved Communities

FOR IMMEDIATE RELEASE Wednesday, February 17, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Modernizing Community Reinvestment Act Necessary to Meet Credit Needs of Underserved Communities Fed Must Commit to Overcoming Any Potential “Burden” to Banks Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist, issued the following statement after Better Markets filed […]

OCC’s Fair Access Rule Increases Risk, Threatens Consumers and Ignores Comments Opposing the Rule

FOR IMMEDIATE RELEASE Thursday January 14, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] OCC Finalizes “Fair Access” Rule that Increases Risk, Threatens Consumers and Ignores Thousands of Comments Opposing the Rule Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist, issued the following statement in response to the OCC’s finalizing […]

New Report Details for First Time 20-Plus-Year Crime Spree of Six Largest Wall Street Banks

FOR IMMEDIATE RELEASE Wednesday, January 13, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] New Report on Wall Street’s Crime Spree From 1998-2020: 395 Major Legal Actions and $200 Billion in Fines/Settlements Lawbreaking by Six Largest Banks Proves It’s Time to Go After Bankers, Not Just Banks Washington, D.C. – Better Markets released […]

Regulators Once Again Act in Interest of Banks, Not Consumers

FOR IMMEDIATE RELEASE Tuesday, January 5, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Regulators Propose to Weaken Supervisory Guidance, a Critical Tool Designed to Correct Unsafe Bank Behavior Before It’s Too Late Washington, D.C. – Tim P. Clark, Distinguished Senior Banking Adviser for Better Markets, issued the following statement on the filing […]

FDIC Gives Early Holiday Gift to Banks with Approval of Rules on ILCs and Brokered Deposits

FOR IMMEDIATE RELEASE Tuesday, Dec. 15, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] FDIC Gives Early Holiday Gift to Banks with Approval of Two Rules on Acquisition of Industrial Banks and Broader Access to Brokered Deposits Mainstreet Americans Get a Lump of Coal Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist, issued […]

White Paper: Fed Deregulation Has Significantly Weakened Financial Rules that Protect Main Street

FOR IMMEDIATE RELEASE Friday, Dec. 4, 2020 Contact: Pamela Russell at [email protected] WASHINGTON, D.C. — Better Markets today released a White Paper that details how key Federal Reserve actions since 2018 have significantly weakened banking protection rules, making the economy and financial system more vulnerable to another crash, endangering Main Street families and businesses. Tim P. […]

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