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Category: Banking

The Community Reinvestment Act (CRA) Rule that the Banking Regulators Proposed Today Must Ensure All Americans Have Fair, Equal and Nondiscriminatory Access to Financial Services and Products

WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the release of a proposal to overhaul the Community Reinvestment Act (CRA): “Few laws have more potential to meaningfully improve the lives and livelihoods of tens of millions of Americans than the Community Reinvestment Act (CRA).  However, it […]

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Better Markets Applauds Senate Confirmation of Lael Brainard to be Vice Chair of the Federal Reserve Board

WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the Senate’s confirmation of Lael Brainard to be Vice Chair of the Federal Reserve Board. “Lael Brainard is a model public servant who has provided outstanding, dedicated and nonpartisan service to the country for many years.  The Senate’s […]

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Federal Reserve Should Strengthen Proposed Guidelines on Access to Fed Accounts for Risky Institutions

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 its proposed guidelines for Reserve Banks when assessing applications for Federal Reserve accounts and services: “Unfortunately, the Federal Reserve’s proposed guidelines around assessments of access request to Fed […]

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Information on Goldman Sachs’ Role in the Egregious 1MDB Global Crime Spree as the Trial of Former Goldman Sachs’ Partner Ng Goes to the Jury

Date: Wednesday, April 6, 2022 To: Interested Parties Subject: Information on Goldman Sachs’ Role in the Egregious 1MDB Global Crime Spree as the Trial of Former Goldman Sachs’ Partner Ng Goes to the Jury Event: Justice Dpt. prosecution of Goldman Sachs’ former partner goes to jury with a verdict expected this week. From: Evelyn Swan, […]

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Better Markets Releases Report on the Dangers of the Unregulated Shadow Banking Sector

WASHINGTON, D.C.— Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement around today’s release of Better Markets report on the shadow banking sector: “Nonbank financial institutions that make up the largely unregulated shadow banking sector pose serious risks to the U.S. financial system that exacerbate the deterioration of financial stability in […]

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The Dangerous Allure of Unbound Innovation

A mildly amusing truism in football is that, often, “[n]o player is more popular on a team than the backup quarterback.”  In other words, football fans (particularly of lousy teams) are almost constantly clamoring for something different, convinced that a new approach, as represented by a new quarterback, will solve whatever problems are plaguing the […]

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Sen. Manchin is Wrong About Sarah Bloom Raskin, Who Should Be Confirmed for Vice Chair for Supervision at the Federal Reserve

WASHINGTON, D.C.— Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding Sen. Manchin’s reported opposition to Sarah Bloom Raskin for Vice Chair for Supervision at the Federal Reserve: “Sen. Manchin claims to have “carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements” and, based on that review, announced his opposition […]

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Bringing the Disinfectant of Sunlight to the Digital Asset/Crypto Industry, President Biden’s Executive Order to Develop Consumer and Systemic Protections Is Welcome

WASHINGTON, D.C.— Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding the Executive Order issued today by President Biden to ensure responsible innovation in digital assets: “As Justice Brandeis said, “sunlight is the best disinfectant” and lots of disinfectant is needed in the dark and unregulated crypto and digital asset space.  […]

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